You're watching...
BP Capital CEO T. Boone Pickens on the cost savings of converting vehicles to natural gas and Obama’s energy policies.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Joining us now billionaire entrepreneur T.
Boone Pickens.
It is great see you don't get is say mutilated -- we're looking here at an environment with high prices when we've got supply and this country gasoline supplies are high demand is low.
The fifteen year low in fact for gasoline.
Folks are getting a little frustrated.
Dealing with that reality.
What are your thoughts.
Well remember we import a lot of crude -- -- and we're importing.
The global brush which is -- -- -- the and consequently.
Processes.
Are -- -- also.
That he refiners to struggle.
From time to time they're seeing that.
Difference between Britain or Citi had a 125.
And W Fiat -- 105.
And so they're take taking up a little slack -- They were and we're looking still adamant about an eighteen dollar differential between Brent and west Texas intermediate.
We're also saying refineries are shut down sonoco talk about more are more closures of capacity.
It wouldn't.
This ended the same time we're him.
Natural gas we're we're talking two dollars and I mean -- Four years ago we were down another rate stance -- hey it's okay this is this is grand stop if you're a consumer.
The promise we don't have -- -- consumers.
How we're gonna get them there's no question -- -- switching on the AB duty trucks because they're -- a dollar fifty to two dollars a gallon.
-- so it's.
It's not an opportunity they're not gonna pass and -- the conversion costs to move.
Light trucks pickups.
To eighteen Wheeler is huge that conversion -- focused on -- six state ranked eighteen Reuters.
And -- eight million of and that they will face those out over five years.
There's a way to work.
And you'll go to natural gas -- save the money the difference in the price of the new engine -- attention is about Tony thousand dollars.
So they can pay for that pretty quick.
It's -- for transportation you look at it is an attractive proposition have been talking with a couple CEOs who were actually following suit and converting to natural gas converting their fleets and and it's happened and incremental.
But sure your friend.
President Barack Obama you guys were pretty body body when you came up with -- Pickens Plan.
He sort of disappeared on the issue of natural gas -- in the well he's still nation's natural gas.
-- what we liked him as a natural gas act payments.
And that they tried to put on the transportation bail for aren't we one you know -- to 147.
But I think up a new wildlife and -- -- and it's the only place Washington you don't win in particular 147.
You if you win a big twelve.
And that you not not in Washington.
And the reason is they voted that non germane if you can believe it.
AB duty trucks were not germane to the transportation -- right which meant you had to have sixty ago.
We're gonna get another chance up -- -- Where -- -- -- -- about not know you have to -- As sophisticated.
-- sharper pencil as you have carried with you throughout your carruthers senate finance further it's an oil or natural doubts.
You're actually we're kind of -- -- have at those wars -- girls out of Washington Paula -- -- I'm through it after this one.
I mean when I get this done I am retiring from Washington welcome thank all of you or I hate.
And I'm talking about -- the leaders and in the fossil fuel.
Industry in this country I'm part of our coal natural gas crude.
Or when their shale.
-- that's been kind of separated here.
Looks like the kind of -- -- off this administration.
The push to wake whole kind of pushed away and crude oil and 16% if you work.
Our permits on federal -- under this administration.
Natural gas doesn't get delivered.
And yet alternate energy and you know a lot about a particularly windy one of the largest developers have wind power in the country.
This administration's got things upside down don't they when it comes to fossil fuels.
Well -- day you're stuck with fossil fuel for fifty years and you've got to come to grips with just you know what you have to work with.
But never in America -- we've been task to work out the energy problem for -- because we always -- cheap gasoline.
And when the crash got -- three dollars for gasoline it was a much crown about that account for four -- it's gonna go higher there's no question ideas.
And you know but we do -- sources in America.
If we just.
Developed our own resources.
We can get a lot of energy cheaper but lose no this in the world today.
The United States has -- cheapest energy of any place the war.
And 40% cheaper.
On get on the oil and half for the price European for gasoline -- and natural gas is a fraction.
In the mideast and Beijing it's fifteen dollars.
And we have the richest energy reserves in the world price and in fact that you mentioned China I mean there -- -- Remarkably.
Are attractive rich markets waiting for exports of US energy reserves if we could exploit and produce them.
What's it gonna take to get there.
Leadership.
That's always a missing -- We've got to have a leadership to get -- -- ago but we can build our economy back on pat on the back off cheap energy.
We've done it before we can do it again -- natural gas and talked to from the CEOs.
In power generation utilities.
They're saying natural gas at these prices has -- to push pull out of the way the EPA's strictures on coal.
In emissions to new admissions standards.
Natural gas by itself in the market is going to be a driver against coal is that your view.
Well no it's not my deal my deal is any thing Americans current I'm not against cold.
I'm I'm for any thing American I do not want OPEC roll.
And if we get off of OPEC cause we can get those aircraft carriers -- -- mid east.
We can get those those young people about -- home.
And not get -- -- And so we can't we can have an entirely different opinion set up.
If we just get out of the mideast and the way you get out there but you know they're exporting twenty million barrels -- -- -- straits -- -- right.
You know how much of that comes to us.
Not much 10% right so we are we're policing.
The straits -- For other.
Customers of OPEC.
Would get no help -- they don't help us with people they don't help us with money get the hell out of there.
All right well -- them -- are gonna have to -- we were poor little overtime but it's always a great time talking review.
Always learn something per share to -- good thank you that if.
