T Boone Pickens was on CNBC today sharing his wisdom on the energy markets. Here are some of his observations:
- A 2 million barrel per day increase in American oil production over the last three years is an incredible achievement.
- We can thank the energy industry for this who have given America this gift of lower energy costs despite a lack of help from government.
- We aren't going to get gas prices down until we don't have to rely on the OPEC cartel.
- OPEC has told us they want $100 to $115 per barrel, and we have seen OPEC production drop from 32 million barrels to 30 million barrels per day to achieve this.
- OPEC isn't trying to gauge us; they need $100 oil to pay for their budgets.