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Pickens: Koch Industries 'Biggest Deterrent' to Broad U.S. Energy Plan

Investor guru and natural gas proponent T. Boone Pickens Wednesday blamed President Obama, Congress and Koch Industries for the lack of a comprehensive energy policy in the United States, although not necessarily in that order.

"The biggest deterrent to an energy plan in America is [Wichita, KS-based] Koch Industries," Pickens, the founder and CEO of BP Capital, said in an interview with Yahoo's The Daily Ticker. "They do not want an energy plan for America because they have the cheapest natural gas prices they've ever had. They're in the fertilizer business and they're in the chemical business, and natural gas is feedstock for that.

"So their margins are huge and they do not want you to have an energy plan because if you [have] an energy plan then natural gas prices would come up," said the 83-year-old Pickens. Koch had not responded to Pickens' accusation by NGI's deadline Wednesday.

Pickens spread the blame for a lack of energy policy around in Washington, DC. "It isn't a failure of the Democrats. It's not a failure of Republicans. It's a bipartisan failure over the years. Neither [party] can step up...[and] provide the leadership to have an energy plan. They get up to it, [and then say] 'Oh well, hell, let's not do it.' They back off."

As for the president, his record on energy has been no better, according to Pickens. When asked to rate Obama's performance on energy, Pickens quipped, "he hasn't done anything. There hasn't been anything happen on energy" since he took office.

Failure to approve the construction of the proposed Alberta-to-U.S. Keystone XL oil pipeline could go down as one of the administration's biggest mistakes, he believes. "If we go down not having [the] Keystone pipeline and the Canadians get tired of waiting and take that to the West Coast [and to Asia Pacific markets], I mean there are going to be some people who are going to want to cut their throats for that stupid move.

"We need to shake hands with the Canadians and [be] glad that we have their resource available to us and do business with them. That's the way that should work. I think it will [eventually get built]," he said.

Reacting to all of the controversy surrounding the pipeline project, Obama in November postponed the deadline for making a final decision on Keystone until 2013.

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