Dean's Leadership Series: A Conversation with T. Boone Pickens

April 17, 2008 pickens_0065

On Thursday, April 17, legendary Texas oilman T. Boone Pickens joined students, faculty and staff at the McDonough School of Business for an informal discussion about the future of American energy policy. Mr. Pickens is the founder and chairman of BP Capital Management, one of the nation's most successful energy-oriented investment funds with more than $4 billion under management.

McDonough School Dean George Daly moderated the discussion with Mr. Pickens, who he referred to as a "thought-leader" and an entrepreneur in various fields including energy and groundwater distribution.

The conversation centered on what Mr. Pickens calls a "self-inflicted wound" -- a looming energy crisis that politicians are unwilling to discuss. According to Mr. Pickens, Americans spend over $600 billion dollars per year to feed the country's dependence on foreign oil. Meanwhile, global demand for oil continues to rise. At some point demand will far outpace supply and the price of oil will skyrocket.

"There is only 85 million barrels of oil entering the global market each day and I don't think you can increase that 85 million," Pickens told the audience.

The solution, according to Mr. Pickens, is to make significant investments in alternate sources of energy including wind and solar power. Not afraid to lead on this front, he announced that his company plans to invest a large sum of money in alternative energy, including an initial investment of $1.5 billion dollars for new wind energy projects in Texas.

About the Robert Emmett McDonough School of Business

Georgetown University's McDonough School of Business is a premier business school located in the nation's capital. Founded in 1957 to educate undergraduate business students through the integration of liberal arts and professional education, the McDonough School today welcomes approximately 1,300 undergraduates, 620 MBA students, and more than 500 participants in its executive education programs annually. For more information about the McDonough School, visit http://msb.georgetown.edu.

About Georgetown University

Georgetown University is the oldest Catholic and Jesuit university in America, founded in 1789 by Archbishop John Carroll. Georgetown today is a major student-centered, international, research university offering respected undergraduate, graduate and professional programs on its three campuses. For more information about Georgetown University, visit http://www.georgetown.edu.