Q&A | Investor Pickens’ future: oil shortages and hard choices

He recently landed in Beverly Hills to talk about oil prices at a conference sponsored by the Milken Institute.

In an interview, Pickens elaborated on his views about oil and other matters.

Q: When you look at folks who don’t believe that worldwide oil production has peaked, do you think they’re wrong or the data aren’t convincing?

A: It’s pretty convincing to me. From what I’ve read, they believe that there will be technology advancements that will cover the gap. I don’t agree with that.

I’ve been in the business over 50 years now.

I’ve drilled a lot of oil wells.

It’s expensive to find, and I think the big fields have been found.

Today, you’d have to replace 30 billion barrels a year to keep up.

And we don’t even come close to that.

seattletimes