 Appearing on CNBC's "Squawk Box" Thursday, he said half a trillion
dollars of America's wealth is being plundered by foreign oil
suppliers every year.
"You take 10 years and you've got $5 trillion," said Pickens.
"That's more than $1 billion a day. We can't stand that."
He argued that the country faces a potential financial disaster
if we don't reform our energy policy.
Pickens used to oppose ethanol, but now he supports increasing
production. He summarized his new position this way: "I'd rather
have ethanol, and recirculate the money in the country, than to have
it go out the back door on us."
Source:
"Pickens: U.S. Faces Disaster over Oil Wealth Exodus," NewsMax
MoneyNews, Feb. 21, 2008.
[Text from file received from
Renewable Fuels Now
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