Pickens: American natural gas bounty is divine intervention
By Lawrence Delevingne
Tue May 1, 2012
BP Capital Management chairman makes last stand against foreign oil at the Milken Institute Global Conference; projects Brent at $150 a barrel by summer.
LOS ANGELES -- T. Boone Pickens, the billionaire founder of oil
and gas-focused hedge fund BP Capital Management, used the
Milken Institute Global Conference to make a seemingly last
impassioned plea for his plan to move America away from foreign
|| T. Boone
Pickens (Photo: Bloomberg)
He suggested the low price and abundance of natural gas in the
U.S. was perhaps sent from above.
"As I get closer to the end than the beginning, I've become
more and more attuned to divine intervention," said the
83-year-old Pickens, during a dinner discussion with institute
namesake Michael Milken that also featured Eike Batista,
chairman and CEO of Brazilian energy conglomerate EBX Group.
"It's an unbelievable situation for our country. Here we sit
deep in debt and we have a solution: use your own resources and
build an economy on the back of cheap energy."
Since 2008, the former oilman has been pushing an alternative
energy proposal focused on natural gas dubbed,
naturally, the Pickens Plan. The legislation was approved
by a slim majority in the Senate, but needs to be
filibuster-proof. Having already spent about $100 million to
support to cause, Pickens is now making final lobbying push to
get the 60 votes required.
"I'm retiring in Washington after this. I don't think I'll
ever go back up there again," he announced.
Pickens said the cost of oil will continue to rise and predicts
a barrel of Brent crude could hit $150 by summer, in response
to questions from AR. He said natural gas prices have
bottomed and would likely hit $3 per million British thermal
units by April 2013.