NCPA - National Center for Policy Analysis

ONE PLAN TO ESCAPE THE GRIP OF FOREIGN OIL

July 9, 2008

America needs to reduce its foreign oil imports by more than one-third in the next five to 10 years, says T. Boone Pickens, CEO of BP Capital.  This can be done if the United States starts with wind power.

Pickens' plan calls for taking the energy generated by wind and using it to replace a significant percentage of the natural gas that is now being used to fuel our power plants:

  • Today, natural gas accounts for about 22 percent of the electricity generated in the United States.
  • New wind capacity could free up the natural gas for use as a transportation fuel, which would displace more than one-third of our foreign oil imports.
  • Natural gas is cheap, clean and abundant in the United States.
  • With eight million natural-gas-powered vehicles on the road world-wide, the technology already exists to rapidly build out fleets of trucks, buses and even cars using natural gas as a fuel.

Wind power would offer the United States many great advantages, say Pickens.  It would:

  • Dramatically reduce our dependence on foreign oil and lower the cost of transportation.
  • Spur investment in the heartland, creating thousands of new jobs.
  • Substantially reduce America's carbon footprint and use existing, proven technology.
  • Be accomplished solely through private investment with no new consumer or corporate taxes or government regulation.
  • Build a bridge to the future, giving us the time to develop new technologies.

Source: T. Boone Pickens, "My Plan to Escape the Grip of Foreign Oil," Wall Street Journal, July 9, 2008.

For text:

http://online.wsj.com/article/SB121556087828237463.html

 

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