T. Boone Pickens: US Needs an Energy Plan

Friday, 27 Jun 2014 03:17 PM

By Wanda Carruthers

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
In light of the uncertainty over the sectarian violence taking place in Iraq, the United States needs to develop an energy plan, says energy billionaire T. Boone Pickens.

Iraq, which Pickens said produces from two to four million barrels of oil a day, could go the way of Libya, which saw its production dramatically drop after the country's ruler, Moammar Gadhafi, was overthrown in 2011. Should that happen, he said it would be "tight, tight for oil," since Iraq was the only country currently "growing production, other than the United States."

"Someplace in Washington they need to sit down and develop an energy plan," Pickens told Fox News' "Happening Now" on Friday. "We've never had a plan. We're operating with some laws that were developed 40 years ago."

Story continues below video.



Pickens said he considered the turmoil in Iraq a civil war, and predicted the global price of oil could reach $150 to $175 a barrel "if you took Iraq out of the equation." On a consumer level, analysts have predicted it could translate to $5 per gallon for gasoline, according to the New York Post. 

"We watch Iraq very, very close. And it's a very dicey situation right now, because they are in a civil war," he said.

Pickens said he would "like to get completely away from importing Mideast crude," which he estimated to be about "four million barrels of OPEC crude every day." He explained not all of that oil came from the Middle East, as some was produced in Angola, Venezuela, and Nigeria.

Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US Coal Mines Nearing Record Low in Worker Deaths

Sunday, 21 Dec 2014 12:17 PM

Less than five years after an explosion fueled by excess coal dust killed 29 men deep inside a West Virginia underground . . .

Florida Police Officer Killed, Suspect in Custody

Sunday, 21 Dec 2014 10:31 AM

A Florida police officer was killed in a shooting early on Sunday, and a suspect was in custody, according to a sheriff' . . .

Chicago Mayor Rahm Emanuel's Son Mugged Near Home

Sunday, 21 Dec 2014 09:00 AM

A spokeswoman for Chicago Mayor Rahm Emanuel says the mayor's 17-year-old son was mugged near the family's home. . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved