T. Boone Pickens is the founder of Mesa Petroleum, one of the United States largest and most well known independent exploration and production companies of oil and natural gas. He is also the founder and chairman of BP Capital Management, one of the nations most successful energy-oriented investment funds. With his wealth of knowledge regarding the oil industry it is interesting that his latest project doesn’t involve oil at all- but wind power and natural gas.
According to Pickens the world’s oil production peaked in 2005. Oil is getting harder to find, more expensive to produce and there just isn’t enough of it to keep up with demand.
Currently the United States spends 700 billion a year to import foreign oil. (That’s four times the cost of the Iraq war.) Over the next ten years it is projected that the cost will be $10 trillion, the greatest transfer of wealth in the history of mankind.
Pickens plan of refocusing our energy needs onto wind power and natural gas will alleviate the outsourcing and put money back into our own economy. It will also be “clean” energy. According to the California Energy Commission, greenhouse gas emissions from natural gas are 30% lower than gasoline. It is the cleanest transportation fuel available today. Autos that run on natural gas are already available, and it is significantly cheaper than gasoline. In Utah and Oklahoma prices are less than $1 per gallon. Pickens calls the United States the ‘Saudi Arabia of wind power”. Studies from around the world show the Great Plains to have the greatest wind energy potential in the world- by far. A 2005 Stanford University study found that there is enough wind power worldwide to satisfy global demand 7 times over- even if only 20% of wind power could be captured.
To learn more about Pickens plan click on: pickensplan
This businessman and visionary may be on to something!