T. BOONE PICKENS- THE UNITED STATES SHOULD STOP PURCHASING MID EAST OIL!!!!!

T. Boone Pickens build a case for the United States to stop purchasing oil from our enemys in the mid-east.

https://www.facebook.com/Pickensplan/?fref=nf

It is hard to understand why the political climate does not understand the power of the United States

that now has the ability to produce our own energy needs.  Stopping fracking when our national debt is about to bury this country is tanamount to political suicide and cutting our own national throat.  

Something is so wrong with this picture that the only conclusion I can come to is that someone is being paid lots of money to make sure that this country does not understand the power of our own resource.

This is so amazing that it defies belief - this country is going broke- we pay huge amounts of money to purchase energy from our own enemies that we do not need to purchase.....!!!  We could change the whole balance of power and the administration and political hacks want to ban fracking?????

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Permalink Reply by Paul Butler on April 14, 2016 at 4:39am

Look at the back of a dollar bill.

The eye is looking forward.  In front of the pyramid (the future) is a fertile plain.  Behind the pyramid is a desert (the past).

The founders were expressing the intent to never involve our nation in religious wars, which had destroyed Europe for thousands of years.

The European Jews that founded Israel decided, what the heck, why don't we re-start a religious war that has been over for a thousand years.

Gen. George Marshall thought Israel was the stupidest idea he had ever heard.  He did everything he could to stop it.  Marshall was a great American patriot!

What is your enthusiasm to involve the US in a religious war based on?

There is not one thing sacred about Jerusalem or Israel.

Texas and Pennsylvania are sacred in my world.

Permalink Reply by Joseph-Ohio on April 14, 2016 at 5:02am

It's not on the basis of religion for me - it's on the basis of our having committed to them as an ally.

We don't reneg on commitments.

That's just not me.

Also that wouldn't be kosher would it (to coin a phrase) ? ?

2016 - religious law is ridiculous.

Let the golden rule prevail.

Live and let live.

Permalink Reply by Jim Litwinowicz on April 14, 2016 at 4:54am

Thomas.  I am very appreciative of your posts. They have helped me greatly in better understanding the industry. I strongly encourage you to keep posting.

And don't worry about Joseph - Ohio as he is a big conspiracy believer and will not change his position in total denial of the facts presented. There are others here that are anti industry. 

Not to say the industry is entirely innocent. CHK and others have certainly done much to earn their reputations. Royalty ripoffs, contract violations, landman misrepresentations, and a lot more.

But your inside knowledge is very helpful for us trying to understand the issues we all face. The more we know the better off we are. I will take what you share and add it to other data I have learned along the way. I trust no single source but have learned to do my own research and put it all together. You have added some valuable info to the mix and I thank you for that.

As for the ME, it is very similar to the US as it is a mishmash of divergent ideas and morals. We have Sanders hard core Leftists and Cruz hard core rightist and sometimes it results in violence like that in Ferguson. There are people in the ME that want us dead and there are people there that want their country to follow the US model of liberty and governance. We are part of a generational battle of modernity vs Old World to determine the future of the ME and by extension, the world. People need to understand those issues better also.

Permalink Reply by Joseph-Ohio on April 14, 2016 at 5:31am

It's just that I prefer input more along the lines of Craig Cooper's.

Not much interested in which Giant O & G interest has the biggest you know what.

Also I try not to be gullible and easy to trick and be made a fool of.

There are those that term my perspective as that of a 'conspiracy theorist' - and maybe there is a 'conspiracy'  by the empowered to divest land and mineral owners of their valuable holdings - considering the evidence at hand I can't rule it out - I just don't know as of yet. But isn't that exactly what is happening ? ?  Still I prefer the term 'cynic' - yeah I'll answer to that if we need labels here. Yeah - cynic among bullies. I think land and mineral owners walk among wolves and swim among sharks.

JMHOs

Permalink Reply by george m vietze on April 14, 2016 at 6:11am

I also appreciate posts that are informative but do not appreciate the personal attacks, subliminal, passive-aggessive are not necessary and take up valuable time and space.

Permalink Reply by Paul Butler on April 14, 2016 at 6:14am

Who appointed you "School Marm" again?

Permalink Reply by Joseph-Ohio on April 14, 2016 at 6:26am

george m vietze,

Here , in this (your) discussion, and not to belabor your point and waste even more time and energy (your apparent concern); but, who is it that you can identify as a 'passive aggressor attacker' and as opposed to any you can identify as a 'called out' individual 'defending' himself (assuming any commenting here are of the masculine gender) ? ?

Permalink Reply by Thomas Malcolm Pendergast on April 14, 2016 at 7:20am

Thank you very much, Jim.  I was beginning to get depressed.

Re CHK.  Many of the accusations coming from landholders are being litigated so the courts may clarify the issues.  I frequently touch bases with Matt Warnock Esq of Bricker and Eckler on oil and gas issues.  He is a treasure!  On contracts his advice to me was that you have to read the contract.  You can't comment on anything without reading (and understanding) it.  Duh!

At the corporate level, as I've written, CHK has done extremely well in a very challenging environment.  This is a firmly held personal opinion, not an investment recommendation (not my bag) based on the quality of management:  Archie Dunham, Doug Lawler and major shareholder Carl Icahn.  But I'm far more interested in the technology they use and others like them e.g. EOG, Whiting, Continental, Devon, Marathon, Denbury, Consol, Rice, Antero and Rex.  There are so many.  They may be 'dogs' right now financially, but they'll be the survivors because of their technology and their disciplined use of it.

