Fat Cat T-Boone Pickens – Wants your money for his Gas Companies

I will admit it. I fell for his ponzi scheme.

In the early days of the energy debate when then candidate Obama was competing against the Republicrat McCain, Mr. T-Boone Pickens was all about a “sensible” energy policy that was aimed at protecting our national security by expanding our drilling for oil & gas-right here in the U.S.A. and for setting up a Wind Farm in Texas. You remember the campaigns: “Drill baby Drill”; “Drill here – Drill now”; “Drill, Drill, Drill”; Images of Wind Farms & Solar Cell utopias.

I fell for it. Who wouldn’t?  Why would anyone be against doing these things? I signed on willingly to his petition…And then the son-of-a-bitch used my support (and signature on the “Pickens Plan”) as political clout to convince congress that I was actually supporting the Democrats massive energy (cap and trade – bullshit global warming) plan. Mr. T-Boone corrupted my vote (and maybe yours too) for his own political ponzi scheme. I have no problem with lifting restrictions that prevent us from drilling or putting up wind farms  – But SCREW YOU T-BOONE for trying to get the American Public to FINANCE your business and SCREW YOU for twisting my vote.

The proof is in the two bills (that he currently supports).  HR-1835 & S-1408. Both of which give massive kickbacks to those [manufacturers] of Natural Gas Vehicles AND Natural Gas exploration companies.  As it turns out, as soon as he failed in getting the American public to finance his wind farm, he abandoned that plan and decided to turn his attention back to Natural Gas Drilling. The House bill gives tax credits of $200,000,000.00 and over $30,000,000.00 in GRANTS to companies doing “Gas Vehicle – Research” (ie: anyone who drills for gas or makes natural gas vehicles). Even more obscene is the Senate Bill which promises to issue $3,000,000,000.00 (3 billion dollars) in Bonds and also $30,000,000.00 (30 million dollars) in Grants to companies who set up the “infrastructure” for natural gas vehicles.

A good portion of that money would likely go to BP Capital Management, which is T-Boone’s “Energy Investment” company. In 1996, Boone nearly bankrupted his Oil company, ‘Mesa Petroleum’. In that situation, his ass was saved by ‘Rainwater, inc.’ who bought the nearly defunct Mesa Petroleum, which was then renamed to ‘Pioneer Natural Resources’.  Boone won’t make that mistake again. He’s determined to save his current asset company. All you need to do to understand Boone’s motivations is to look at the holdings of his “Energy Investment” company, BP Capital Management.  Here are his top 5 holdings (as of May 22, 2009):

1. Transocean Inc. (RIG) – 450,000 shares, 28.19% of the total portfolio (From their web: Transocean, the world’s largest offshore drilling contractor, provides the most versatile fleet of mobile offshore drilling units to help clients find and develop oil and natural gas reserves.)
2. Devon Energy Corp. (DVN) – 250,000 shares, 11.9% of the total portfolio (From their web: Devon Energy Corporation is one of the world’s leading independent oil and gas exploration and production companies.)
3. Occidental Petroleum Corp. (OXY) – 200,000 shares, 11.85% of the total portfolio (From their web: Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company, as well as a major North American chemical manufacturer.)
4. Suncor Energy Inc. (SU) – 300,000 shares, 7.09% of the total portfolio (From their web: Suncor Energy is an integrated energy company strategically focused on developing Canada’s Athabasca oil sands. As we responsibly develop the oil sands, we are also investing in renewable energy – wind power and biofuels.)
5. Cabot Oil & Gas Corp. (COG) – 200,000 shares, 5.02% of the total portfolio (From their web: Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading North American exploration and production independent natural gas producer.)

As you can see, only one of his top 5 holdings even remotely has anything to do with Wind Power or the environment (even that is probably just marketing). This 80 year old man, who we were supposed to believe was suddenly stuck with an “environmental conscious”, is nothing more than a typical fat cat corporate slime-ball trying to suck out as much money from the public as possible. If he can’t get it with Wind, then he will try to get it with Gas. He fooled me once – but he won’t do it again. Don’t let him fool you either.