T. Boone Pickens, well known for making his millions in black gold,Â weighs in on the oil conversation on CNN Money, June 19, 2009:
Mr. Pickens has a solid argument here — in fact, without more information about demographic trends in emerging markets like Brazil, Russia, China and India, it would be difficult to argue with $300 oil. But, as these countries come online, it is possible, and seemingly likely, that the BRIC understands the demand for oil and probably feel the same way we do — alternative energies. Take cars, for example, and consider that one of China’s leading car manufacturers makes electric cars. BRIC knows that $300 oil will destroy their economies and standards of living, just like Pickens suggests will happen in the US. We won’t be the only one’s lowering oil demand.
And, say we happen to get in a situation where alt energies don’t take off in cars like Pickens suggests. We have billions of barrels of oil in North America. Enough to sustain half a century and even greater demand than today. Unless the goal is destruction of the US’s economic might in the world, it is difficult to imagine a world where reluctant politicians wouldn’t eventually succumb to drilling at home. Had oil prices remained at $140 from the summer of 2008 through now, it is almost guaranteed that we would have a “Drill Here, Drill Now” bill passed – even liberals were talking about it during the oil highs.