Since the topic of this discussion is to stop buying mideast oil, I recommended that people read the March 26, 2016 Atlantic Council Global Energy article by Jean-Francois Seznec.  I lament the fact that I don't see any indication that any reader of these posts has read that article.  It's one of the single most important things I have ever read.

Tom

Permalink Reply by lance on April 14, 2016 at 7:55am

In the M.E. it doesn't matter what the people want and there are those who would like to adopt the western life style but it's the Mullah's, or the Saudi King that call the shots and they will kill or imprison those who disagree them. The bad guys out number the good guys by a very hefty margin. They claim their ideology is according to the Koran and they are right. So a 'good muslim' will have to go along with them or be labled an infidel and then they are persecuted, so to maintain a home life over there they are in subjection to the Ayatollah or the King. It's a very sad situation for them because they have never know the kind of freedom we have here, which I might add our freedoms are under attack as we speak. Like old Bob Dylan wrote, "The times they are a Changing"........  

Permalink Reply by Thomas Malcolm Pendergast on April 14, 2016 at 10:56am

I guess you could say I'm heavily invested in foreign direct investment in Ohio.  For example the four Saudi Arabia SABIC operations here, the German Xperion plant and the Swiss International Veneers plants in Newark, Siemens Oil & Gas in Mount Vernon, France's Valourec Steel in Youngstown and the coming ethane crackers in the Ohio Valley from Royal Dutch Shell Chemicals and  Royal Thai PTT Global chemicals.  That's tons of great-paying jobs and better lifestyles for central Ohioans.  Plus I appreciate the new work that's already coming from the ethane we're shipping every day from Carrol, Harrison and Belmont counties for export to Canada and Europe.

So, yeah, I worry / think a lot about how to attract more business.  And Ohio is a very attractive place to do business.

Our natural gas and natural gas liquids exports are at a takeoff point right now.  There are now fully loaded dragon ships leaving Philadelphia port every single day with Ohio-sourced ethane (=jobs, get it!) and going up to Canada every single second.  Right now about one LNG carrier a week is leaving Sabine Pass.  Before very long (not more than a month from now, about five ships a week will be leaving Sabine Pass.

Right now, they need our gas and plenty of it.  Demand's rising, you can count on it.  We need their heavy crude right now (I'd rather get it from Saudi Arabia than from Venezuela; Canada can't fill our full demand just yet but their day will come, no worries, mate!  Mexico could be a player but it hasn't gotten its act together just yet).  And hey!  They need our light sweet.  One sweet trading deal!

Permalink Reply by Thomas Malcolm Pendergast on April 14, 2016 at 10:07am

Dear Lance,

I'm very sorry to say this, but you really are not in touch with how life is lived in the mideast.  I implore you to read Jean-Francois Seznec's article on Saudi Arabia that I previously referenced.

Life in Saudi Arabia, Kuwait, Qatar, Jordan and the UAE is far, far better than it is in Egypt, Lebanon, the Gaza Strip and Palestinian Authority, Iran, Iraq and Syria.

I suggested to you before to get in touch with someone from ExxonMobil who has had experience living and working in Saudi Arabia to verify or contradict what I have claimed.  ExxonMobil and SABIC have an ongoing 35-year old joint venture (Kemya Al Jubail Petrochemical Co.) in Jubail.  Exxon's employees in Jubail overall have a very positive experience there.  If it were so terrible, do you think they would put their people thru such hardships for 35 years?

Everything you said above is stated as a fact.  Have you lived there?  Jean-Francois has.  Here's his Wikipedia bio:

"Seznec has 25 years of experience in international banking and finance, of which ten years were spent in the Middle East. He began his banking career at Chase Manhattan Bank, where he spent two years with the Saudi Industrial Development Fund in Riyadh, Saudi Arabia. He then worked for the Saudi European Bank, and during that time spent six years in Bahrain at the bank's offshore unit. Seznec also worked in New York for the Bahrain Middle East Bank.[6]

Throughout his career Seznec has served on various management and director boards. He has been a senior advisor for the Petroleum Finance Company (PFC) in Washington DC. From 2000-2008 he served on the Board of Advisers for the Middle East at Human Rights Watch. He is also a member of the Middle East Board of Advisers for Zurich Insurance Company, and a board member of the Stimson Center and the Oasis Foundation"  Thus, I think he is quite qualified to speak about life in the mideast authoritatively.  I think you could learn a lot from reading him.  I certainly have.

His brother Alain also worked in the east for many years in agriculture.

Permalink Reply by Jim Litwinowicz on April 14, 2016 at 11:01am

Lance; I have never been to the ME but have friends that have.  I also spent a lot of time reading various blogs from the ME.  I can say with confidence there is a large portion of people that yearn to live free.  In 2009, over a million people risked their lives every single night for well over a month protesting against the mad mullahs of Iran. Iran has a very pro-western population being held prisoner by hard core Islamists.  I feel that among Obama's many failures, his biggest by far was not helping the people of Iran free themselves of those tyrants.  The entire globe would have been much better off.

Iran is just one snapshot of the ME. Other countries also have large western leaning populations. Iraq, Egypt, Jordan, SA, UAE, Kuwait, and more.  Especially the younger segment, which is very large in the ME, that sees how we live thanks to satellite, internet, cell phone service, movies, music, and other modern communications and they wish to do the same.

Modernity has come to the Muslim world and the old guard is fighting it to remain in power. They see western lifestyle as a threat to their hierarchy that has reigned for centuries. This battle will continue for several decades and the winner is not predetermined.

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