Trend: In the U.S., oil imports amounted to 24% in 1970, 42% in 1991, and 70% in 2008.
T. Boone Pickens' revealed his Energy Plan on CNBC.com on July 8, 2008. Excerpts below.
Use the right energy for the right use. That concept lies at the core of a U.S. domestic energy plan unveiled Tuesday by legendary oilman T. Boone Pickens.
The United States uses close to $700 billion in foreign energy supplies, primarily oil, Pickens pointed out on CNBC's "Squawk Box." It will be impossible for one energy source to totally replace that supply, he noted.
But developing wind and solar power could lower the use of natural gas in some instances, he said. The some of that natural gas could be redirected to uses normally reserved for oil, like transportation. That, in turn, could lead to a 38 percent reduction in the use of foreign energy supplies, he concluded.
And that reduction would be accomplished with energy that doesn't run out, he pointed out.
"It's not like finding an oil field," Pickens said. "You find an oil field, and it's not long before it starts to decline, and then deplete. Then, the oil field's gone. The wind doesn't stop."
Pickens himself pointed out that he would stand to benefit from such a domestic policy. He is a major investor in wind power projects and natural gas projects. He is in the midst of building a wind power farm capable of generating 1,000 megawatts of power — the first tranche of a $10 billion, 4,000 megawatts plan — and new transmission lines to bring this wind power to energy-hungry Texas cities.
"I expect to make money in whatever I put my money in, but...it's secondary to what I'm trying to accomplish here," Pickens explained. "... Back in, it was 1970, we were importing 24 percent (of our energy needs). By 1991 -- the Gulf war -- we were importing 42 percent, and now we're importing almost 70 percent. We are very close to a disaster for the country."
There is a Public Forum for discussions on Pickens Plan : www.pickensenergyplan.com
See you there !
Posted by: scotty | July 12, 2008 at 01:05 AM