Wednesday, June 17, 2009

T-Boone Pickens is a WindBag: Shale gas puts Alaska line in doubt, Pickens says

That's right, I said it. He is a windbag. He is the same guy that said there were no wells drilled in ANWR when in fact there is one drilled on Alaskan Native land..

Now he is coming out saying shale gas will jeopordize the building of the Alaska pipleline.

For the most part, shale oil leases that also produce natural gas, have been canceled by the Obama adminstration.

What would be interesting to know is, if Pickens has invested in companies in Texas that are involved in the Barnett shale.

“I bought a 12-month gas strip for $6.02 the other day and I expect to make $1 on it,” Pickens said during the presentation to about 700 people.

Pickens was not specific about which strip contract he invested in. A calendar strip representing the average price of natural gas futures contracts for delivery in 2010 on the New York Mercantile Exchange rose 5.7 cents to $6.488 per million Btu at 4:03 p.m. today.

The hedge-fund manager is promoting an energy plan that relies on U.S.-produced natural gas to cut the country’s dependence on foreign oil.

Plans to build a pipeline to bring natural gas from Alaska to the lower 48 states don’t make sense, Pickens said. Gas found in shale deposits in Texas is more accessible, he said.

Like I said, Pickens is a windbag.

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