This is a rush transcript from "Your World With Neil Cavuto," September 3, 2008. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: You know, Sarah Palin has had a very long kind of a love-hate relationship with oil companies. They love to hate her, but they sure as heck hate to lose her. Here's why. Because, while she squeezes them for every buck in Alaska, she pushes very hard for their right to drill and made a lot of bucks in Alaska, which I guess is why someone like Boone Pickens would be impressed with that.

The legendary oil man, now wind man, very rich man joins me right now.

Boone, good to always have you. Thank you.

T. BOONE PICKENS, FOUNDER & CHAIRMAN, BP CAPITAL: Thank you.

Video: Watch Neil's interview with oil tycoon T. Boone Pickens

CAVUTO: What do you think of the ticket?

PICKENS: The ticket?

CAVUTO: Yes.

PICKENS: I was surprised at — at the senator picking the governor. But I don't know. I — I kind of like her style.

CAVUTO: Yes.

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PICKENS: she — it looks to me like she does not back up from anybody.

CAVUTO: Right, even oil companies. She has, like, a little tension convention going with them, right?

PICKENS: Oh, I think so. I think so.

But who is it that hired her? Alaska. And she works for Alaska, is what it is, I mean. And the oil companies are wanting acreage. They're wanting to drill in Alaska. That's fine with her. But she's going to...

(CROSSTALK)

CAVUTO: She wants her pound of flesh for that, right?

PICKENS: That's right. She's going to wring every dime out of...

(CROSSTALK)

CAVUTO: Good businesswoman.

PICKENS: But that is who hired her, was the — the Alaskan people.

CAVUTO: And she's got an 80 percent approval rating, not too shabby.

I want to update a couple of news items since you were last year. NBC was not running your — your latest ad campaign. You appeared with us. You talked to us about it. Soon afterwards, boom, something happened.

PICKENS: Two hours.

CAVUTO: Wow. What happened?

(LAUGHTER)

PICKENS: Pretty quick.

Well, I talked to you. And it — I think they rethought it, and said, go ahead and run the ad.

(CROSSTALK)

CAVUTO: So, now it is running?

PICKENS: Yes. It's the one on Iran, where...

CAVUTO: Right.

PICKENS: ... I said, you know, get this. The Iranians are switching all their vehicles over to natural gas, and we're not doing anything about it. And that is what did — that's one — it is a 15-second ad.

CAVUTO: Right. How did they explain again why they would not run it?

PICKENS: Said they did not have time to look at it. So...

CAVUTO: Really? And then they looked at it, and then they did run it?

PICKENS: Mm-hmm.

CAVUTO: You are being very quiet about it. You're not buying any of it. Well, they are running it, so you don't — you don't — you're happy now.

PICKENS: Sure. That's right. That is right.

(LAUGHTER)

PICKENS: We got what we wanted. It just took a few minutes.

CAVUTO: All right.

Now, you have got a ticket here that is open to drilling, but it's interesting, Boone, because the top of the ticket is not open to drilling in ANWR, whereas Governor Palin is open to it in ANWR.

You say drill, but look at everything else, too. Update me on Boone Pickens' view.

PICKENS: OK.

OK, my plan, the Pickens plan, is that we want everything American. I want to do everything American, nuclear, drill, drill, drill, whatever. Natural gas for — for transportation fuel is a must in my deal. That's step two. Step one is wind, solar and all. I want everything that we can with our resources in America and get rid of foreign oil. OK?

Now, I think that Governor Palin is going to talk Senator McCain — you know where I'm coming from — into ANWR, because if you're going to open up the West, the OCS, you're going to open up Florida, and you're going to open up the East Coast, OCS, and I think that is what I heard Senator...

(CROSSTALK)

CAVUTO: And you think she will convince him?

PICKENS: Yes. I think that she will see the merit.

She knows the merit. I think he will see the merit when she explains if to him. If we're going to do all, let's get Alaska, ANWR, too.

CAVUTO: This ticket is down eight points in the latest polls, very early, I know. What do you think?

PICKENS: Down eight points, if that is what you told me.

I told you I am out of this race. I'm not doing...

CAVUTO: But you are a lifelong Republican.

PICKENS: Yes, I am, but I — listen, I am totally nonpartisan. And I have made some of my Republican friends mad.

CAVUTO: Are you more partisan to the Republican or the Democrat?

PICKENS: No, I am not partisan.

CAVUTO: See, in the past, you would have just said: Oh, I am Republican. I love John McCain.

PICKENS: No, we're...

(CROSSTALK)

CAVUTO: See, now you are, like, being very coy. You're hedging your bets.

PICKENS: No, I'm all out. But you know how quick a week passes.

CAVUTO: Right.

PICKENS: A week ago, we were in Denver.

CAVUTO: Right. Yes, I know that.

PICKENS: See, but I think...

CAVUTO: You are in a boat with Barack Obama and John McCain. One falls over. Who do you rescue?

PICKENS: Well, one falls over, who do I rescue? One of them is still in the boat.

(LAUGHTER)

CAVUTO: It was stupidly worded, wasn't it?

All right. Well, I'm going to get this out of you, because you're being so coy here.

(CROSSTALK)

PICKENS: No, let's get off this...

(CROSSTALK)

CAVUTO: You have a few billion dollars, and all the sudden, you think you're going to outsmart the anchor. You're never going to tell me. All right. All right.

(CROSSTALK)

PICKENS: No. Let's talk energy.

CAVUTO: Well, we are done talking now, because you offended me.

(CROSSTALK)

PICKENS: No, I'm not going to leave.

CAVUTO: All right.

(LAUGHTER)

CAVUTO: All right.

Are we running his ads...

(CROSSTALK)

PICKENS: You are going to be the one that fell out of the boat, not me.

(LAUGHTER)

CAVUTO: I will.

(LAUGHTER)

CAVUTO: All right.

Boone Pickens, thank you very, very much.

PICKENS: OK.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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