“Cheerleading tax-cut slurping media narrative” - I love it.
I’m not a great fan of Texas oilmen but T. Boone Pickens puts these idiots from MSNBC (who look as if they range between the studio and MacDonalds all their lives) in their place.T. Boone Pickens Rages On CNBC: "I Am The Expert, Not You", Says Oil Down Due To "Weak Demand"
23 December, 2014
Narrative, we have a problem! No lesser oil-man than T. Boone Pickens made quite an appearance on CNBC this morning - stunning the cheerleaders into first defense then silence as he broke the facts on oil's collapse to them.Oil is down "mainly due to weak demand," he explains... the anchors deny, "I am the expert, not you" Pickens rages as he warns drilling rigs will be laid down on a very wide scale (just as we have noted previously). Arguing over 'peak oil', he calls CNBC chatter "bullshit" and laid out a rather dismal short- to medium-term outlook for the oil & gas sector - not what the cheerleading tax-cut slurping media narrative wants to hear at all...
"demand is down" - "lower demand is the main driver" - "rig count is gonna fall - drop 500 rigs in next 6-9 months"
Capex cuts coming... oil prices may be back at $90-100 Brent in 12-18 months but not without rig counts plunging.
At 4:15 Pickens starts to discuss Peak Oil... enjoy -
CNBC: "Peak Oil didn't happen" ..
Pickens: "that's all bullshit... I am the expert not you" CNBC: "well you're not much of an expert if you thought Peak Oil happened"
Enjoy some real-life pushback on the narrative... (apologies for audio quality)