Transcript: BP Capital's Boone Pickens

This is a partial transcript from "Your World with Neil Cavuto," September 27, 2005, that was edited for clarity.

NEIL CAVUTO, HOST: Well, the president traveling to Beaumont, Texas, today to get a first-hand look himself at the damage Rita caused oil facilities there. Right now, a quart of all things U.S. oil remain pretty much paralyzed.

So, what will all of this mean for the price at the pump and your heating oil and gas and just your home?

Joining us now, legendary oil investor Boone Pickens. He’s the chairman of BP Capital Management.

Boone, good to you have.


CAVUTO: Where do you see things going?

PICKENS: Oh, there’s plenty of oil around right now. The problem is, we have got some refineries down in the Gulf Coast. And, so, consequently, you’re going to have I believe a shortage of gasoline. So, probably prices will temporarily go up.

CAVUTO: How much?

PICKENS: Natural — I don’t know. I don’t buy the gouging argument. There’s no question that the gasoline is in short supply.

You have some stations that don’t have any gasoline, I’m told, and so, I don’t know where the gasoline price goes. I wouldn’t be surprised if it wouldn’t — you know, you’re seeing, oh, something in the area of $3.00, $3.20. It’s according to what part of the country you are in. It could go up from $3.20. It could go up 50 cents.

CAVUTO: Let me ask you...

PICKENS: You could see $4 gasoline.

CAVUTO: The fear is, Boone, among a lot of folks, that they think that there is gouging going on, that maybe whether it’s on the part of service owners themselves or the people who deliver the stuff to them, that they are being gouged. What makes you rule that out?

PICKENS: Oh, I just don’t — you know, the Exxons of the world and — you know, they’re not gougers. They’re not about to do that. That’s not the way they operate, Chevron, all of them.

I’m not a major oil company advocate, but, at the same time, they don’t do that. And the way to...


CAVUTO: So, this is all supply and demand, to you?

PICKENS: It is, but let me tell you something.

A way to combat it is, cut back on your driving. Put more than one person in the car. I watched an intersection here in Dallas an hour ago, and through a light, I saw 44 cars go through with just one person in the car.

And I can tell you, you can cut down on the price if you will just...

CAVUTO: All right. If you just cool it on the driving.

PICKENS: ... put more people in the cars.

CAVUTO: All right, Boone Pickens, thank you very much.

PICKENS: That’s right.

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