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T. Boone Pickens Keynote at ACG Intergrowth

I took some notes on T. Boone Pickens’ keynote talk at ACG Intergrowth:

Wind is going to be a major source of energy for USA.

Oil production is flat. We now produce 85m barrels/day. That’s going to decline going forward at 8 pct.

Wind is priced off the margin, which is natural gas. I receive ge turbines in 1q2011. Gas needs to be at least 4 dollars for these to be profitable. I ordered 687 of these for the first 100 megawatts.

Obama asked T. boone, “do I say anything that makes you feel uncomfortable?”
T boone said to Obama, “1m plugin cars is not enough as a target. There are 250m cars in the us with 10m cars sold per year.”
Obama said, “Oh.”

My top goal is get us off foreign energy. 68 % of our oil is imported. That’s half our trade deficit.

I was at wind conference last week with 21000 people. Is was there when they had 400.

The roadmap for alternative energy is coming out; it’s in stimulus plan. We have a 150 year supply of natural energy here in US.

I spoke with someone from ireland. He said, ‘we think you’re stupid for buying oil from your enemies.’

Saudi arabia produces 9m barrels/day. Over half our oil comes from venezuela, mideast, africa.

Venezuela is building a refinery in china; we won’t get that oil.

Oil is going to get tight quick. We have not had an energy plan for 40 yrs.

I launched the pickens plan with $58m advertising budget.

I am now buying up subsurface water rights in texas…part of the biggest aquifer in america.

Q; what country best reflects the strategy you think we should use?

A; I met minister of energy for netherlands. They got off foreign energy successfully. Alaskan oil, florida gulf oil are not going to save us.

I had an experience with union ownership of airlines in 1985. Didn’t work. Very hard to do.

“An economist is someone with not enough personality to be a CPA.”

I don’t know why they don’t find obama in pakistan (laughter)

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