T. Boone Pickens loses $1 billion on wrong oil bet

Seems there is one thing no one brings up and that is the amount of water required to grow corn and soy for alternate fuel sources. Pickens is sitting on one of the west's largest aquifers in N. AM. right along with his oil under his millions of acres in TX. We may well run out of uncontaminated water long before we run out of oil. And guess who will be there selling rights to water? You can walk to work without gas but you can't live without water so a job will be a mute point.

He's only wrong for now. Unfortunately, oil will in all likelihood hit $150 and much higher in the future. All it takes is a war with Iran and/or a little more conflict with other suppliers.

Pickens is absolutely on the right track when he says we need to eliminate dependence on foreign energy.

Sounds like this article was written by someone under 30 who doesn't realize or remember that we are being conditioned to pay more for oil and energy in general by large price spikes then smaller temporary drops. He/she is probably happy that gasoline is under $4...when the next oil spike happens and gas rises above $5..they will be happy if it drops to $4.90.

The USA has a short memory and we have been sold down the river by an incompetant government.

Unless we make a serious effort that needs to start with each of us be ready to pay more with money that is worth less.

Be careful - Pelosi, Reid and Obama are all from the same cloth - they want to bring in cap and trade - a hugh tax on Americans. Pelosi is all for wind because she has invested in Picken's wind farm. I hope they don't push electric cars because the grid is so old and the cost of electricity keeps going up. This country is way behind the eight ball, we don't have good public transportation system, the roads are crumbling and we have no real energy plan. We need to do it all, but we need to focus on the most economical way to get off of oil. The truth is, we will never be able to get off oil completely and we need to drill here and drill now. As for natural gas, we have an abundance, but the tree huggers won't allow drilling, so now we have started to import that too.

HA HA HA HA, THE ONLY THING SILLY IS YOUR ACTICLE WHICH JUST REVEALS YOUR IGNORANCE AND LACK OF JOURNALISTIC EXPERIENCE AND INSIGHT. BETTER QUIT YOUR DAY JOB. HOW DID YOU EVER GET THIS PAST THE EDITOR?

How refreshing it is to read intelligent comments. I am in agreement with all of those above who have commented on the short sightedness of the journalist. Just because oil is down this week, who know where it will be in a month. We have to break our dependence on foreign oil. We have needed to for decades, and it is this kind of thinking that continues to hold us hostage to the middle east. Who knows how many terrorist our oil money funds?Where does anyone get off calling a billionaire foolish? Picken's predicted oil at $100 when no one could imagine that. I live in his home town and my father worked beside him in the oil industry. Believe me when I tell you he is brilliant, not particularly humble, but brilliant.

T.BOONE PICKENS IS A TEXAS HUCKSTER
AND WINDBAG ON MOMENTEOUS
MAGNITUDE.BUY INTO HIS WINDMILL PROGRAM AND YOU FIT INTO THE MOLD HE ENJOYS "aw shucks"

How much did the Speaker of the House have in the oil futures. Rep Waters is off here rocker, this dumb bitch should leave Congress today, her and Rep Rangle, Rep Franks, Sen Boxer, Sen Murray, Sen Finestein, Sen Dodd, Sen Shummer, Sen Dirty Harry Reid, Sen Snowe, Sen Byrd, Sen Conrad, this would be a good start. These people are as crooked as the day is long and you can put the blame at their feet, along with FRANKLIN RAINES who Rep Waters was begging Raines to give these morans loans with no jobs and no credit checks.

IF WE DON'T DO SOMETHING DIFFERENT, WE WILL NEVER RECOVER FROM THE SPIKE IN OIL PRICES.

WE CAN SIT AROUND HOPING FOR LOWER PRICES OR DO SOMETHING THAT REDUCES THE AMOUNT OF OIL WE USE... PERIOD.... THERE IS NO OTHER SOLUTION BUT TO USE LESS IF WE REALLY WANT TO DRIVE DOWN PIRCES.

BUT... IF CHINA AND INDIA CONTINUE TO TURN INTO 2nd AND 1st WORLD COUNTRIES, OIL WILL BE IN SHORT SUPPLY.

I agree with all of you that called this writer a short-sighted idiot. It doesn't matter what the cost of crude is. Its the fact that we are supporting people that hate us. I would rather die freezing to death in a cave than support someone like Hugo Chavez.

All options need to be used.Nuclear,some wind ,solar,hydrogen,CLEAN COAL TECHNOLOGY .Less air traffic and better milage vehicles,more train traffic.Lets elevate our highspeed trains to make it safer for vehicle traffic

I really do not want to see off shore drilling but it is a dire necessity because of the SLOW move towards alternative energy sources. This is primarily due to the overwhelming power of the oil industry. Get off your asses Americans and do something to push for solar and wind powers sources. It needs to be made affordable for all American citizens both for our own finacial benefit and that of our earth. Plus we can put the oil barons in there place.

The only person made to look like a "fool" is the idiot that wrote that piece. T.Boone may have lost a billion, but he probably still has a couple more to fall back on. And, he is right, we do need to free ourselves of foreign dependence. He's on track, but there is just a temporary decline in prices to ONLY $120 per barrel. Where were we a year ago, and more importantly, where will we be a year from now? Writers. Maybe they should research their subject a bit more before they commit themselves to public scrutiny and making themselves look foolish.

Doug,

This is probably the worst article I have ever read. You are an idiot.

I won't call him a fool, but........he is a speculator in oil so he lost 1b., I wonder if this bidding on oil has cost US. The prices have risen so much. Is he one of the reasons?
I also wonder how many in government are bidding on oil, we might be surprised.

This article is the perfect example of why our economy is in shambles.

The writer buys into the idea that every thing is about the value of paper.

So what if the value is down.

People Like T. Pickens make their fortunes because they have vision and patience instead of buying into one bubble after another.

What an impertinent twerp this writer is for calling T a "fool".

It ten years when Picken's plan starts to pay off this writer will be editing obits.

It never ceases to amaze me how some fool writer makes a comment about someone like Mr Pickens, who makes more money in one week than that writer! Last comment in article truly says it all. Mr Pickens can't even figure out what the price of oil will be. Why don't you do this Mr Expert McIntyre, you tell us what the price of crude will be in six months. You're a fool with a pen!

This is entirely the wrong take on his position. I admire him for looking far enough into the future and for throwing his influence into solutions. I think it's your writer who looks foolish.

Actually, this ridiculous article only makes the author, clearly a member of the Democrat Party, look like an arrogantly ignorant fool. Pickens has suggested moving forward on ALL fronts; increased drilling and continued efforts toward alternate energy sources. And every HONEST person knows that is the correct answer.

it looks like t-bone was grilled for the pickings!!he tryed to have his cake and eat it to.but when he wasn't looking the market t-boned him.greed that's all it was,my heart bleeds for him!ya,right!!