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Pickens: U.S. Natural Gas Can Replace Oil

By    |   Friday, 26 Jun 2009 09:48 AM

America's abundant natural gas reserves can end our dependence on foreign oil, said T. Boone Pickens, a billionaire entrepreneur and chairman of BP Capital Management hedge fund.

In response to a recently released study by the Potential Gas Committee increasing its estimate of domestic gas reserves by 35 percent, Pickens urged the nation to enact energy reform to reduce foreign oil imports.

"(The) report substantiates what I've been saying for years: There's plenty of natural gas in the U.S.," Pickens said in a statement after the report was made public.

"I launched the Pickens Plan a year ago to help reduce our dangerous dependence on foreign oil, and using our abundant supply of natural gas as a transition fuel for fleet vehicles and heavy-duty trucks is a key element of that plan," he said.

Pickens cited as an example of our need for energy reform the rising cost of diesel fuel and its negative effect on the trucking industry.

Using natural gas, however, would solve that problem, Pickens said.

"The 2,074 trillion cubic feet of domestic natural gas reserves cited in the study is the equivalent of nearly 350 billion barrels of oil, about the same as Saudi Arabia's oil reserves," he said.

Oil prices, meanwhile, declined from an eight-month high of $73 a barrel early this month to about $69 a barrel this week. Last year oil reached an all-time high of $140 a barrel.

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America's abundant natural gas reserves can end our dependence on foreign oil, said T. Boone Pickens, a billionaire entrepreneur and chairman of BP Capital Management hedge fund.In response to a recently released study by the Potential Gas Committee increasing its estimate...
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2009-48-26
Friday, 26 Jun 2009 09:48 AM
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