pickens, it's karen fin r erman. are you surprised haven't seen this demand equation move in that some supply just comes off the market? >> well, i mean -- okay. i've been surprised that the producers have kept drilling. natural gas wells. and so i think you're going to have to lay down some rigs if you want to get the price above 250. but right now tremendous demand for natural gas. the heavy duty trucks are moving to it. navistar, they announced two weeks ago they're building a 12 liter engine that will be out shortly. all this is going to happen. if i'm running an 18 wheeler, 20 to 30 gallons a year which is common for class six to 18 wheelers. you're talking about saving $30,000 to $50,000 a year on fuel cost. >> folks watching this show right now, they're listening to you and me and others saying heck i got to protect myself against rising oil prices. go out there and make money off it. sounds to me like we're saying we can't drill our way out of this, can we? >> drill our way out of it? we've got more oil than

pickens who is no stranger to oil. he'll be back to explain. [ male announcer ] if you think tylenol is the pain reliever orthopedic doctors recommend most for arthritis pain, think again. and take aleve. it's the one doctors recommend most for arthritis pain. two pills can last all day. ♪ at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. >>> we are now on day 17 of an upward trend and if you try to figure out why, it's even more frustrating. aaa says the national price is $3.65 a gallon, up 12 cents in a week. the mountain west pays quite a bit less and oil prices are the biggest factor in gas prices. when there is plenty of oil and demand for gas is low, prices drop. and vice versa. high supplies and high demand means higher prices. but guess what, oil supplies are not tight. the u.s. alone produces six million barrels of oil a day, the most since 2002. and the demand is the lowest since 2004. we even export to other country, roughly 600,000 gallons a day. so clearly o

boone pickens, who once scoffed at the oil sands, is one of those investors. pickens runs a hedge fund in dallas and is now a true believer. >> we're managing $5 billion here, and about 10% of it's in the oil sands. so it's the one single largest investment we have. >> 10% of $5 billion. i flunked math. >> 500 million. >> and if oil sands are the answer for investors, are oil sands the answer for the united states? >> oh, i think so. [ticking] >> but despite the boomtown mentality in the great white north, we'll meet environmentalists who say there may be a high price to pay to get all that oil out of the dirt when 60 minutes on cnbc returns. [ male announcer ] the inspiring story of how a shipping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing number of lower emissions planes... which still makes for a pretty en

boone pickens, who once scoffed at the oil sands, is one of those investors.ickens runs a hedge fund in dallas and is now a true believer. >> we're managing $5 billion here, and about 10% of it's in the oil sands. so it's the one single largest investment we have. >> 10% of $5 billion. i flunked math. >> 500 million. >> and if oil sands are the answer for investors, are oil sands the answer for the united states? >> oh, i think so. [ticking] >> but despite the boomtown mentality in the great white north, we'll meet environmentalists who say there may be a high price to pay to get all that oil out of the dirt when 60 minutes on cnbc returns. when bp made a commitment to the gulf, we were determined to see it through. here's an update on the progress. we're paying for all spill related clean-up costs. bp findings supports independent scientists studying the gulf's environment. thousands of environmental samples have been tested and all beaches and waters are open. and the tourists are back. i was born here, i'm still here and so is bp. not quite knowing what the

the bounty hunter says he paid for the information and it appears that it has led to several warmer pickens. >> if he gave me two bodies and the other bodies after the key is on death row and not going anywhere. i'm not getting anything. >>mark: the hearse arrived here in the work new jersey her body alive by private jet headed to the funeral will once windy ninette with the funeral home handled by the 2003 funeral of houston's father. if she died saturday at a hotel in beverly hills if officials say she was under water and apparently unconscious when she was pulled from a bathtub. of >>justine: the president is not received the american people for help in pushing congress to extend for a payroll tax cuts set to expire at the end of this month. the president will be speaking live at the white house at 7:30 a.m.. the white house has said the average family would lose about $40 per paycheck if those tax cuts are not renewed. the president will be talking with people on social networking sights on what $40 means it to them. >>darya: we are back with more in a couple attended series for here is

