Main points from Pickens:
- U.S. oil industry doing a great job of finding oil; we have the cheapest oil in the world (referring to WTI discount).
- On top of that natural gas at $2.50 in the U.S. compares to $13 in Europe and $15 in the Middle East.
- U.S. uses 19 million barrels of oil a day and produces about 8.8 million barrels, still heavily reliant on OPEC.
- Sees oil down a month from now, but he can’t foresee $75 per barrel any time soon.
- Also thinks oil prices will be down 6 and 12 months from now.
- Obama’s State of the Union closely resembles the Pickens plan, the question is whether he will actually do anything.
- In 2008 Obama said in ten years we would never import oil from the Middle East again. Not another word since 2008.
- Thinks with some help from Washington, we can convert the nation's truck fleet to natural gas within 7 years.