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BP Capital CEO T. Boone Pickens on the benefits of natural gas and how the U.S. can achieve energy independence through a North American energy allian...
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-- -- It's also going to be a busy day for people have to get those oil refineries running once again as of right now Isaac is cut oil production in the gulf.
Almost 95%.
So well the storm force president Obama's hand on releasing oil from the strategic petroleum reserves.
Filling gas tycoon Boone Pickens chance.
CEO of -- capital joins us live at first sir thank you for joining us on the Fox Business Network to -- thank.
That the president's hand is going to be forced will he release oil from the reserves.
Why.
The good question I would he release it.
Well that Europe fourteen -- -- on the gasoline today always down a dollar WTI was.
And so there's no real concern here -- Mena.
They've shedding and part of the gulf.
That listen there are plenty all -- United States.
-- -- it there everybody -- gas we have seen this spike in gasoline prices now I know that the refineries are shut down it takes roughly two to three days to get them back up and running.
Will we see the prices drop as quickly as they went up now the hurricane has passed.
I think you'll be back -- where you are for the hurricane within a week.
Well I think we will all appreciate that let's turn to something that Donald Trump has been saying he is blaming OPEC.
From manipulating oil prices DA agree with -- are they manipulating them to try and sway the election in the United States.
Donald ride on the mark.
No kidding they tell you OPEC tells you that they have to have -- -- in different countries in OPEC have a different prize.
For to meet their budgets.
And that it's about a hundred dollars a barrel and so they tell you that they have to have they had to meet their their budget.
They're gonna get -- all they have to -- If they want to cry sept cut back supply and the price would go right.
It's -- count on Britain -- created witches that OPEC rise.
Being above -- hundred dollars barrel so how does that influence the election in the United States is an influence for President Obama are for Mitt Romney.
Yeah I don't know.
You know you -- I don't I don't know how would they out if people understand.
That the prize.
Global price of oil it is.
Is -- -- about OPEC they understand that that it the President Obama has nothing to do with it.
But notice that the United States has -- -- C energy in the world.
Brent north secrets about a 150.
We're.
West Texas intermediate which is our national crude -- Is under a hundred so it's 15%.
Cheaper than the global prize but our natural gas is 75 -- it cheaper.
You look at today's natural gas -- about two dollar to say the five cents.
You look at it and it Tokyo eighteen dollars Beijing fifteen dollars.
The mideast thirteen dollars Europe thirteen.
So we are just a fraction.
The next day at Pratt and are densely prize is hampered the -- figure.
We are certainly less you know abundance of natural resource when it comes to energy I wanna ask give Mitt Romney has actually outlined policies he would put into place if elected.
For instance giving states more authority over drilling in federally controlled lands what do you think of that idea.
-- -- it's -- good idea that.
He's got a -- client it came out last week and but it's a good point.
And as far as natural gas I know you've been a proponent.
Fracking and of the country going more into natural gas do you think.
If we do that we can fulfilled mr.
Romney's pledge that we will be energy independent by twenty planning.
You debating energy independent I think he said this you have to bring North America -- You have to have Canada and Mexico United States they'll work with this -- a market for there.
Oil and gas and so.
Yes we can be energy -- -- paid it by making in North American energy alliance.
It it would certainly work mr.
-- -- wrap up with you with assessing this last question we seem to dodge the bullet from the hurricane.
OPEC is still manipulating oil prices I don't think anyone is really surprised by that.
If other drivers in say Cleveland Ohio city dear to my heart or even Miami Florida where my folks -- What can I expect going into the fall the gas prices.
Police say gas price you're saying gasoline right yes.
Yeah not natural -- not natural gasoline prices -- I think that.
It -- be stable into the fall I think that probably not much different than it is right now.
All right T.
Boone Pickens -- once said that at least responding to the first million is harder in the first billions even harder I hope to learn that lesson Mondays -- But -- thank you thank you for.
