Pickens Plan
The "Pickens Plan" is a public policy and advertising campaign launched by Texas oilman T. Boone Pickens in July, 2008, that calls for the reduction of the United States's demand for foreign oil by one-third in less than ten years.1 The Plan calls for the nation to rapidly reduce its dependence on oil by focusing on a transition to wind power and natural gas. On July 22, 2008, Pickens appeared in front of Congress and discussed his plan for reducing foreign oil dependency to help solve the energy crisis.2
Fast Facts
- Plan backer: T. Boone Pickens
- Plan unveiled: July 8, 2008
- Website: www.pickensplan.com
- Plan refers to United States as "Saudi Arabia of wind power"3
- Calls for 20% of U.S. power to come from wind3
- Calls for switch to natural gas vehicles3
- Plan claims wind power will offset use of natural gas for power3
- Plan notes natural gas is less than $1/gallon in some parts of country3
- Envisions halting of foreign oil imports in less than ten years3
- Pickens believes oil production has peaked3
- Plan also calls for investment in other energy technologies3
- Author of The First Billion is the Hardest
Pickens Plan Specifics
Based on the premise that "America is addicted to foreign oil" and that global oil supplies have peaked, the Pickens Plan calls for massive investment in wind energy to generate power so that 20% of the nation's energy would be wind-generated. This would allow, according to the Plan, natural gas, which is currently used to generate over 20% of the nation's power, to be shifted to transportation uses. Natural gas is much cheaper and cleaner-burning than gasoline.3
Pickens on Lou Dobbs
On July 21, 2008, T. Boone Pickens appeared on Lou Dobbs Tonight to discuss his plan for investing in domestic renewable resources. Pickens stated that the U.S. spends $700 billion every year on foreign oil. He suggested natural gas vehicles as a way to replace transportation fuel, thus reducing imports by 38 percent and saving the United States $300 billion per year.4
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