Oil prices could hit $300 a barrel if the United States does not take drastic action to reduce its heavy dependence on foreign oil, but neither of the top presidential candidates is addressing the crisis, Texas oilman T. Boone Pickens said Monday. To prevent economic bankruptcy as a result of sending $700 billion a year overseas to unstable oil producers in the Middle East and Africa, the nation needs to mobilize behind a plan to shift toward domestic energy sources such as natural gas, wind and solar power, he told reporters and editors of The Washington Times.
"We are getting in trouble fast" and the economy is "already in the tank" because the nation is importing 70 percent of the fuel it needs each day, he said.
"The price of oil will be $300 a barrel if you sit here and let it go" for another 10 years, said Mr. Pickens, chairman and chief executive officer of BP Capital. "We have no control over the price of gasoline and diesel. Whatever they're going to stick us with, we'll pay it." Oil closed Monday at $131.04 a barrel on the New York Mercantile Exchange.
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