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08.31.08

Five Myths about the Oil and Gas Industry

Weekend Supplement

In the final chapters of The First Billion Is the Hardest, T. Boone Pickens dispels five myths about the oil and gas industry:

Myth No. 1: Drilling in the Arctic National Wildlife Refuge will make us energy dependent.
Myth No. 2: Ethanol will save the day.
Myth No. 3: Big Oil is manipulating the price of gas at the pumps.
Myth No. 4: The lack of new refineries in the United States is a main contributor to high gasoline prices.
Myth No. 5: New Technology will enable us to discover enormous untapped reservoirs of oil.

He writes, “We are going to be dependent on oil for at least another fifty years; that means foreign oil, ad that means trouble. Either we need to be prepared to face those consequences or we need to get working on some alternatives.” He adds, “Our biggest problem is leadership.”

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Posted by Michael McKinney at 06:58 PM
| Comments (0) | Weekend Supplement



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