Pickens vs. Geithner on Energy Policy

"You want to get those people back to work, and you don't do it by raising taxes," Pickens said.

Pickens also said that the climate change forum must recognize the distinction between crude oil and natural gas. "Natural gas is 80 percent cleaner than diesel fuel, and diesel is foreign oil," Pickens said. "What do you want to do, subsidize OPEC?"

Pickens also delivered the latest statistics of the "Pickens Monthly Oil Report" during the interview. The U.S. imported 62% of the oil it consumed during the month of February. The imported oil amounted to $13 billion in cash that the U.S. sent to its foreign oil suppliers, Pickens said.

For companies with skin in the energy game, the stakes of the Geithner/Pickens fight are high.

T. Boone Pickens

If Geithner succeeds in stripping tax subsidies from the hands of domestic drillers, companies like Exxon Mobil(XOM Quote), Chevron(CVX Quote) and ConocoPhillips(COP Quote) will have fewer incentives to drill in the U.S. and will likely move more of their operations overseas.

However, companies like First Solar(FSLR Quote) and SunPower(SPWRA Quote) would likely benefit from increased spending for renewable energy sources.

If Pickens proves victorious, oil and gas drillers will likely continue to operate in places like the Gulf of Mexico's outer continental shelf. Given that Pickens is also working to build the world's largest wind energy farm, renewable-energy stocks would probably do well under Pickens' energy scenario too.

Pickens introduced the "Pickens Plan" to reform U.S. energy policy last summer when crude oil prices were still well over $100 a barrel. A key component of his plan involves converting America's automobile fleet to be powered by natural gas instead of crude oil-based gasoline.

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