Even T. Boone Pickens prefers alternative energy to more drilling

[question everything]

CNN.com


Oil billionaire Pickens puts his money on wind power


(CNN) -- Billionaire oilman T. Boone Pickens is putting his clout behind renewable energy sources like wind power. The legendary entrepreneur and philanthropist on Tuesday unveiled a new energy plan he says will decrease the United States' dependency on foreign oil by more than one-third and help shift American energy production toward renewable natural resources.

"The Pickens Plan" calls for investing in domestic renewable resources such as wind, and switching from oil to natural gas as a transportation fuel. In a news conference outlining his proposal, Pickens said his impetus for the plan is the country's dangerous reliance on foreign oil.

(snip)

Pickens' company, Mesa Power, recently announced a $2 billion investment as the first step in a multibillion-dollar plan to build the world's largest wind farm in Pampa, Texas. Pickens said Tuesday that if the United States takes advantage of the so-called "wind corridor," stretching from the Canadian border to West Texas, energy from wind turbines built there could supply 20 percent or more of the nation's power. He suggested the project could be funded by private investors.

Power from thousands of wind turbines that would line the corridor could be distributed throughout the country via electric power transmission lines and could fuel power plants in large population hubs, the oil baron said. Fueling these plants with wind power would then free up the natural gas historically used to power them, and would mean that natural gas could replace foreign oil as fuel for motor vehicles, he said. Using natural gas for transportation needs could replace one-third of the United States' imported oil and would save more than $230 billion a year, Pickens said.

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Find this article at:
http://www.cnn.com/2008/TECH/science/07/08/pickens.plan/index.html

[aspergris]

1. Yes, but...

Pickens suggests that this can be handled by private investment.

Nobody I know on either side of the spectrum is against PRIVATE INDUSTRY investing as much as they want. The differences in opinion come down to what is to be the extent of government's role - how much should govt. spend, what incentives/disincentives etc.

So, T Boone isn't really saying anything controversial here.

I trade a fair amount of oil futures, and T Boone knows hit shite. Not as much as Jimmy Rodgers imo, but still a good guy

[question everything]

2. He was interveiwed on CNN and his main reason is that we are sending

too much money to other countries to purchase oil.

At least he does not want us to drill for more oil offshore - the way McCain and Bush suggested.

At least he realizes that relying on oil as the sole source of energy is not the way to go and, at least he puts his own money where his mouth is.

[aspergris]

4. Again, I agree

Personally, I bet on alternative energy as well. I do that through my stock picks (some alternative energy plays)

But again, that's different from the issue of - how much should govt. spend on alternative energy research, etc.?

That's my only point. What he is saying is exceptionally non-controversial, even in the oil industry.

[TreasonousBastard]

3. Controversial, or at least earthshaking, is what...

Pickens said on an NPR interview this morning:

Saudis' production is maxed out and they can't increase it as they occasionally promise. They have 10 times the rigs thay had a few years ago, but production isn't up much.

Demand is about 2-3 million bbl a day more than present supply

It ain't gonna get any better.

He essentially admitted we're at Peak Oil without actually using the term, and said his last act at the age of 80 was to head off on the next direction for energy.

[aspergris]

5. Hedge fund manager

Also, T Boone is a hedge fund manager.

Consider that much of what he pumps helps support his stock positions.

Call me cynical, but I PERSONALLY know 2 people who trade for hedge funds.

It's par for the course to publically support the themes you are investing in. In and of itself perfectly legal.

[question everything]

6. I will be the last one to claim that Pickens is the best thing that ever happened

to our country.

But after both McCain and Florida wannabe VP Crist changed their mined about offshore drilling, this could be quite embarrassing. And, yes, he is a long time Republican (like most oil men).

[DesertRat]

7. He funded the Swiftboat attacks against Kerry

He can go to hell.

[question everything]

8. Even better if we can use him to embarrass McCain

Hey, we can play the nasty game, too.

[erpowers]

9. Voting For McCain

Before everybody starts thinking that T. Boone Pickens is a completely changed man they need to realize that Pickens is planning on voting for McCain. On the CBS Evening News Boone admitted that he would vote for McCain.