T. Boone Pickens is endorsing Jeb Bush for president, and announced that he had already given the former Florida governor $100,000 to get started. The 86-year-old oil tycoon will provide additional financial ammunition to the stockpile Bush is already gathering, but he could court controversy from those on the right who decry Pickens as a crony capitalist.
At a conference of hedge fund managers and investors in Las Vegas, Pickens told reporters he thought Democratic presidential candidate Hillary Clinton was a “loser,” and reportedly said that Bush’s top priority should be focusing on the Middle East. Pickens added that he expected Bush would ensure the construction of the Keystone XL pipeline.
Pickens’ support may comfort other donors questioning whether to bet the house on Bush, but it could also spark controversy on the right because of Pickens’ own ideas about how to make America energy independent. The Pickens Plan, which has been endorsed by Hillary Clinton’s campaign chairman John Podesta and applauded by President Obama, seeks to replace oil with natural gas as fuel for 18-wheelers and build new wind turbine farms for energy generation. Pickens also supported subsidies for the national gas industry, in the amount of approximately $5 billion, that was being pushed in the Senate by then-Majority Leader Harry Reid (D-Nev.).
Some on the right have criticized Pickens’ efforts as a crony capitalist’s attempt to overhaul America’s transportation system. “In the case of oil socialism, those looking for a place at the planners’ feeding trough include Oklahoma oil billionaire T. Boone Pickens,” wrote National Review’s Kevin Williamson, author of The Politically Incorrect Guide to Socialism.
Bush has already suffered under criticism about the inner circle he’s cultivating. He chose to distance himself from former Secretary of State James Baker, a foreign policy adviser, after Baker criticized Israeli Prime Minister Benjamin Netanyahu. Bush publicly expressed his disagreement with Baker’s statements and reiterated his support for Israel.
In the summer of 2012, Pickens said he planned to support whichever candidate would develop an energy plan for America and said, “I think Romney will show up with the plan.” But Pickens’ full and public endorsement of Mitt Romney did not come until just two days before Election Day. By comparison, Pickens’ public support for Bush comes before the former governor has even formally launched a campaign.
Pickens’ early support could signal his intent to focus more on his relationship with leading Republicans as the GOP has taken over both chambers of Congress.
