Boone Picken's Energy Plan:
Joe Kernan asked Pickens "you paid for the Swift Boat ads and now the left is using your 'we can't drill our way out of this' statement. How do you feel about that?" Boone said.
- "You can't drill your way out."
- "You have to have everything."
- "Anything American I am for."
- "I'm for Biofuels. I'm for electric. I'm for hybrids. I'm for OCS.
(Boone is for drilling on Outer Continental Shelf) - I'm for everything American!
- I'm obsessed with it. I'm going to get the $700 billion figure (the amount Americans send to foreign governments to buy oil) down.
- ANWR: YES, YES, YES!
(Boone is for drilling for oil in Alaska National Wildlife Refuge) - "Anything American, I want to do it."
- See more at www.pickensplan.com
Pickens On the price of oil:
Boone is still long oil but he says his positions are "not as long" as they are before.
- Sold $85 call
- Bought $70 Call
- Sold $60 put
- I'm staying in those positions
In a past appearance, he said he was short oil at about $100 and I believe he said in another appearance he covered that short around $108 for a loss. Pickens may believe $85 was the high end of oil's trading range without a speculative bubble. This would agree with another noted oil analyst Charlie Maxwell's belief that oil would trade between $50 and $80 and hit $85 by 2010 (see "Charlie Maxwell Interview by Bob Brinker - Sept. 2007").
On Yahoo!:
- "I got out of Yahoo!"
- "The management is pathetic." He said if you give them a multiple choice question they get the wrong answer every time.
Pickens said he will be back as a guest in about a month.
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