Legendary oilman T. Boone Pickens sounded the alarm about the dire consequences of America's dependence on foreign oil.He's not the first person to do so but his influence as one of America's top moneymen should help convince others of the increased financial danger to America's economy.
Pickens appeared on CNBC's "Squawk Box" this past week and said that half a trillion dollars of America's wealth is being plundered by foreign oil suppliers every year.
"You take 10 years and you've got $5 trillion," said Pickens. "That's more than $1 billion a day. We can't stand that."He went on to tell the viewers on CNBC:
"If we do not get on the alternative energy bandwagon and if we don't have a global recession, we could be sitting on $150 oil in two years."Finally, Pickens talked about changing his stance on support of more American-grown ethanol:
"I'd rather have ethanol, and recirculate the money in the country, than to have it go out the back door on us."Source: CNBC.com (watch the video)
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2 comments:
TB says "I'd rather have ethanol, and recirculate the money in the country, than to have it go out the back door on us."
Nice if true but when it costs more to produce something in your country then to buy it from abroad, it means you are using up more of resources whether labor, natural or financial than you have to. Those resources don't get recirculated, they get flushed down the toilet.
We spend $140 billion/year just to keep our 4 main shipping lanes open to the middle east. This doesnt even bring into the equasion the amount of money we invest in protecting our foriegn oil. Ethanol is by far a cheaper alternative and also creates jobs that can never be outsourced.
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