T. Boone Pickens, the legendary Texas oilman who founded Mesa Petroleum in 1956 and now serves as the Chair of BP Capital Management, praised ethanol in a recent interview with CNBC.
Pickens, who was ardently anti-ethanol in the past, said on "Squawk Box" this week: "I was a hard guy on ethanol. I didn't jump for that at first, but I'd rather have ethanol, and recirculate the money in the country, than to have it go out the back door on us."
Pickens noted one of the key benefits of ethanol – the economic development it promotes, particularly in Midwestern states like Wisconsin, and the fact that it keeps American dollars in the United States, rather than shipping them overseas in exchange for foreign oil.
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