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

I dont trust oilmen,especially billionaires. Why is T Bone giving the media 58 million to fool the public into believing he is concerned about our future? His web site is a smoke screen. Appears to me that he is attempting to get our government to subsidize his electric distribution & water pipeline easement through "eminent domain seizure". Looks like he wants to corner the market on the Dallas/Fort Worth water supply, and probably has greedy intentions to become another natural gas "troll" with ruthless control over that supply chain bottleneck as Russia's Putin has demonstrated with Europe. Wish we had a "Good Samaritan" leading what's left of our country, not all these stealthy psedo-puritan power leeches

I was wondering why T Boone was predicting higher oil prices. It's because he stood to profit from them. I have lost all respect for the man and anything he says. I still would like to see us move to alternative sources of energy, but he is no longer an objective voice on this subject, IMO.

Pickens is smarter than the average blogger, and has the bank account to prove it. That being said, it is a no-brainer that we as a society have to hear the bell tolling, and know that we have to be smarter about how we energize our homes, and our cars. To make the assumption that a loss today in a hedge fund indicates a lack of foresight only means that the critic has not taken all of the facts into account, and is relying on short term results in a situation where change is going to happen through long term adjustments to ideas, practices, and ideology. If we do not change how we think, we will be bankrupt in every sense of the word without any input from the world community, and we will have done it to ourselves. Our neighbors in the world will have witnessed the greatest fall in the history of mankind by people so arrogant that they thought that they were indestructible, only to find that they were destroyed by ignorance, and greed.

There is nothing new about the oil crunch - except for the foreign leaders (Chavez, etc.) who are ready to stop all oil to the US.
If you are too young to remember the 'crunch' of the 80's, please listen to those of us who have been in this situation before.
If alternative sources had been implemented in the 80's, we wouldn't be at the mercy of lunitics in charge of foreign oil supply.
Ethanol, or any source which impacts the food chain, is not a prudent idea.
Solar power can run everything from homes to cars! CNG is a great idea - go Boone!

Dear Gloria: all the information you have so kindly reprinted about Barack Obama may be available where you said it is, but the political spin you apply (it has names: misrepresentation, fabrication, subreption, equivocation, prevarication to name but a few) is yours. You must have learned well from the right-based canards circulating the Internet. As a shaking, outraged pointing finger of rightous condemnation your comment stands tall; as a useful vehicle of truth and information it lies face down in the mud from which you speak your vile false witness.

Drilling does not automatically mean despoiling the countryside. We need to be independent of Arab oil interests and have already been delayed to a dangerous level due to the extreme tree hugger crowd. Buying vital supplies like oil from people who hate you can only be a stupid bet. Drilling will get us back on track and create industry jobs. Research into alternate sources will seal the deal. Mr. Pickens is a man not afraid to present his ideas. If you meet the guy who always makes the correct financial decisions , let me know. He seems to have the interests of the country at heart.

This will Will not hurt T Boone he has the money to surive that kind of loss. But I do beleive that his ideas are right on, We have to look ahead for fuure generations, I want my children and their children to be able to enjoy their lives! T Boone keep looking ahead,The way the wind blows across the nortwest wind is right on! keep on fighting and let those foreigniers have their stinking oil blood!

The only fool here is Douglas McIntyre and he sure looks Silly writting such garbage...Shame on 247wallst.com for letting this out...

it's always nice to see the guy thats DRIVING THE HIGH COST OF DOMESTIC OIL UP loose a few dollars... he'll make it up on yur next tank at chevron, EX texaco

We need to vote out any politician who gets in the way of drilling everywhere. We need to drill on shore, off shore, Anwar, ect. We need 50 more nuke power plants for energy now. We need to double number of oil refineries , building more refineries in areas that consume so we don't ship oil from Alaska or Iraq to Texas then re ship to GA, FL, IL, NY, . Makes More sence to drill off shore in Atlantic , Pipe it to close by refineries and sell near by. Give states a dollar a barrel for each barrel drilled or refined in there territory and they will get on board fast.

I am astounded by the number of people who believe that offshore drilling is going to improve our energy situtation. The entire US doesn't have sufficient reserves to impact our usage total, and even if we did begin drilling, we won't see anything hit the pump for 10 years. There are millions of acres of oil exploration areas already open for drilling and the oil companies are not drilling them - does that tell you something? WAKE UP...it's time for alternative energies.

Since when did it become acceptable for reporters to add "editorial" comments into news stories? This seems to be happening more and more in the news media, especially online productions. Pickens has the guts to stand up to his own industry and lobby for clean energy usage. That in itself puts him and the word "FOOL" very far apart. Foolishness is to continue burning all of our natural resources and sending our money to Dubai.

He's a frickin thief...always has been...he tried to corner the water market a while back..........He's a complete a.s.s.whole....making like he wants to help people............

Douglas McIntyre
Your fast to Judge. I haven't seen or heard anything you came up with for a solution. Hack Writer!

Our future is in fuel cells. Go to:
http://web.mit.edu/newsoffice/2008/oxygen-0731.html and see for yourself! This is great news for all of us.

If T. Boone's idea is so great he wouldn't need a handout from the government to make it work.

Nobody subsidized the adoption of gasoline to run car engines! Gas beat steam, diesel, and ethanol fair and square.

McIntyre is an idiot. His kind of thinking is what keeps us addicted to foreign oil and sending hundreds of billions of American dollars overseas each year. Use of domestic oil and gas will help in the short term, but alternative energy is the way to go. The excuse that our power grid is inadequate is pretty lame. We certainly have the technology expand it, as long as we have the will. I'm with Pickens.

As usual the experts come up with the solution of spending taxpayer dollars to fix a problem. If T.B. is so sure that alternative energy is the solution why doesn't he have billions invested in futures of them as opposed to oil? Simple answer is that he does have futures and wants tax dollars to raise the value of his hedges.

WOW! An internet blogger is smarter than a man that made billions in the energy market. T. Boone is a national hero. I won't even go into the real economics and the real stupidity of this article. Take an economics class Dougy!

"That makes his push for wind power and the use of natural gas to run cars look a little silly."

no, it doesnt.