Pickens goes to social networking to promote alternative energy plan
T. Boone Pickens, the legendary billionaire oil tycoon, has developed a rather definitive plan for the United States to become less dependent on foreign oil through alternative energy. Just today Pickens launched the website PickensPlan.com where you find out all the details of his comprehensive energy plan.What does he see as the principle problem that we face right now? The fact that the United States has become infinitely more dependent on foreign oil. In 1970 we imported 24% of our oil. Today we import 70% and that number is still growing.
What is T. Boone Pickens plan anyway? Pickens believes that the United States should make a huge investment in wind power. He says "the United States is the Saudi Arabia of wind power." The main idea of Pickens plan is that we need to utilize wind power as a major source of U.S. electric power generation. He believes that we can provide electricity to more than 20% of America's homes using wind power within 10 years. The second major step of his plan involves the fact that natural gas is what he calls the "cleanest transportation fuel available today." Pickens believes natural gas, because of its affordability and cleanliness, should be used as a major source of transportation fuel. Natural gas for transportation costs less than $1 now, and 98% of the natural gas used in the United States is from North America. Basically, Pickens believe that through wind electricity and natural gas transportation fuel we can dramatically reduce our need for foreign oil and thus drive down the price of oil.
Pickens is clearly putting on a full court press to push this new energy plan of his. This morning he was a guest on Squawk Box on CNBC to announce the plan. He also had a major articleon his plan today in USA Today. It's not just normal media that Pickens is using though. He has opened a fan club on Facebook and started his own channel on youtube. Pickens is doing this to try to reach younger people and those who he normally couldn't reach.
I think some parts of the plan are a little simplistic. I believe if natural gas is used in a wider way for transportation it will likely cause natural gas prices to soar. Having said this, I believe that Pickens Plan is certainly a step in the right direction. He makes some good clear points about how to ween ourselves off foreign oil, which is clearly what needs to be done. Kudos to Boone Pickens for putting forth a detailed plan!
