Pickens lays out energy plan
Concerned by the United States' dependence on foreign fuels and lack of sustainable domestic energy, Chairman, founder, and CEO of BP Capital T. Boone Pickens addressed a full auditorium at a town hall meeting hosted by the James A. Baker III Institute for Public Policy last Tuesday, Jan. 6. In the meeting, Pickens, ranked the 117th richest American by Forbes, challenged the American people to divert one-third of imported oil to domestic energy resources within the next 10 years."I'm gonna put up my money and say what is my solution," Pickens said. "I'm a lone ranger."
At the meeting, one of more than 20 he has led so far throughout the country, Pickens highlighted his own initiative, called the Pickens Plan. The Texan first unveiled his plan in July and has spent $58 million so far on national advertising to share his opinions on current and future United States energy policies.
Part of Pickens' plan calls for a transition from foreign oil to domestic resources - a "bridge to the future" consisting of resources such as wind and natural gas that could power a larger portion of American energy over the next few decades. In his commercial, Pickens said the continued reliance of the United States on foreign oil will culminate in a threat to the economy, the environment and national security. By investing in domestic alternative energies like wind power, Pickens said natural gas, which is currently used for electric power generation, will be freed up to serve other energy sectors such as transportation.
Pickens said the world's oil production has peaked at 85 million barrels a day, meaning the greatest rate of oil extraction is close or has already been reached, although demand continues to rise.
To prevent the depletion of oil supplies, Pickens is calling for an investment in wind generation energies spanning the central corridor of the United States from Texas up to the southern border of Canada, where previous research suggests wind turbines would be most effective.
Moreover, Pickens firmly believes his plan can be accomplished in 10 years given the proper leadership and support.
"If we go 10 years forward with no plan, we'll be importing more than 70 percent of our oil," Pickens said. "You have got to get an energy plan for this country, and today, we have no plan."
Pickens acknowledges his plan will only be a stopgap, allowing the United States to develop and invest in other alternative fuel technologies, such as nuclear and solar power, in order to provide sustainable energy options.
Born in Holdenville, Okla., Pickens graduated from Oklahoma A&M University (now Oklahoma State University) with a degree in geology. After working for Phillips Petroleum for three years, he co-invested in Petroleum Exploration Inc., a company that dealt in domestic oil and gas exploration. In 1964, Pickens founded Mesa Petroleum, an independent natural gas and oil company. There, he earned his claim to fame, leading a series of acquisitions and mergers that would net him $1.4 billion and a feature on the cover of Time in 1985.
In 1997, Pickens created the BP Capital Management Hedge Fund, a private investment firm that works primarily in the energy industry. He has been the recipient of several awards, including the Horatio Alger Award for his philanthropic donations and was named Texan of the Year in 2008 by the Texas Legislative Conference. His efforts to concentrate on domestic energy resources came about in full this past summer, amid promises by both President-elect Barack Obama and Senator John McCain to restructure energy policy in the United States.
"I finally decided that I was the only one who understood it [the energy dilemma] and would be willing to get up and talk about it," Pickens said.
Chairman of the University of Houston System Board of Regents Welcome Wilson, Sr. asked of Pickens during the Q&A session Tuesday what those at the university level could do to ensure politicians will keep their promises about environmental policy.
"We are better operating as a large group," Pickens said. "For 30 years, I've gone to Washington, and they all said they'd help, but nothing happened. I'm more powerful with 1.5 million people signed up with me than as some rich guy."
He encourages those interested in his plan to "keep thinking positive" and read more about it at his website, www.pickensplan.com. Furthermore, Pickens challenged the audience to ask their representative politicians if they have an alternative energy plan.
Pickens said he hopes to push his plan during Obama's first 100 days in office. Regardless, Pickens said investing in alternative energy is the individual responsibility of the American public, including the audience.
"The problem is your problem," Pickens said. "I'll make it to the finish line, but it's you and the generation to come that will have to figure this out.
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