Boone Pickens: Speculation a 'Scapegoat' for Oil Prices
Billionaire Boone Pickens, founder and chairman of BP Capital LLC, talks about his investment in wind power, the impact of speculation and demand on oil prices and Microsoft Corp.'s efforts to buy Yahoo!
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Pickens Calls Speculation a `Scapegoat' for Oil Prices: Video
Bloomberg, June 2 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOycL4oJTmSs
Tuesday, June 03, 2008 | 03:30 AM | Permalink
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Comments
Boone Pickens notes global daily supply is 85 Mbbl/day and global demand is 86.4 Mbbl/day. Iraq used to produce over 3 Mbbls/day and now around 1 to 1 1/2 Mbbls/day. There's your difference.
While I would have preferred a higher carbon tax (ala Bill Clinton proposals, remember how the GOP wailed about that? How wrong they were.) It would be nice to have the money going to pay off our debts rather than to Middle Eastern SWFs. And imagine how far along into alternatives we'd be?
Now eventually, Iraq Occupation or not, demand would continue to grow. So we get this price spike sooner rather than later. So maybe Bush/Cheney has done us a favor?
Posted by: VennData | Jun 3, 2008 5:20:12 AM
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