Oil Tycoon T. Boone Pickens Testifies To Congress On Addiction To Foreign Oil And Predicts Worrisome Future

Billionaire oil investor T. Boone Pickens told Senators Tuesday that prices will hit $300 a barrel in 10 years if the United States does not take action to reduce dependence of foreign oil. The United States imports nearly 70 percent of its oil. Pickens pointed out some shocking and little known statistics in an ad he put out earlier this month. In 1970, the United States imported 24 percent of its oil. In 1990, that had grown to 42 percent. It is now 70 percent, and Pickens states that costs America $700 billion a year. Pickens predicted in his Senate testimony that America would import 80 percent in a decade if it failed to tap into its own natural gas and renewable resources. "If we continue to drift, oil will hit $300 a barrel in 10 years," Pickens testified at a hearing of the U.S. Senate Homeland Security and Governmental Affairs Committee.

The Democrats in Congress are adamantly against expanding drilling either offshore or in Alaska's Arctic National Wildlife Refuge, as called for by President Bush.


Tweet