Tags: Pickens | natural | gas | crisis

Pickens: Natural Gas Can Solve U.S. Energy Woes

By    |   Monday, 12 Mar 2012 01:49 PM

Natural gas represents the best solution to the U.S. energy crisis, says 83-year-old oil and gas legend T. Boone Pickens.

Our dependence on OPEC for oil is quite costly, he says. "We've bought over $1 trillion dollars of OPEC oil in the last 10 years," Pickens, chairman of BP Capital, tells Yahoo.

"At $100 a barrel, it's going to cost $2.2 trillion for the next 10 years, so we're absolute fools if we don't get on our own resources." Oil recently traded at $107.40.

Because the United States is self-sufficient in natural gas, using that fuel would carry great benefits for the economy, Pickens says.

“If you are buying a domestic resource, you keep all the money here, so you’ll create several hundred thousand jobs. Those people will make money and pay taxes, so the economy goes forward.”

While environmental concerns have been raised over the natural gas extraction technique known as hydraulic fracturing, Pickens says safety isn’t an issue there.

“I saw my first frack job in 1953,” he says. “I've fracked over 3,000 wells personally and have never had a problem.”

Another issue for natural gas now is that prices are at a 10-year low. That makes some oil and gas companies reluctant to extract gas, when they can make so much more money on oil.

But with companies such as ExxonMobil increasing their natural gas production capacity, the future looks bright.



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