Oil man T. Boone Pickens appeared on Meet The Press today.
Pickens has been pushing hard for the development of alternative energy sources. Because of lower oil prices, his wind effort is on hold. He was planning to finance it with 30% equity and 70% debt. He is unable to raise money for the effort “at this point.” However, he says that he will “get it done” by 2010.
Pickens estimates that the US will need to add 20% to the power generation infrastructure over the next 10 years.
Pickens estimates that building wind infrastructure will result in over 3 million new jobs.
Pickens is also pushing for natural gas due to its domestic abundance and his claim that it is 80% cleaner than diesel. He says: “It’s cleaner and it’s ours.”
Pickens met with Obama and is happy with Obama’s statement that the US won’t need to import oil from the Middle East in 10 years. This will have to be done via natural gas.
70% of oil is imported; 50% from the Middle East. Pickens says that this can be replaced with natural gas. Ultimately, however, natural gas is a “bridge” energy.
Pickens believes that oil will be back up to $100 per barrel (and beyond) again, compared to where it is now ($50-60 per barrel)
I have a lot of respect for what he is trying to do.
