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$300 Oil

July 22, 2008 - by Donny Shaw

Rather than promising $2 Gas, Texas oilman T. Boone Pickens went in front of the Senate Homeland Security Committee today and warned of $300-a-barrel oil.

>Oil prices will hit $300 a barrel in 10 years if the United States fails to reduce its dependence on foreign imports, billionaire oil investor T. Boone Pickens told U.S. lawmakers on Tuesday.
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>The United States imports nearly 70 percent of its oil and Pickens said the world’s top petroleum-consuming nation would import 80 percent in a decade if it does not aggressively tap its own natural gas and renewable resources.
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>Pickens has been touring the country pushing a plan under which domestic natural gas supplies would be used to power cars instead of electrical power plants. The federal government and private investors would build a massive wind farm system in the middle of the country from Mexico to Canada to provide electricity.
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>Industry group the American Wind Energy Association (AWEA) has said the Pickens plan could work if the government renews the production tax credit for renewable energy, preferably for longer than a year or two.

Meanwhile, the debate in the Senate today over the bill to curb excessive speculation in oil futures markets has broken down over concern from Republicans who want to offer amendments to increase domestic drilling.

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