Milken Institute 2013 Conference - The End of Energy Scarcity (Featuring Boone Pickens)
In 2008, oil hit $147 a barrel and natural gas traded as high as $14 per million British thermal units. Then fracking technology matured. Rather than being plagued by diminishing supplies, current data indicates that the U.S. has the largest fossil fuel reserves in the world. Instead of importing oil and natural gas, the Energy Information Agency forecasts that the U.S. will be a net exporter of energy as soon as 2020.
Already companies are moving chemical plants back to the U.S. to take advantage of natural gas prices that have fallen to as low as $2 per million BTUs. Other countries are also contemplating the use of fracking.
What will this energy boom do to the world economy? How will it affect the entrenched players in or aligned with OPEC? Will these dynamics shift the balance of global economic power? The panel will examine the implications of energy abundance.Speakers:
Rick George, Former CEO, Suncor Energy; Partner, Novo Investment Group
Joshua Harris, Co-Founder and Chief Investment Officer, Apollo Global Management LLC
T. Boone Pickens, Entrepreneur and Philanthropist; Founder, BP Capital
Jay Pryor, Vice President, Business Development, Chevron
R. James Woolsey, Venture Partner, Lux Capital; Chairman, Foundation for Defense of Democracies; Former Director of Central Intelligence
Brian Sullivan, Anchor, CNBC