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“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)
Joe Kernan got his ass handed to him, and you can almost hear the wheels squeaking as he backpedals later in the interview (probably after a producer is screaming in his ear that he's gonna get fired if Pickens walks off the set).
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