This is a rush transcript from "Hannity," April 1, 2009. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: And tonight in "Your America" Americans are not happy with the skyrocketing tax rates. Now just yesterday, 500 people stormed the Iowa House as Democrats there unveiled a plan to raise taxes and the country's widespread unhappiness also explains why tea parties are being held across the country.

By the way, on that note, don't forget, on tax day, April 15th, Tim Geithner Day, this show will air from the "Tax Day Tea Party" in Atlanta, Georgia, and we'll also be checking in with other tea parties all across the country.

And joining me to discuss this domestic revolt is one of the country's most successful entrepreneurs and oil tycoon T. Boone Pickens.

T. Boone, how are you?

Video: Watch Sean's interview


HANNITY: Well, is the European Union president correct that Obama, on economic issues, is leading the U.S. to hell? Do you agree with that as a businessman?

PICKENS: You know, I'm so focused on the energy component of all this, and today was the biggest day I have ever had in Washington. We kicked off the virtual march, had thousands of e-mails and faxes in to here. We have over 4.5 million people signed up with us. It was a great day. And so.

HANNITY: Well, let's.

PICKENS: And that's good.

HANNITY: I agree with a lot of your ideas. I think we've got to do all of the above, drill. I think nuclear power, I don't care. Your wind power ideas is good to me, solar panels, all of this, but we've got to move to energy independence.

The price of a barrel of oil is what? Up to $54 a barrel. It's headed back up to $140 if we're not careful. Americans, I don't think they're going to pay attention again until gas is $4 a gallon. Isn't that the way we usually.



PICKENS: No, no. They are paying attention because they know — for instance, last month that we imported 386 million barrels of oil which is 65 percent of all the oil we used last month. And it cost us $18 billion. So that's $18 billion that's out the door and gone.

So no, the American people understand that even if the price of gasoline comes down, you still are importing at a very, very high level.

HANNITY: All right. You are one of the most successful business people in the United States of America. You've got a keen business mind. When you look at the amount of spending, TARP, omnibus, the $4 trillion Obama budget plan that is now being debated, when you look at the Congressional Budget Office projections, $1 trillion of debt a year, $806 billion in interest by the year 2019, I'm asking you as a businessman, are these numbers sustainable, and what happens to the United States of America fiscally if all of this is implemented?

PICKENS: You know, if I tried to answer that question for you, Sean, I really have not spent time focused on it and I'm not trying to shift to energy, but seriously, energy is the most important issue, to me, much, much over what is going on.

HANNITY: You don't have a problem with that kind of deficit spending? You don't have a problem when the United States government, T. Boone, is going to step in and fire CEOs, that the United States government is going to dictate salaries of people, that the United States government wants to have the right to seize companies, whether or not they have received bailout money or not? None of this bothers you?

PICKENS: Sure, everything bothers me, and I don't like to tax and I don't like to have deficit spending, but let me take you to this year. We'll import $500 billion worth of foreign oil. And you extend that out for 10 years and put some kind of increased component.

If you go to your number of $140 a barrel, at the end of 10 years, we will have purchased over $10 trillion worth of oil. If that's the case, we can't pay for anything else.

HANNITY: Well, if we — if that's the case, you're right, we can't pay for anything else. But if we spend this much money, T. Boone, you know what? You do the math. The math — it doesn't add up. Socialism doesn't work. Have you ever seen a socialist economy that you would like to duplicate?

PICKENS: No, I haven't, never.

HANNITY: All right. Is Obama moving America towards socialism?

PICKENS: I'm not going to say he is because I don't feel comfortable with the subject, because I'm so focused on the oil issue. All right? I see a security problem for America. And I want to get it fixed. And American people want to get it fixed.

HANNITY: I'm with you.

PICKENS: We want to get off the dependency of foreign oil.

HANNITY: Drill, nuclear, wind, solar. I support it all. New technology, expanding coal mining, build refineries. I'm with you. I want to do all the above. And I think if we do that, it will help us economically, and if we'd lower taxes, it will help us economically, and if we get government to stop spending this way, it will help us economically.

So, T. Boone, appreciate you being with us.

PICKENS: No question.

HANNITY: All right, my friend.

PICKENS: No question.

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