Oilman: U.S. Must Find Alternative Fuel Sources

Texas oilman T. Boone Pickens told Little Rock business leaders Monday that the world has reached peak oil production and the United States, in particular, needs to find alternative sources of fuel.

Pickens said the United States uses 20 percent of the oil in the world, but has less than 5 percent of the oil supply. He said the world's supply of oil is diminishing quickly and could likely run out in the next 30 to 40 years if people don't make adjustments in their oil consumption.

Pickens said natural gas, biodiesel and ethanol are all viable options but they won't have a significant impact on U.S. needs for about five more years.

Pickens answered questions about the future of the oil industry from former Alltel chief executive Joe Ford in front of a crowd of about 800 at the Little Rock Chamber of Commerce's annual meeting.