Local Gasoline price in St. Louis (9/16/08)

As what is customary in the public/crisis relations business, news you want to keep low key is provided to the press on a late Friday afternoon - usually after 2pm. This is about when we learned that former Oklahoma Corporation Commissioner Denise Bode was trading the chief con meister job at the Clean Skies Foundation for a similar position with the American Wind Energy Association. No doubt a tool of wind entrepreneur T. Boone Pickens.   Read more: (WSJ: Pickens’s Investors Ask for Exit)

With the fall of natural gas prices; Aubrey McClendon’s Chesapeake Energy holdings liquidated due to margin calls; and with cutbacks in “non essential expenditures,” the handwriting was plainly on the wall that the CSF gig for Bode was just about up. We got to hand it to these people, they are nothing but tenacious. T. Boone was on NBC’s Meet the Press yesterday still pitching his “plan,” even with gasoline at prices we haven’t seen in over a year!

It’s official: the energy meltdown has exceeded the abilities of the rather mediocre abilities of the governor and legislature.

Who called BS on the Pickens/Chesapeake con jobs? The Oklahoma Political News Service!

From the Wall Street Journal:

“I’ll get it back.”

By Gregory Zuckerman

About half of the investors in T. Boone Pickens’s energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60% this year, according to people close to the matter. Mr. Pickens and his investment firm have lost $2 billion since peaking in late June, Mr. Pickens said Sunday on the CBS program “60 Minutes.”

His fund, BP Capital, will have about between $400 million and $500 million after expected withdrawals. It started the year with about $2 billion. A few weeks ago, Mr. Pickens moved the fund almost entirely into cash to help ride out the volatility in the energy patch, according to people close to the matter.

Mr. Pickens is expected to personally hold about 20% of the fund after the withdrawals, or about $100 million, after he does some selling along with his investors. He has lost an estimated $400 million or so in his funds this year.

The hedge fund has been hurt by the recent plunge in energy prices and tumbles in energy stocks. Mr. Pickens wouldn’t comment. Read more…

Related:

OKPNS: When Con Artists Go Bad (10/01/08)

OKPNS: “Sold Out Tour” Start This Week (9/2/08)

OKPNS: UPDATE: We Told You So, Again and Again (8/13/08)

OKPNS: If CNG is the Answer, It Must be a Really Stupid Question! (8/12/08)

OKPNS: Dumb and Dumber Part 2 (9/6/07)

I’ve got a friend in the broadcast business that says the funniest thing in the world is a sports reporter attempting to cover a story outside of the jock world. He says it’s always an absolute riot, especially when the sports reporter inadvertently strays into the world of politics.

Well that’s what happened yesterday, in this obsequious piece in the city paper. The Oklahoman sports reporter Barry Tramal, who apparently is using the story as an audition letter for T. Boondoggle Pickens ailing hedge fund, inadvertently discovers a truth!

In this story, Pickens, who as part of his propeller farm con artistry has previously disarmed the fawning Oklahoma media by protesting that he just doesn’t care about money anymore since he has (had) so much of it:

“The Texas geologist made his fortune in the oil business. But he says he is now 80-years-old, has enough money and wants to do something for his country.” Read more…

Now T. Boone declares that he actually DOES care about money!!

“[Pickens] told OSU athletic director Mike Holder, “Now I’m getting my money’s worth.”

It’s only been a few weeks since the piers beneath Pickens phony baloney scam began to unravel: except for the Oklahoma syncophants and Kool-Aid-drinking reporters, it became clear Pickens Flim-Flam scam was more about his tanking hedge fund and less about doing it for “the children.” Even the pot-smoking hippy greenies are finally getting wise. Let’s face it: the alternative energy scam lobby is on life support.

Well, this scoop of galactic proportions has gone over the head of Tramal and his editors, but we at OKPNS caught it. So let the word go forth: T. Boonedoggle has changed his mind: he likes money, he REALLY likes it!

