Friday, April 11, 2014
"You were right, and I was wrong," billionaire T. Boone Pickens told Porter Stansberry on Stansberry Radio last week.
It's not every day that the biggest living legend in oil admits that he was wrong about oil and that a newsletter writer was right. But that's what happened last week on Stansberry Radio.
Billionaire Pickens was remarkably candid on his radio interview with Porter. (I guess when you're a billionaire, and you're about to turn 86 years old next month, you can be as candid as you want.)
And in this interview, Pickens was full of candid insights like these...
Pickens said he got it all wrong about Peak Oil a decade ago, because he didn't think "we were ever going to be able to get the oil and gas out of the source rock."
Pickens also admitted his change of heart about our military in the Middle East: "Oil is why we were there…" But now, "we don't need the oil. And my question is, why in the hell are we there?"
Pickens said he's optimistic about the possibilities from new "ultra-deepwater" wells in the Gulf of Mexico... "Yeah those wells will be produced. And a lot of money will be made from it." But, he added, "the cost to bring it on is very expensive."
Porter thinks costs will come down much faster than Boone thinks, and challenged him on this. Porter politely challenged Pickens on a lot of things... Pickens was impressed: "Let me tell you, I'm impressed with how much you know. Because for a financial guy, you know all about this production."
By the end of the radio show, Pickens invited Porter to go hunting with him...
"I've enjoyed talking to you. I knew I'd like you, but I never had talked to you before. So good. We'll have fun [on stage in Dallas next month]. Listen... I'm going to send you a book on my ranch. And you'll find it to be interesting. But I want you to come up there and go hunting [with me]."
Next month, Porter Stansberry and T. Boone Pickens will continue the conversation – live on stage together – at our Stansberry Society event in Dallas.
Porter and Pickens have a serious difference of opinion on the future price of oil... Pickens thinks it will stay high. And Porter sees it falling.
Porter will debate Pickens on this topic live in Dallas...
Here's Porter's case, which he said on the radio:
"You're going to see a double or a tripling of production from Iraq. You could easily see a double or a tripling production out of Iran. You're going to see a new American oil daily production high, over 10 million barrels.
"And that's just with the fields we have now. That's not even talking about the other, I would say, 12 to 14 major shale fields that are going to come online over the next decade. And that's if you don't find a huge, new deepwater well, which I believe that we will in the Gulf."
If you're at all interested in the future of oil, you can go here and listen to Porter's 20-minute interview with T. Boone Pickens.
Check it out...
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