joining us, rich galen who is associated with the pickens plan. which focuses on america's energy issues and hillary rosen. apologize for the pun there. you say the price of gas is absolutely a winning issue for republicans. you thing it's a winning issue for republicans? >> winning issue for republicans because there happens to be a democrat in the white house. if the situation were reversed, it would be a winning issue for the democrats. to protect the president in this regard, every president 6 richard nixon at least has said, elect me and we'll have energy unless. first, we're not going to have energy unless because two of three biggest oil traders are mexico and canada. and we want to keep trading with them on oil. but the other side of this thing is that it -- there is no reason for, in terms of demand, for oil prices to be spiking to $109. it's all in the lead up to this, geopolitical. you have nigeria, iran, all of these places where traders are saying, i need to protect myself, moving forward, and they're bidding the prices up. but there'

boone pickens says about this, this is what t. boone pickens says about exporting u.s. natural gas. if we do it, he says we're truly going to go down as america's dumbest generation. it's bad public policy to export natural gas. why is that? because natural gas in the united states is six times cheaper than in asia. it's three times cheaper than in europe. that's why our agriculture sector is doing so well. that's why manufacturing's coming back. the cost of the unit of production of any product in terms of the energy which is needed has plummeted. that's our advantage in coming out of the recession. and finally on the keystone pipeline, why don't we keep the oil here in the united states? the canadians want to take the oil, build a pipeline through the united states over our environmentally sensitive areas, bring it out to texas, an export zone, and then send the oil to asia and latin america. where is the american part of this? what do we get out of the keystone pipeline? nothing. so i will have an amendment that says, if we build that pipeline, if we let the canadians do it, we k

any more to talk about than speculators, they don't know what they're talking about. >> reporter: pickens a day that they supply the world has got them worried. iran has threatened to close the straight of hormuz, just 20 miles wide at its narrowest point, 25% of the oil passes through there. still, companies like airlines which actually use oil, speculate on it to protect their businesses and hedge against price spikes. others, investors who will never need the oil, invest just for profit. between the tension around iran and increased global demand for oil, the profiteers are betting there's no way the oil prices will drop. but are they actually driving the prices higher themselves? >> there isn't anyone running the market on a speculative basis. the market is moving up because oil supplies are tight globally. from there you can goose it up a little bit, but not much. >> reporter: there may be another reason for the sudden gas price spike. u.s. oil production is up but gasoline consumption is down, leaving the u.s. with more gas than it needs. so instead of excess gasoline driving price

i don't have that number for you. >> boone pickens, the ceo of bp capital management. >> phil, i think what makes this special, it provides a commercially viable answer so that our customers want this. that's why it's going to work. >> dan usteon, the chairman and ceo of navistar national and t. boone pickens, joe, it's a big day not only with this news, but we've got auto sales all day long. you had the earnings from chrysler, first profitable year since 2005. so we'll be talking to you quite a bit today. >> great, phil. >> while we're on the topic of autos i should bring you breaking news, ron bloom, the former car czar taking a job at lazar, a special adviser, he'll be working with their client is the letter carriers in the big debate over what to do with postal service. and he's not representing the government in this casings he's representing the workers. >> that's because the post office has its own plans for cutting like 120,000 workers. >> he's coming up with his own plan. that news just crossed on the tape as we speak. ron bloom in the auto business. figured i

state as the nevada caucuses go down to the wire with 38 delegates nevada had historically small pickens when it comes to the gop selection process. with super packs and big changes to process this year's contest is lasting longer than ever in a state where unemployment is 12.6 percent and where housing much of the housing prices initially unfolded there is no question of course that the economy will be the issue for caucus goers there. p a it is not the only one. >> president obama on the today show said if he didn't turn the economy around in two years he would be looking at a one-term presidency. we are taking back the white house. he was right. >> we expect governor romney to be in first. there's a very large mormon population here. he got an absolute majority last time. i think our hope is we may be able to come in second although ron paul is very organized. any time there's a caulk cause ron paul has an opportunity because of the intensity of his supporters. >> they will point out what their position is on healthcare which is identical to his? you don't think they can point out new

