• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 4 mins Is Eating Meat Worse Than Burning Oil?
  • 3 hours Canada Election Deadlock?
  • 4 hours China & Coal: China's 2019 coal imports set to rise more than 10%: analysts
  • 16 mins Diplomatic immunity
  • 15 hours Clampdown on Chinese capital flight is shutting down their commercial construction in US
  • 24 hours Here's your favourite girl, Tom!
  • 1 day Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 2 hours Devaluing the Yuan
  • 3 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 23 hours IMO 2020:
  • 14 hours Nigeria Demands $62B from Oil Majors
  • 1 day Deepwater GOM Project Claims Industry First
  • 13 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
Is ISIS Back?

Is ISIS Back?

As the Syria debate rages…

Oil Legend Boone Pickens Passes Away At 91

Boone Pickens

Oil legend T Boone Pickens passed away on Wednesday at age 91 at his Dallas home. He was most known for his strong opinions about American energy.

Geologist by trade, Pickens made his billion-dollar fortune on the back of oil through Mesa Petroleum and his energy-based hedge fund, BP Capital.

Just a couple of weeks ago, Pickens had mentioned in a letter to OSU football’s fan base  that at age 91, he was “grateful for every added day, week, month and year. However, I’m realistic about being close to the finish line. And I’m working diligently to complete projects as quickly as I can and tie up any loose ends,” adding that “accepting reality at my age invariably leads to reflection.”

He also spoke in the letter about oil and gas related materials that the oil titan was planning to donate to Oklahoma State.

Pickens’ passion for OSU was rivaled only by his passion for reducing America’s dependence on foreign oil—namely OPEC.

Eleven years ago, Pickens came up with a 10-year plan to reduce US dependence on this “dirty foreign oil”. Part of this plan was for wind and solar, too, arguing that the upfront cost would be outweighed by its benefit. In the plan, Pickens pointed out that America imported less than 25% of its oil, but by 2013, that figure had grown to 50%, when the US imported $147 billion in oil from OPEC nations. In 10 years’ time, Pickens argued, the US would have paid out $2 trillion.

Pickens was pulled no punches, accusing then-President Barack Obama of not following through with his campaign promise to end America’s addition on foreign oil, chastising Republicans as well for not tackling the problem with enough vigor.

His legacy? Today, US imports of OPEC oil are at three-decade lows, averaging 2.58 million barrels a day in 2018 and shrinking, according to the EIA, compared to 4.35 million bpd when Obama took office.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play