Related:

WSJ: Winds Shift for Renewable Energy As Oil Price Sinks, Money Gets Tight

Instead of doing videos pitching T. Boondogle Picken’s wind energy plan, maybe Oklahoma State University President Burns Hargis should be focusing more of his attention on making sure OSU ad materials have the correct spelling!

We’ve told you about the energy con artists and their Kool-Aid drinking enablers.  We all know who the con artists are, and the thinking ones among us know it’s a scam, but the body count of those claimed by the energy con artist gang just keeps spreading.  Note the latest victims to be publicly linked with the scam.

One sure sign of a con artist organization, or their victims, is the refusal to talk to the press.  Here’s the latest Joe Isuzu update from the Gazette.

Related:

Burns Hargis Discusses Boone Pickens Energy Plan

Hat tip: OkStateNews

  From A to Z Energy ETF blog:Despite recent optimistic news on new shale gas reserves, the totality of North American natural gas production remains on a treadmill, as the grim EROI reaper has relentlessly raised the marginal cost of producing- to currently above the price of natural gas futures. While shutting in production is not easy to do once wells are drilled, low prices with rising cost structures can put the crimp on future expansion. Chesapeake (CHK), the largest US natural gas producer and operator of land rigs, announced last evening they will be curtailing production, cutting their rig count and reducing capital expenditures. Read more…

Quote of the Day: “Well Now, This Makes For an Interesting Game of Connect the Dots”

OK Legislators’ Blog: Dorman Calls Energy Forum an Educational Success

cro·ny cap·i·tal·ism (noun)

A pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businessmen and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.

Source: Wikipedia

T. Boone Pickens’s letter of Sept. 2 says: “I believe that with private investment and proven technology, we can generate 20% of our electricity from wind within 10 years.” No one is stopping him from achieving his goal. He should proceed with his plan. He should buy or lease property, install wind turbines, build transmission lines and sell as much electricity as he can. I just don’t want him asking for government subsidies or tax breaks along the way. If he can deliver electricity from wind power more economically than coal, natural gas or nuclear power, he will be rewarded. I don’t want the government spending money subsidizing an industry which cannot sustain itself.

Nor do I want the government creating artificial demand for natural gas by mandating it be used for transportation. The price of natural gas has risen dramatically in recent years and we don’t need to artificially increase the demand for it by using it to fuel cars.

We’ve already seen how government interference in energy markets with ethanol mandates and ethanol subsidies has driven up the price of corn and other food crops.

In response to Mr. Pickens’s request for a plan, here is my plan. Let the market decide, and don’t allow special interests and the government to interfere. When electricity from wind is more economical than other sources, wind will win. Until then, I’d like to keep my electricity, fuel costs and taxes as low as possible.

Dan Agan
Houston

 

Mr. Pickens’s energy plan is incomplete without mention of California’s Altamont Pass Wind Farm. During its long lifetime it has killed some 100 eagles and about 1,000 other birds a year. It has been in violation of the Endangered Species Act but seems to enjoy freedom from enforcement. We are a nation of law. Mr. Pickens must address this issue in order to have a plan with meaning.

Frank Cotter
Ponte Vedra Beach, Fla.

There has been quite a bit of discussion around the State Capitol the past couple of months in regards to energy policy. Back in August, I unveiled a bill to incentivize local gas stations to put in fueling ports for CNG and other alternative fuels. Following that release, Speaker Benge held a press conference to discuss this and other policies, such as creating classes in the career tech system to teach students how to build and repair equipment for these ports and also for continued work on wind energy turbines. T. Boone Pickens has also unveiled a plan called “The Pickens Plan” that hopes to break our addiction to foreign oil and develop local alternatives.

I’m hoping this discussion will continue, along with ways to bring down the current gas prices. In order to help this along, I’m holding an energy forum at the State Capitol on Friday, September 19th to discuss the upcoming bills and possible solutions that other states have pursued. I have invited several experts in the various energy and tax fields to present to the legislators in attendance and also those in the public that wish to attend. The meeting will begin at 9:00 A.M. in the State Senate Chamber and if you could, please RSVP to my office to let them know so we can prepare enough seating. Read more…

We told you to watch for a sellout: the sale starts now!