boone pickens says blaming speculators is a tired old saw. >> that's the first thing that politiciansy the speculators are doing it. and when anybody comes out with that is a first reason and they can't give you any more to talk about than speculators, they don't know what they're talking about. >> pickens says the mix of increased global demand and just the potential loss of the 2 million barrels per day that iran currently supplies the world has got investors worried. iran has threatened to shut down the strait of hormuz, a choke point on the eastern end of the persian gulf just 29 miles wide at the narrowest point where an estimated 1/5 of the world's oil passes, but iran depends on the revenues of that oil and may not want to jeopardize them. still, companies like airlines, which actually use oil speculate on it to protect their businesses and hedge against price spikes. others, investors will never need the oil invest for profit. between the tension around iran and increased global demand for oil, the profiteers are betting there's no way prices will drop. are they driving the pr

joining us, rich galen who is associated with the pickens plan. which focuses on america's energy issues and hillary rosen. apologize for the pun there. you say the price of gas is absolutely a winning issue for republicans. you thing it's a winning issue for republicans? >> in wiwinning issue for repubs because there happens to be a democrat in the white house. if the situation were reversed, it would be a winning issue for the democrats. to protect the president in this regard, every president 6 richard nixon at least has said, elect me and we'll have energy unless. first, we're not going to have energy unless because two of three biggest oil traders are mexico and canada. and we want to keep trading with them on oil. but the other side of this thing is that it -- there is no reason for, in terms of demand, for oil prices to be spiking to $109. it's all in the lead up to this, geopolitical. you have nigeria, iran, all of these places where traders are saying, i need to protect myself, moving forward, and they're bidding the prices up. but there'

boone pickens. we'll get his take on where world oil prices are headed.at happened in today's session. we'll get to some of those rumors. we're on rumor patrol. and also the trades for tomorrow. and mitch modell. that, and much more at the top of the hour. >> looking forward to it, melissa. we're heading to one of the world's largest outdoor farm shows. >> jane wells is set to give us the outlook for the industry. >> you have been talking about home building land prices. farmland prices blowing the roof off the barn. is it a bubble?ñsñs but we couldn't simply repeat history. we had to create it. introducing the 2013 lexus gs, with leading-edge safety technology, like available blind spot monitor... [ tires screech ] ...night view... and heads-up display. [ engine revving ] the all-new 2013 lexus gs. there's no going back. tdd# 1-800-345-2550 so, i want to trade at a place that really gets who i am tdd# 1-800-345-2550 and what i need. tdd# 1-800-345-2550 and still gives me a great price. tdd# 1-800-345-2550 at charles schwab, you get everything you need td

the same time they came out with another press release saying they signed a deal with boone pickens forav. this to me is just so classic. because the bad news is sort of missed out. they have an analyst day today. i would also just say keep an eye on ortiz. talked to people in the trucking industry, they've had a lot of repairs going on. when the company reports on february 22nd, be interesting to look at the warrantee costs. and just for the fun of it, keep an eye on lab corp and quest diagnostics. our own hampton pears reporting republicans don't want people getting unemployment benefits to submit to drug testing before they get their checks. we know that ain't going to happen. >> why not? you've got companies that make you get drug tested before they hire you. >> can you imagine the nightmare of the cost associated to that? [ overlapping speakers ] >> by the way -- >> ziploc bag sales would soar. >> promoted by a guy been a promoter a long time -- >> he's back? this is like the 14-year-old kid caught goosing it. >> he's not 14 anymore. i reached out to him, they're back with the prom

