U.S. Natural gas supply May Dry Up Within 30 Years, T. Boone Pickens says.
November 6, 2009
By ELIZABETH SOUDER / The Dallas Morning News
T. Boone Pickens, who has spent more than a year telling Americans the answer to their energy woes is natural gas, said Thursday the U.S. natural gas supply will probably dry up in about 30 years.
At that point, Americans will have to find some other technology to fuel vehicles, Pickens said during a speech Thursday at the University of Texas at Dallas.
"Natural gas is just a bridge," he said.
"Twenty-five, 30 years is what we're going to get out of it. Then you'll have to get over to either fuel cells or battery. You'll have to be on to some other transportation fuel by then," he said.
Pickens has spent $62 million of his own money, and most of his time since July 2008, promoting the Pickens Plan to get the U.S. off of foreign oil. He suggests switching vehicles to domestic natural gas instead of using foreign oil. He also wants the country to add more wind power to the electrical grid.
Pickens, a geologist who became a billionaire by operating a hedge fund, is pushing Congress to pass a law to convert the 7 million 18-wheelers in the U.S. to natural gas.
He said the conversion would take about seven years. It could save the country from importing 2.5 million barrels of oil each day, or about half what the U.S. gets from the Organization of Petroleum Exporting Countries.
Pickens predicted that oil prices will rise to $300 a barrel in the next 10 years if the world doesn't cut demand. He said oil companies struggle just to maintain current levels of production, and he doubts they could increase supply.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-pickens_...
By ELIZABETH SOUDER / The Dallas Morning News
T. Boone Pickens, who has spent more than a year telling Americans the answer to their energy woes is natural gas, said Thursday the U.S. natural gas supply will probably dry up in about 30 years.
At that point, Americans will have to find some other technology to fuel vehicles, Pickens said during a speech Thursday at the University of Texas at Dallas.
"Natural gas is just a bridge," he said.
"Twenty-five, 30 years is what we're going to get out of it. Then you'll have to get over to either fuel cells or battery. You'll have to be on to some other transportation fuel by then," he said.
Pickens has spent $62 million of his own money, and most of his time since July 2008, promoting the Pickens Plan to get the U.S. off of foreign oil. He suggests switching vehicles to domestic natural gas instead of using foreign oil. He also wants the country to add more wind power to the electrical grid.
Pickens, a geologist who became a billionaire by operating a hedge fund, is pushing Congress to pass a law to convert the 7 million 18-wheelers in the U.S. to natural gas.
He said the conversion would take about seven years. It could save the country from importing 2.5 million barrels of oil each day, or about half what the U.S. gets from the Organization of Petroleum Exporting Countries.
Pickens predicted that oil prices will rise to $300 a barrel in the next 10 years if the world doesn't cut demand. He said oil companies struggle just to maintain current levels of production, and he doubts they could increase supply.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-pickens_...
Views: 106
Replies to This Discussion
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Permalink Reply by Checkmateking on -
He is now shamelessly chasing the billions he has poured into wind turbines with fear tactics ala Algore, he has made a bet that hasn't paid off and doesn't look very good.
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Permalink Reply by Keith Mauck (Site Publisher) on
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I respect Pickens, but seriously, how far dfoes one go to get a "seat" at the table?
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Permalink Reply by cocodrie man on
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Keith's concern is appropriate. I wish Natural Gas had a more consistent champion.
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Permalink Reply by sesport on
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Okay, here's a piece by Udall & Pickens, published the same day as Pipeliner's above article, yet with a different take on the supply.
http://www.gjsentinel.com/hp/content/news/opinion/stories/2009/11/0...
from this article ..
"With recent improvements in the techniques and technology to recover natural gas from the enormous shale deposits under the continental United States, studies indicate we could have natural gas deposits that would last for more than 100 years. This is a sea-change from what we thought our natural gas reserves were prior to being able to utilize these so-called “shale plays.”
Sounds like to me Pickens is still attempting to rally support. :0)
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Permalink Reply by P.G. on
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With the way NG is being utilized, it will probably last 500 years!
NG does not have to replace petroleum, just give it a run for the money!
Energy prices need to be stable, not all over the map when it storms or when there is a cold snap.
I believe Pickens is correct to promote the NG for the trucking industry. That would establish fueling sources all across the country. The private auto industry and consumers would eventually take advantage of those sources. We don't need that Cap and Trade to artificially bend any markets..
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Permalink Reply by sesport on
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PG - Cap & Trade may/will apply to energy & industry, not transportations (that I'm aware of). The way I'm reading some of these bills, I'm seeing little to no mention of onshore productiion of ng. It can't, as you say, "artificially bend" any markets in ng's favor anyway if E&P isn't in the mix of the language of these Acts & bills. :-P
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Permalink Reply by Grillin' - MmmMmm on
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sesport: there are major concerns from many E&P companies on the impact of Crap & Tax & Steal legislation. I have spoken to one company that is looking to sell several of their older natural gas fields due to the required expenditures that are forecasted as a result of the legislation. Much of it has to do with compression...compressors burn fuel which emits CO2.
Kind of hard to separate energy industry from transportation. Its been clear all along that refineries will be hammered by the current draft legislation. What will refiners do with this tax? They'll pass it along in higher gasoline prices. If the prices won't stand it, then they'll shutter the refineries which will cause gasoline shortages and higher prices. Similar things can be expected in natural gas. There will be steepening regulations around emissions, not only from compression but from other losses such as flaring, and normal lease losses.
And if, a big if, we get NG transportation moving, don't you think the hogs in D.C. and the whacko greenie weenies will want to go after other sources of revenue for their "cause"? Anything that can generate income will be taxed by the politicians. And anything that emits one molecule will be trashed by the lunatic greenies. So while it may not appear that NG is in the sites of these parasites, it really is.
And you can always take this quote from Press Sec. Robert Gibbs to heart when thinking about what Washington is saying: "You have to be careful not to take everything the President says in literal terms!" Wow! So, when they say something, then go back on their word, that's okay. Not a lie. Just a trans-literalization of erroneous proportions!! This applies to ALL politicians! Blue, red, green, plaid, etc.
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Permalink Reply by essay on
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"So while it may not appear that NG is in the sites of these parasites, it really is."
if it's a hydrocarbon it's evil
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Permalink Reply by sesport on
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Mmmarkkk - Can you fault anyone who "wnts to go after other sources of revenue for their cause?" Isn't that what your "grillin' " is all about, too. lol
I realized after I posted ( and had my hands tied as to adding to it) what I had said about transportation. IMO and IANAE, transportation will of course be affected in a trickle down manner as industries must provide the parts to be ng fueled.
Do we have any politicians with grill sear stripes? ha, ha :0)
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Permalink Reply by Bud on
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Maybe Pickens is playing a game with the environmental interests. If they think that NG is just a short bridge rather than a long term use, possibly they will not worry about the carbon footprint as much.
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