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 -
The Haynesville play will take 20 years to even develop fully.
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Permalink Reply by Checkmateking on
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What legislation, cap and tax? Don't be silly.
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Permalink Reply by sesport on
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Thank you, but I won't debate that here and risk us getting shut down. But I do see that as a factor. BTW, the title of that act now includes the word SECURITY. Kieth has a blog if anyone wants to look at or discuss it further.
http://www.aceee.org/energy/national/nrgleg.htm
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Permalink Reply by Grillin' - MmmMmm on
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Must add in the word CHILDREN!
Prices are going to meander for a while until there is clear direction and we see meaningful draws from storage that can be tied to evidence that we still aren't overproducing. 2010 will be interesting and not very easy to predict.
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Permalink Reply by Titleist on
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This belief will work against the adoption of natural gas. It is also in contrast to other views supported by data and ignores advancements in technology. As a highly visible proponent for natural gas, Pickens needs to be careful with his statements especially since there are powerful opponents that will take a statement out of context interest to support their inititatives.
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Permalink Reply by sesport on
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Anyone have any idea where he came up with the numbers for that thought? Certainly won't help us get ng noticed or discussed as even a transition fuel for energy & industry. I'm seeing more signs of it being directed towards transportation. Someone correct me and point me in the right direction if I'm off base with that.
:0)
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Permalink Reply by Pipeliner on
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Sesport,
I think Pickens is way off on that estimate. Consider all the existng stranded gas in Alaska. Logic says there may be plenty of gas and oil offshore and onshore in Alaska, the East and West coasts and in the Gulf of Mexico off the Western shore of Florida.
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