The common thinking is that America needs to become energy independent as soon as possible.
T. Boone Pickens is a big proponent of trying to make the country self-sufficient.
Both Charlie Munger (Trades, Portfolio) and Warren Buffett (Trades, Portfolio) think that Pickens is not thinking long term enough. Both of Berkshire's top two executives believe that the hydrocarbons in our ground are precious resources that should be managed to last as long as possible.
Listen to them explain in their own words:
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