Texas oil man says...

Submitted: Wednesday, May 21, 2008 at 15:26
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The famous and much quoted oil billionaire, Boone Pickens has decided oil has had its day and now is the time for someone in the good ol USofA to actually DO something about the dreadful mess that they are in with there addiction to fossil based fuel which is rapidly turning their country into a client-state of oil rich nations.
To that end he has put in a giant order to GE to supply him with wind generators to build the worlds largest (naturally!) wind electric generating farm and beyond that a similar solar farm.
But the interesting thing is that he sees the future of heavy transport fuel as being tied up with Compressed Natural Gas (CNG).
This will be good for Oz because the infrastructure R&D and unit costs of bowsers, pipelines, tankers etc will be subsidised by hundreds of millions instead of tens.
The bottom line is it will happen when the USA eventually get a President who doesn't spend his time in front of a mirror telling himself he is the COMMANDER IN CHIEF OF THE FREE WORLD.
Well....we can hope....silverback
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Reply By: Member - Ian H (NSW) - Wednesday, May 21, 2008 at 15:33

Wednesday, May 21, 2008 at 15:33
Thanks for posting that David. There is some good reading in "Vanity fair" mag, issue 573 by Robert Kennedy Jnr. Just Google Vanity fair 573 and look for Kennedy article. You will enjoy it.
Ian
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Follow Up By: Member - David P (VIC) - Wednesday, May 21, 2008 at 17:15

Wednesday, May 21, 2008 at 17:15
Thanks Ian,
but I can't find it, I googled "vanity fair 573", couldn't see Kennedy mention just Bush video clips and lots of other unrelated stuff....help...cheers
silverback
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Reply By: The Landy - Wednesday, May 21, 2008 at 16:27

Wednesday, May 21, 2008 at 16:27
Hi Silverback.....

It appears he doesn't think it has quite had its day yet according to the following story....in which he says he is long oil...

22:07 20May08 -T. BOONE PICKENS SEES CRUDE OIL HITTING $150/BARREL THIS YEAR
22:17 20May08 -Pickens sees $150 crude oil in 2008 -- CNBC
NEW YORK, May 20 (Reuters) - Oil investor T. Boone Pickens told broadcaster CNBC he expected crude oil prices to reach $150 per barrel during 2008.
"I think we'll get to $150 this year," he said.
Pickens also said his BP Capital hedge fund, which has more than $4 billion under management, was long in both crude oil and natural gas.

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Follow Up By: Member - David P (VIC) - Wednesday, May 21, 2008 at 16:49

Wednesday, May 21, 2008 at 16:49
Oh yes, he knows that there is a long way to go on the price spiral yet in spite of the gathering belief that it is a speculative bubble about to pop (we pray). There is speculation as you will know that there may be a short term correction to 80 -- 100$ oil but beyond that even more pain.
We just need political leadership, preferably starting with the USA....cheers,
silverback
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Follow Up By: David and Justine Olsen's 4WD Tag-Alongs - Wednesday, May 21, 2008 at 19:47

Wednesday, May 21, 2008 at 19:47
Interesting CNBC did a story on a man about to order from GE the biggest wind farm in the world. Guess who owns NBC?

It starts with G and end in E
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Follow Up By: Member - David P (VIC) - Wednesday, May 21, 2008 at 20:24

Wednesday, May 21, 2008 at 20:24
Hi David/Justine,
It really doesn't matter who of significance they interview on the subject of forward energy policy because GE is involved in medicine, aviation,heavy transport,electrical generation and on and on......cheers,
silverback
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Follow Up By: David and Justine Olsen's 4WD Tag-Alongs - Wednesday, May 21, 2008 at 20:35

Wednesday, May 21, 2008 at 20:35
You may have guessed I knew that. I worked for GE for 11 years.
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Reply By: The Landy - Wednesday, May 21, 2008 at 16:28

Wednesday, May 21, 2008 at 16:28
Also saw this story that might interest you..........cheers

08:56 21May08 RTRS-INTERVIEW-Crude oil is culprit behind pump prices-Chevron
By Chris Baltimore
WASHINGTON, May 20 (Reuters) - The day before facing a grilling from U.S. lawmakers about record-high gasoline prices, a top executive with No. 2 U.S. oil company Chevron Corp on Tuesday said that crude oil prices near $130 a barrel are the true culprit behind soaring pump prices.
"It seems like we are in the political season," said Peter Robertson, vice chairman of Chevron, one of five oil company executives slated to appear before the Senate Judiciary Committee on Wednesday.
"Perhaps they are looking desperately for someone to blame," Robertson told Reuters in an interview.
U.S. crude oil futures hit a record $129.60 a barrel on Tuesday, and have risen sixfold since 2002 as surging demand in China and other developing economies strained supplies
Though gasoline prices this week hit an average $3.79 a gallon and many U.S. politicians seek to blame Big Oil for the plight of U.S. drivers, oil companies are struggling to even turn a profit on producing gasoline, Robertson said.
"The issue is not with refining and retail marketers -- it is really about crude oil prices," Robertson said, pointing out that Chevron broke even on its U.S. domestic refining and marketing operations in the first quarter of 2008.
Low profit margins for gasoline show no signs of abating, Robertson said, pointing to swelling U.S. inventories.
"We ... have not seen any real relief yet in terms of downstream, so we are going to continue to struggle in the U.S.," he said.
That hasn't stopped Democrats in the Senate from pursuing punitive measures like higher taxes on the five companies who will appear at the hearing, which also include Exxon Mobil Corp , the biggest U.S. oil company, as well as ConocoPhillips and the U.S. subsidiaries of BP Plc and Royal Dutch Shell .
Earlier this month, lawmakers unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources.
Specifically, the tax proposal singles out the biggest five U.S. oil companies for higher taxes, which will inevitably cause domestic oil production to decline, Robertson said.
"It seems like the Congress is focused on hobbling American companies in favor of others and that doesn't make any sense," he said.
For example, under the Democratic tax scheme, Valero Energy Corp. -- the biggest U.S. refiner -- would pay lower taxes than oil companies like Exxon and Chevron, he said.
And Norway's Statoil , Chevron's partner in the giant Tahiti field in the deepwater Gulf of Mexico along with France's Total , would pay lower taxes on its share of oil produced there, Robertson said.
The $3.5 billion Tahiti project, delayed due to problems with the moorings securing the facility to the sea floor, is expected to begin production in the middle of 2009, he said.
And the Blind Faith project in the deepwater Gulf of Mexico, also delayed due to mooring problems, is expected to start production in the second half of 2008, he said.
Chevron is the operator of the project and holds a 75 percent interest. Partner Anadarko Petroleum Corp has a 25 percent interest.
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Reply By: Member - Ian H (NSW) - Wednesday, May 21, 2008 at 19:22

Wednesday, May 21, 2008 at 19:22
Hi again david,
I found the article so mm me and I'll send it to you and I will also try to post a link.
Ian
AnswerID: 305135

Reply By: Member - Ian H (NSW) - Wednesday, May 21, 2008 at 19:41

Wednesday, May 21, 2008 at 19:41
Hi again david,
I found the article so mm me and I'll send it to you and I will also try to post a link.
Ian
www.vanityfair.com/politics/features/2008/05/rfk_manifesto200805
Try that.
Hope it works, my first try.
Ian
AnswerID: 305143

Follow Up By: Stu & "Bob" - Thursday, May 22, 2008 at 17:11

Thursday, May 22, 2008 at 17:11
Try this one

Vanity Fair
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