T. Boone Pickens says he is concerned about what will happen in the energy sector under President Barack Obama.
Energy executive T. Boone Pickens says he has spoken with some of the president's administration about energy policy.
The BP Capital chairman and CEO, who donated to Republican presidential nominee Mitt Romney's campaign, said he wasn't happy with the outcome of the election. He also said he is concerned about what will happen in the energy sector under President Barack Obama.
"Well there's no question that this president does not like fossil fuels, so are we going to suffer for that? I don't think so, because there is nothing to replace fossil fuels," Pickens said. "He [Obama] likes wind and solar, but they won't move an automobile."
When asked if parts of his "Pickens' Plan," an energy proposal that focuses on the production of more natural gas, were still being discussed in Washington, Pickens said he recently had talked to White House officials about energy.
"Well, I had a conversation last week with some of the Obama people," he said. "I don't want to identify, but we had a two-hour meeting. But when you get down to it, it's pretty easy to understand -- you're going to get on your own resources if you're smart; you're not going to continue to build OPEC."
Earlier this week, the International Energy Agency released a report that said the United States could possibly produce more oil that Saudi Arabia by 2020. Pickens said he doesn't believe a word of it.
"I don't think that," he said. "I think we can be bigger than we are, but we're producing six and a half million barrels, and the Saudis are producing 10 million and Russia produces 10 million. I don't think we'll be at 10 million barrels. We can put natural gas into the transportation fuel mix, and you can look like you're producing 10 million barrels a day because you will replace a lot of oil that goes into transportation."
Pickens was in Dallas on Tuesday and spoke to business leaders about how businesses will react to last week's presidential election.
The event at the Winspear Opera House was put together by Jones Lang LaSalle and also featured Neiman Marcus CEO Karen Katz and Texas Instruments CEO Rich Templeton.