House Speaker Chris Benge is starting his “Sold Out” tour this week. The Speaker has bought into the CNG con being perpetuated by some rich Oklahoma and Texas con artists, and somewhere Al Gore is laughing his fat behind off at yet another Republican seduced by Ponzi-scheme solutions for Gore’s contrived global warming fantasy.

And what will the con artists get? The politicians who have sold out won’t want you to know, but here it is: a built-in market for their natural gas and, dare we say, monstrous amounts of tax credits. We also suspect legislation to require the entire state fleet of vehicles to run CNG, and you can bet the taxpayers, not the con artists, will be footing the bill.

It’s just the latest con job (remember ethanol?) foisted on the public by opportunists seeking to exploit America’s anger toward the energy situation. Do you remember natural gas promoters spending millions last year to stop a coal-fired electricity plant? Do you recall the results? higher prices for Oklahoma electricity consumers! If going green is so great, why does it feel like a prostate examination?

Remember the famous words: those who do not remember the past are doomed to repeat it. Apparently Mr. Benge slept through that part of history class.

So here’s a primer: when demand goes up, prices go up, and when demand drops, price drops! And we know what’s going to happen to supply if millions upon millions of Americans spend billions upon billions of dollars on retrofitting their cars and start burning CNG: lower supplies and higher prices. To put it another way, Mr. Speaker, after you spend thousands and thousands converting your vehicle to CNG, and millions of Americans start using CNG, the price will go up. Oh, and by the way, if millions stop using gasoline, the price of gasoline will go down.

Here’s our new slogan: CNG, it isn’t a bargain for long!

Remember the words of PT Barnum: there’s sucker born every minute. By the way, we thought you would enjoy a look back at some of history’s most famous con artists in light of today’s “Sold Out Tour.” It will help remind you that really foolish people are often taken advantage by con artists. It kind of puts things in perspective, doesn’t it.

Related:

The Oklahoman: Oklahoma House speaker touts natural gas as part of Oklahoma’s energy strategy

AP: Okla. House speaker proposes doubling CNG stations

T. Boone Pickens talks about energy on the Talk Radio News Radio Row at the DNC Convention.

Related:

Daily Kos: T. Boone Pickens’ Fancy Sales Pitch

“Devilstower and I just went to a talk here at the DNC featuring T. Boone Pickens. Everyone was under the impression that the event would involve an actual discussion (as in, a Q & A session, like nearly all of the other Big Tent special topic sessions). We had a really energetic live blog thread going, where all of you were submitting questions.

Sorry, guys. Apparently, the whole thing was just a sales pitch. T. Boone hightailed it out of there before anyone could even raise their hand.”

We’ve been documenting the beanie propellers and compressed natural gas snake oil job that T. Boone Pickens has been peddling to the American people.

In Oklahoma and Texas, he’s bought influence by giving away money he’d otherwise have to pay in taxes, thus rendering many legislative and business leaders, and of course the MSM, deaf, dumb and blind.

Other parts of the country are not so intoxicated from freshly printed money/feedlot smell that emanates from the confidence job being sold by the former greenmail pirate gone “philanthropist.”

So it seems there are two types of people who are buying Picken’s folly: those he buys and those who are idiots. Some, it seems, wouldn’t know a renewable resource from an oil field sludge pit. Read about one of those poor ignorant souls here.

All we have to say is, “Pray for America.” With the clueless leadership we’ve had, we’re going to need a lot of Divine intervention to survive.

Related:

Republican.Senate.Gov: Dems Pick Pickens To Headline Energy Summit Despite His Opposition To Their Energy Plans

Video: T. Boone Pickens: “I Say Drill, Drill, Drill”

OKPNS: Hot Air About Wind Power