t boone pickens is the founder and ceo of bp p or he joins us from dallas.hank you so much for joining us. kick it off with last night's election results. what do you think this republican win means for this country's energy policy? i have not seen a lot out of the republicans, but they are talking energy last night, all of him it is energy. you are going to have to address the keystone pipeline, which the president has ignored, and you have got export of crude, has to be addressed also. you have got the strategic petroleum reserve, the spr. that has got to be looked at. there are so many energy things just sitting there that have not even been discussed. they are big deals. there is no question about it. liquefiedot lng, natural gas is an issue, too. but let meff to do, comments about this. i have been around a long time, and i voted -- i never voted for president or anybody but a republican, but if you go back and look, every time a guy is elected, it is because of the president just before him. reagan would not have been elected unless you had quarter. --

later on boon pickens says big oil needs to stop drilling. he is going to be joining us when "street signs" returns. today could be the day. the day we give you hope. relief. a cure. today, we believe every life deserves world-class care. as one of the top four hospitals in the nation, over 100,000 people from around the world come to cleveland clinic for care each year. and we're ready for you with a second opinion or a same-day appointment today today today and everyday. call today, for an appointment today. the holidays can be an especially difficult time. everything's different now. sometimes i feel all alone. christmas used to be my favorite. i just don't expect anything. what if santa can't find me? to help, sleep train is holding a secret santa toy drive. bring your gift to any sleep train, and help keep the spirit of the holidays alive. not everyone can be a foster parent, but anyone can help a foster child. >>> happy election day, america. there are some key races that could have a huge impact on the future of energy in america. let'

boone pickens, you never know. you have got to wipe out opec. >> the pressure on opec is enormous.e have enormous quantities of new supply coming on stream third we have mexico liberalizing their energy economy and lackluster demand. so what is opec going to do? they are notorious for cheating on each other. venezuela is running around the world. the foreign minister from venezuela is going to libya, to qatar, saying let's cut production. saudi arabia is saying, wait a minute, we are the only was likely to cut production and the rest of you will get a free ride along with us. hands's say they all hold and sing "frozen" songs together. do they still have the pricing power once they do that? >> i don't think they do. i think opec's power has diminished if not completely vanished. you look at the u.s. in the last few years, you look at the increased productivity in the u.s. oil market, or the u.s. drilling sector, and eia last month came up with some numbers well in average new north dakota is increasing productivity by 100 barrels of oil per month. -- per day, rather. this is an incr

boone pickens, carl icahn, the list goes on and on, pretty fancy folks learn something from about investingd to know a lot about investing and creating wealth and success yourself. who surprised you the most among that list of luminaries? >> gosh, most people don't know -- lou: i dare you to answer that. >> i'm in trouble. right. for 20 years i worked with paul tudor jones and had the privilege of being beside him in the tech crash during the 2000, 9/11, he's not lost money in 21 years, to be beside him and work with him, i thought if i could interview 50 of the most influential people on earth that started with nothing, and became self-made billionaires and, nobel laureates. to answer your question, carl icahn was surprising to me, i came to his office and i scheduled 45 minute interview, and they go three hours, you go deep. carl goes no video crew. no video crew? no audiotape. how am i supposed to do this? bring a pen, you got 10 minutes, kid. he's so generous. people don't realize, kiplinger did a measurement of his performance. since 1968 he compounded 30% a year. warren buffett is 20%

boone pickens, carl icahn. those are pretty fancy folks to learn something from about investing. to know a lot about investing and creating wealth and success yourself. who surprised you the most among that list of luminaries? >> first of all, most people don't know -- >> i dare you to answer that. >> i'm having trouble with this one. for 21 years, i have worked with one of the top ten financial traders in history and i had the privilege of being beside him during the tech crash in 2000, during 9/11, during 2008. he has not lost money in 21 years. to work with him and see that, i thought if i could interview 50 of the most influential people on earth, people that started with nothing, self-made billionaires, nobel laureates, and i could simplify that, i could help the average investor. but carl icahn was one of the most surprising. i came to his office, schedule a 45 minute interview and they go three hours. they go deep. carl says no video crew. no video crew. no audio team. bring a pen. you got ten minutes. then three hours later, he's like so generous but most people realize,

boone pickens, the legendary oil titan talk to us about his thoughts on the oil policy. >> i want toources and get off of opec. republicans in here, they may think it was a good idea. coal is one of our resources. interesting to me is that he said that president obama has ignore the keystone pipeline throughout his presidency, but the time is here, he cannot ignore it and he has to address it. >> my favorite conspiracy theory is because warren buffett owns the railroads, that all of the resources are being shuffled back and forth to do him a favor. >> he came after opec hard. to terrorisms ties potentially, and we should not work with them. >> and he says the keystone pipeline is not a question of if anbut when. and richard fisher said don't fight the fed. >> the only acting talent that tells people what the -- act in town that tells us what to do and keeps it going is the fed. >> he is saying that congress actually needs to get there but get in gear-- to and get things done. we're doing what we do, do what you do. would be comical of congress tried to tamper with the fed with they c

. >> boone pickens has said in terms of keystone, it's not a matter of if, it's a matter of when. wrong? >> i think it is a matter of when. see it in this congressional session and that might have to go into next year but i think there is just enough education going on in the political realm that i think the politicians were ultimately going to make this decision are coming up the learning curve of how critical that pipeline is in the material that will be in that pipeline is to the viability of the ghost -- of the gulf coast refining system so i agree that i think we will eventually get it. is just a matter of when that political process take the final step so that the construction and operation of the pipeline can begin. >> they are debating the keystone pipeline and mary landrieu, senator from louisiana who is facing a tough reelection fight, is making her presentation to the senate. clearly, she wants keystone built that there is another alternative that has been composed and that would be a pipeline from alberta to the canadian east coast which could subsequently shipped heav

boone pickens and michelle and much cheaper and missing a big point. a good deal of their society is based on the revenues so it isn't only about production and the money coming from oil, too. they're between a rock and a hard place and don't underestimate yankee ingenuity on the new technologies working at lower prices and midterm i think the thing that changes is exports! we need to export some of the bonanza. >> rick, i'm glad you bring this up. here's the interesting thing. more and more people this afternoon saying, well, maybe the midterms, keystone pipeline with the green light and driving the price of oil down here and reverse should be happening. that should put upward price on the u.s. price shouldn't it? >> no, i don't think so. i really think that when we look back at this period of time, yes, part of the demand story. but i think the big story is we're starting to price in the u.s. energy revolution. and i think there's a lot of chapters of this book left. and it's so much bigger than just keystone. >> sure. >> speaking of keystone, i can'