Boone Pickens’ new plan to break OPEC’s grip on U.S. energy markets
For the past few years, Boone Pickens, who lives in Dallas, has been promoting his plan to wean the country off foreign oil. Critics are quick to point out that Pickens’ agenda would promote his investments in natural gas and a company that makes natural gas vehicles. Others call that putting his money where his mouth is.
His most radical proposal is also the most interesting: eliminating the Strategic Petroleum Reserve. The reserve was created 40 years ago in response to the Arab oil embargo, and like many of our energy policies, it’s rooted in decades of dependence and a presumption of scarcity.
The 700 million barrels in the reserve were amassed at an average price of $28 a barrel, which means the government stands to make a nice return on its investment, assuming it disposes of the reserve carefully.
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