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Pickens: We're Close to Another Recession

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    Exclusive: Chairman of BP Capital Boone Pickens on oil prices, economic crisis

  • Duration 5:09
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Bullet -- celebrating the navy and of their dictator.

We've now found out moments ago was ultimately -- the crossfire after He was apprehended alive.

Boone Pickens looking at all of this and if you think that.

One of the world's most celebrated energy giants thinks -- -- -- changes the energy equation.

You're arguing but it really doesn't I mean.

Whether it would from oil when it changes how much more -- -- oil market friendly to us on probably wants nothing to him.

Well when it when.

You know -- shut off the Libyan oil that saudis immediately say it will take care the problem.

And it's been taking care so.

-- at one time -- over three million barrels today.

It's time they were shut off on this.

Probably -- in the last few months they were one cent and they went down -- one -- seven and our resident yeah one but their -- Three and aren't yet there were 3000001 time years several years ago but does -- -- -- it up for that used bottom line of whoever comes in now.

It doesn't matter -- -- once it's might unit it is gets absorbed.

I'm back in the market OPEC produces thirty million barrels today.

And the world produced about ninety made.

So it's thirties in and I write that -- was -- -- you know 17.

Was taken off -- -- back at 300000 now and they have taken on -- I don't think you get back once and historically.

Mature all fields do not go back to the level -- -- when they were shipment.

About oil prices themselves will they go back -- -- that scene in the distant memory now or what when we look.

Well I think yeah there's.

Global market is -- Dorsey creed.

Not west Texas intermediate so when you're looking at the world look -- -- Dorsey.

Over which Libya for a while at least at a much more direct impact.

-- Well rated as they've made it is meant -- saudis cut back a little bit made room for Libya.

-- goes off saudis produced more and it's all taken care so it could -- -- balances very fact right we could produce more here it's been a problem.

But.

What do we do now here in the United States.

We're produce an all out in the United States if you wanna produce -- in the United States governor apparently you're endorsing him -- you like.

-- -- my governor there -- He thinks that we should be exploring.

And aggressively going.

To war.

-- -- -- -- -- I -- -- broaden it I'd say get on your own resources and we have resources to get on.

But oil is among them but you -- also believe in and yes well natural gas where the largest producer in the world we have more reserves and anybody else natural gas reserves.

Natural gas is 30% cleaner and a fraction of the cost of -- One EM CF of natural gas is four dollars would resonance.

-- cubic -- but that one in -- four dollars.

That's equivalent to seven gallons of -- so why aren't we back and only -- parade.

That leadership is not taken a set direction but natural gas United States at four dollars.

Is.

It's four times ahead in the mideast.

And it's three times that Europe went about solar wind and solar -- glad it it's too expensive I'm gonna I'm not so.

Sure I'm for -- -- -- but it's too expensive.

Say wind is priced on the march -- the margin is natural -- For power generation.

And natural gas four dollars you can't -- -- -- He got -- -- six dollar natural gas to financially and what notwithstanding moon energy notwithstanding are we going into another recession we how would you character -- -- now if we -- in one word.

That we're really close as what I thing.

Yes I think that could very well be the case.

You mention repaired before he's -- governor on committees.

He stumbled out the gate navy got something back in the recent debate.

But.

There's been an attack from Republicans for it for attacking each other that than I agree firing on each -- in and around Robin fashion be worried about a.

I don't like -- I'm not for that I -- Ronald Reagan Republican He -- He didn't think was smart.

To attack each other.

And I don't either and as you've been it's gonna compromise a Republican getting elected.

I don't know about that will see -- on poles but energy is going to be an issue in this presidential debate.

University of Texas did -- -- today and 84%.

Of the people that poll they believe -- energy is something they're deeply concerned that.

And they don't liked it import all from -- So if you have 84% of people on any poll it is going to be at some point in this debate is gonna be.

Discussed.

And -- once and again thanks thank you very Vermont.

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