06/11/2013 02:47 pm ET Updated Dec 06, 2017

The Chinese Are Getting Iraqi Oil, and We're Paying for It

I don't like saying, "I told you so."

But the United States spent $2.2 trillion and tragically lost more than 3,000 men and women fighting in Iraq, and now the Chinese are getting over half the Iraqi oil.

On numerous trips to Washington, D.C., I said that would happen, and now it has.

Every day, 17 million barrels of oil come out of the Straits of Hormuz. We get about 10 percent of that, but the Chinese get significantly more. And in the process, the United States is spending billions of dollars per year to protect the OPEC cartel's oil. Why?

If we had an energy plan, we wouldn't need to do this. Watch my latest BooneCam for more of my thoughts on this issue, and then send me a Tweet at @BoonePickens with your thoughts.