Tags: Pickens | funding | Terrorism | OPEC | oil | crude | natural

Pickens: We’re Funding Terrorism by Paying OPEC

Tuesday, 31 May 2011 10:24 AM

The United States is putting money in the pockets of the Taliban and other terrorists when it buys oil from the OPEC countries that fund them, says billionaire oilman T. Boone Pickens.

"I am trying to get away from the terrorists," Pickens tells CNBC.
"I think the money we pay to OPEC gets in the hands of the Taliban."

To make matters worse, the United States is sitting on top of large natural gas reserves that could satisfy energy needs here and is instead letting energy companies export that resource to China.

“So here we are, we’re exporting our clean-burning fuel and importing dirty oil from the enemy,” Pickens says.

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T. Boone Pickens
(Getty Images photo)
“We’re gonna go down as the dumbest crowd in history that’s ever come to town.”

Exxon is the country’s largest natural gas company, seizing that title when it bought XTO Energy in 2010 for $29 billion.

However, natural gas prices are hovering around $4.42 per 1,000 cubic feet, which is slightly below the price when the XTO deal closed.

Some analysts say natural gas prices are hurting Exxon’s stock, but the company is convinced its strategy will pay off.

“Natural gas will be the fastest-growing major energy source and will overtake coal as the second-largest global energy source behind only oil,” says Exxon CEO Rex Tillerson, the Associated Press reports.

Exxon has said it expects natural gas to supply 26 percent of world’s energy demand by 2030, up from 22.1 percent in 2010.

Oil, meanwhile, should provide 32 percent and coal will provide 21 percent, a drop from 34.2 percent and 25.3 percent respectively.

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The United States is putting money in the pockets of the Taliban and other terrorists when it buys oil from the OPEC countries that fund them, says billionaire oilman T. Boone Pickens. I am trying to get away from the terrorists, Pickens tells CNBC. I think the money...
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2011-24-31
 

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