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-- -- All right all this week during this hour of markets now we are focusing on America's shale boom with taking an in depth look at the surge in oil and natural gas production.
Fracking is huge in certain parts of the country and it is transforming our economy for instance thanks to the Bakken -- North Dakota's GDP growth now tops the nation for the second straight year.
The greater Houston area has replaced New York City is the largest exporting region in the country because of the energy boom in Texas.
Who better to kick off our series of legendary energy -- himself Boone Pickens chairman and CEO of BP capital burns thank you so much for joining us today.
You know it's very frustrating is -- we look at these prices we have some of the cheapest -- not -- cheapest energy in the world.
And yet we still let OPEC can dictate how much we pay at the pumps.
OPEC -- there is a swing producer.
And they're producing thirty.
Million barrels all day out -- ninety million so they have a third of the production.
That that'll do it if you want to keep the price.
Just dropped to supply.
Which is exactly what saudis have done.
And today they dropped 800000 barrels a day and six months period.
And that that'll keep the process but they have to keep the -- -- because a social commitments.
To the people in their country.
The saudis have 27 million people and about 70% of -- are unemployed.
As well we're half I'm unemployed save -- percent -- thirty years are younger.
So they have to be paying those people to keep -- quiet and it is.
You know keep.
The role -- late in power so it's not hard to see out you know two manipulate the all prost they're seeing part.
Is we have the fifth -- -- -- -- -- -- -- -- -- That tried and it is protecting the cartel because they're seventeen million barrels -- -- there today.
We get one point seven million which is 10%.
And the rest said it goes to China and two Europe and around the world.
But we protect the seventeen million barrels every day so we're protecting the cartel.
Which is insane isn't it now more than five years ago -- -- you unveiled the Pickens Plan.
One of the area of about -- on the energy plan of any note out there I think and it was basically pretty simple cut our dependence on foreign oil.
And convert trucks and other.
Areas of industry from gasoline and convert them to natural gas.
Seems simple but how far -- you come in five years in getting this concept out there.
Well first I didn't say get off before at all what I -- -- is get off OPEC cola.
So break it down a way you use about eighteen million barrels a day produce about half of it and import half -- it.
Add -- all that we get from Canada and Mexico.
Is pretty close for four and a half million barrels and the rest that comes from OPEC.
We don't have -- OPEC.
And it's a place to get out of it but put together now show some leadership Washington put together -- North American energy alliance.
And -- and use the Canadian -- Mexican curried.
And fill ours out with players and then you've got a a real deal go on because it gives you all the security.
You could ever want and you don't -- -- decorated.
Talk about fracking in getting this natural gas the environment us we'll tell you that it pollutes the water ready and creates earthquakes.
How do you respond for blacks.
Is this just an effort to slow down what is essentially what this country needs to get on to -- More fuel efficient energy -- Well you're correct in the -- that we've tracked over 800000 oils and Oklahoma campuses.
Texas New Mexico Louisiana.
So they have cracked the fracking has been perfected it is not.
Damaging anything I've personally fractal 2000 -- myself.
Never damaged and -- offer our.
Any edit anything.
With -- -- job.
Sometimes I didn't get as much oil wells I wanted it but I didn't -- didn't damage anything and it's it's just I think more than anything else.
That this is a crowd that is raising money.
And a day if they can beat the drum and talk about it and say a lot of things real fast without -- by checking her.
Are getting an expert on the scene.
Then they can raise some money that that's -- to me is what it's all about.
How Long Will it take to create the infrastructure Boone now often natural gas fill up stations much like we see gas stations everywhere.
Do you envision.
Fill up stations and natural gas all across the country and how far away you Ali from that.
Well talk about the navy duty trucks first eighteen -- And they're about eight million -- in a class five through eight is away their dinner five.
Go that way also go to the trash trucks and the metro systems.
And that those are pretty well in place.
That you look it clean energy and product flying.
Are building what they call the natural gas highway.
And they have over -- hundreds of stations on the interstates now.
And a lot of those are mothballs way mothballed waiting on the day that he trucks to show up.
What that trucks have been a little slow look at they -- -- twelve liter engine.
And comings and others are coming up but that engine very -- it's in mass production now.
And so you're you're OK don't confuse.
Truck stops with Philly steak right filling stations are fir crashing cars it's trucks stopped -- -- trucks.
-- and is it frustrating to that since he came out of fuel -- it appears that you know China and Russia.
Have really embraced this that technology more than we have in the US especially Russia.
They you're exactly right.
-- in the Wall Street Journal -- or two ago said.
The Pickens Plan.
Didn't sell in Washington but it did and China and Russia.
And so you're exactly right we have more natural gas and any place in the world that that they gave yet -- compares.
Thirteen million vehicles in the world today are on natural gas.
We have about a 150000.
-- the United States.
And we have more natural gas than any other country in the war.
We have more than Russia -- and we're number one.
And it's just amazing that you that you kind of missed on on leadership.
-- Canada -- -- leadership that fully understood appreciated the resource it's 30% cleaner than diesel.
It's cheaper about two dollars a gallon so here Yarwood cheaper abundant.
Energy in America you thank you -- fit -- very directly if you did the 8000018.
On natural gas that would -- though OPEC created by 75%.
I got ten seconds but it does the Keystone Pipeline get done any time soon.
It has to get -- excessive and uttered in fifty billion barrels off that's what the saudis claim they have.
And the -- -- got the fifth -- over there protecting that.
And only get a 1000007 -- -- and Canada.
They want to sell it to us we don't need the fifth fleet we don't need -- in military always need is yes.
Bring the the oil into the United States Keystone Pipeline.
Boone Pickens keep fighting the good fight we appreciate your time with us today -- BP capital thanks so much --
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