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Billionaire T. Boone Pickens sells all oil holdings

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 Cinnamon    24,702

West Texas —

Oil tycoon T. Boone Pickens has cashed out of crude as the oil market experiences a downturn, according to Bloomberg.com

He isn’t finished with oil, but plans to be patient.

“The low is in,” Pickens told Bloomberg.com. “Just don’t get in a rush here. You’re going to have plenty of opportunity.”

The Oklahoma State graduate continued: “The market is going to be volatile. It’s not going to go straight up, so there will be good entry points.”

He isn’t alone.

Pickens pointed out active oil rigs in the United States have dropped from more than 1,600 to fewer than 600. Abundant domestic supply coupled with a continued flow from the Middle East have led to a 70 percent downfall in crude prices since 2014.



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 garlic    2,639

He doesn't need oil any more ....he has WATER!

If water is the new oil, T. Boone Pickens is a modern-day John D. Rockefeller. Pickens owns more water than any other individual in the U.S. and is looking to control even more. He hopes to sell the water he already has, some 65 billion gallons a year, to Dallas, transporting it over 250 miles, 11 counties, and about 650 tracts of private property. The electricity generated by an enormous wind farm he is setting up in the Panhandle would also flow along that corridor.

As far as Pickens is concerned, he could be selling wind, water, natural gas, or uranium; it’s all a matter of supply and demand. “There are people who will buy the water when they need it. And the people who have the water want to sell it. That’s the blood, guts, and feathers of the thing,” he says.

In the coming decades, as growing numbers of people live in urban areas and climate change makes some regions much more prone to drought, water—or what many are calling “blue gold”—will become an increasingly scarce resource.


Into this environment comes Pickens, who made a good living for a long time extracting oil and gas and now, at 80, believes the era of fossil fuel is over. So far he has spent $100 million and eight years on his project and still has not found any city in Texas willing to buy his water. But like many others, Pickens believes there’s a fortune to be made in slaking the thirst of a rapidly growing population.

If he pumps as much as he can, he could sell about $165 million worth of water to Dallas each year. “The idea that water can be sold for private gain is still considered unconscionable by many,” says James M. Olson, one of America’s preeminent attorneys specializing in water- and land-use law. “But the scarcity of water and the extraordinary profits that can be made may overwhelm ordinary public sensibilities.”



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 garlic    2,639

T Boone Pickens is also betting on natural gas vehicles.. Here is the Pickens Plan!


Natural gas is an off-the-shelf technology for cars and trucks. According to NGVAmerica, there are more than 10 million natural gas vehicles (NGVs) in operation around the world. However, there are only about 130,000 NGVs — about 1.3 percent — in the United States.

Conversely, batteries will not power heavy trucks and hydrogen fuel cells may be decades away from being in widespread use. We are even further away from having a battery advanced enough to efficiently power heavy trucks. Natural gas is the only fuel capable of offsetting imported diesel to power heavy trucks — the 18-wheelers which move goods around America.
Over-the-road truckers frequently run the same routes and stop in the same places on a regular basis. Unlike passenger cars and SUVs, truckers generally use the same facilities to eat, rest and refuel along their routes.

In addition to over-the-road trucks, there are a growing number of transit companies converting to all-natural gas municipal buses. In Los Angeles alone there are more than 2,800 NGV buses in operation.

Refuse and recycling trucks are among the most inefficient vehicles on the road. They are either at idle or driving at walking speeds for most of their work day. San Diego County is aggressively replacing its refuse and recycling trucks with NGVs. They are more fuel efficient, more environmentally friendly, and they are much quieter.

Any fleet operator — taxi cabs, utilities, and express delivery firms, for example — whose vehicles go back to “the barn” every night are candidates to be up-fitted to NGVs. AT&T, which operates one of the largest domestic fleets in America, recently announced it is purchasing approximately 8,000 vehicles over the next few years to replace gasoline and diesel vehicles with NGVs.


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 garlic    2,639

“We should pay attention to T. Boone Pickens’s recommendations to switch to natural gas for fleet vehicles such as buses, and for interstate trucking,” R. James Woolsey, former director of Central Intelligence and chairman of Woolsey Partners, said in The Wall Street Journal in 2010. “Buses and trucks are easily modified to run on natural gas and would only require new pumps at a few central locations and interstate truck stops.”

While Washington continues to fail to answer the bell in this fight, a wide range of corporate concerns and local-level politicians have embraced the Pickens Plan.

“T. Boone has sent a rallying cry to America to demand a new energy policy and achieve energy independence — and we are behind him 100 percent,” Frank O’Brien-Bernini, Chief Sustainability Officer of Owens Corning, said in 2009. “Owens Corning believes that energy efficiency in homes and buildings is critical to the achievement of true energy independence.”

The Pickens Plan wasn’t the result of a sudden conversion, however. For years, Pickens had pressed presidents and industry representatives on the need for a coherent U.S. energy policy.

While Pickens was still with Mesa Petroleum, he became involved with natural gas fueling. He had a vision: to tap into natural gas as a vehicular fuel. His motivation was two-fold: one, to ensure a cleaner environment for future generations, and two, to secure this country’s energy security by reducing its dependence on OPEC oil.

More: http://www.boonepickens.com/a-suprising-environmentalist/

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