boone pickens. we should keep our natural gas here. we should not be following the republican energy plan of drill here, se there and pay more. if we sell this natural gas around the world the partment of energy says the pry's going up 57% here because -- price's going up 57% here. the same dynamic exists in the keystone portion of the bill where republicans have failed to include any assurances that even a drop of the oil or the fuels will stay in this country. when i ask the president of transcanada, the pipeline company from canada whether he will be willing to commit to keep the oil that passes through this pipeline in the united states, he says no. and why? because the oil companies and the refineries want to export the fuels to the highest bidders around the world leaving the american people with all of the environmental risk and little or none of the energy or economic benefit. so drill here, sell the, pay more, that's not the republican mantra. drill here, sell there, pay less. now they've morphed into what the oil and gas indu

boone pickens. halftime report begins right now. >>> four hours to go until the close. this is where we stand, we're at a seven-month high on the s&p and gaining, 1354. was the level we breached few moments ago. apple continues its upward

and if you're going to keep finding natural gas, i still think sooner or later -- >> we had boone pickens on. talking about convert iing somef their big trucks to natural gas. >> the more that happens, $100 is too high. >> but then again if the price keeps coming down it makes it and the economics of natural gas -- >> with the shale and all of that, we have a lot of it. what is that? israel -- did you see this israel story? >> this is the big story this morning. i don't know if we'll be talking about it a little bit later but leon panetta now warning that there could be a strike, that israel could try to strike iran later this year. >> well, there is that story in "the new york times" magazine over the weekend, too, that laid it out that basically said they are really looking and thinking this could be our last time. it has to happen before july. >> where do you see these al qaeda guys. >> they call it an immunity period. >> i didn't see immunity period. >> these al qaeda guys are under house arrest. go ahead. go knock yourself out. iran is not our friends. >> a look at the ten-year t-bil

boone pickens. >> natural gas. >> that's right. everyone knows there's natural gas other than "the new york times." one of the things that's really frustrating is the administration is ignoring this fuel other than to give it lip service. it is the way out. >> of course, we could use an energy bill out of a congress that i don't believe has produced an energy bill in years, if i'm not mistaken. another failure on the legislative front that falls on both sides. it's felt when you talk about these issues. no expectation we'll probably get one this year, either. >> one of the things that bothers me here, there is a misconception that the administration has really slowed down drilling in the gulf. there's a very big trial that comes up next week. it's about bp. it's about bankrupting bp, frankly, if it goes against bp. this country, you know, has rules. and they weren't enforced about drilling. now they are. by the way, schlumberger is saying macondo has now been far exceeded. what we've drilled since macondo. that permits are coming r

. >> boone pickens has come on our show and he was running with this up until the point where oil pricesm in congress to try to get truckers at least switched over to natural gas, and it seems like the moves take much longer than you might anticipate. >> they shouldn't take much longer and whether you like it or don't like it, if you look at wind, wind is turning out to be a disaster. they're closing wind farms all over the place, and lots of different countries, even some of the original countries they're closing up their wind farms. very, very expensive to build, and they're ruining the environment. you have the horrible machines all over the place on countrysides and oceans and the wind is really turning out to be a disaster for a lot of people. >> is that a wind farm in the way of one of your golf courses? >> i have that situation in scotland where i built a course i think will be among the world's great golf courses and they want to put a wind farm two miles off the coast and i said you got to be kidding, and now in scotland there's a total uproar over wind and you know, these machi

department says the price is going to go up by 54% for american consumers rm let me tell you what boone pickens says, he says something that's very, very clear. he says if we do it, if we export natural gas, we're truly going to go down as america's dumbest generation. it's bad public policy to export natural gas. american energy for american jobs. oil and natural gas are not lobsters. they are not toothbrushes. they are the key to our stratenalic protection of our national security. this is a signal to opec that we mean business. we're going to drill for the natural gas, we're going to keep it here and tell them we don't need their oil any more than we need their sand. vote for the markey amendment and keep the natural gas we drill for off the beaches of this country in our country and tell them to keep their sand, we'll keep our beaches an our natural gas here in america. vote aye for the markey amendment. the chair: the gentleman's time has expired, the chair recognizes the gentleman from washington. mr. hastings: i yield myself the balance of the time. my friend from massachusetts makes a g