Get the Wind of T Boone Pickens on Energy
By Azam on July 14, 2008
T Boone Pickens made his money through oil & gas and is a frequent sought out mind on the direction of the price of fuel and related natural resources. Pickens has been warming up to cleantech to reduce the United States dependence on importing oil on energy needs. When you get a former wildcatter, oilman espousing alternative energy, you know something is going on in the market. BP Capital is T Boone Pickens investment vehicle for investing in energy and highly successful hedge fund. T Boone Pickens is making serious investment in the field of Wind Energy with a large scale project in Pampa, Texas to provide 4,000 MW making it the largest wind farm project. Mr. Pickens is launching an awareness campaign PickensPlan to focus on energy policy to steer the nation in the right direction on energy.
Pickens is spending money on media to get the word out to the tune of 58M to raise awareness of the energy problem and plan to fix the energy issue. The sum may seem small compared to the estimated 12B Pickens Mesa Energy is going to invest in alternative energy. Pickens estimates 1.2T need to be invested to wean of demand for oil and take advantage of natural gas and wind. The US is fortunate to have good wind patterns for wind power. Pickens estimates that up to 20% of energy requirements of the United States. The problem is that the wind power wind belt is not on a grid network to supply energy further down an energy grid. An investment for nationwide grid would be required for the wind farms and natural gas to reach consumers. The United States lacks a strategic energy policy for addressing power and energy requirements for the national interests. The US have used to market to supply the energy required to power the economy. The increasing global demand and dwindling supplies available pushes up the cost of the natural resource makes the costs expensive to in terms of costs to economic growth. The US is currently spending 700B a year to fund oil requirements. If the past is any indication of the future, oil process will likely to increase over time making the issue more pressing for the world to address.
“Our dependence on imported oil is killing our economy,” Pickens said in a statement. “It is the single biggest problem facing America today.”
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Categories : CleanTags : BP Capital, Mesa Energy, PickensPlan, T Boone Pickens, Wind Energy, Wind Power
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