He made his fortune in oil—and now he’s trying to make another fortune on the wind…

He—is T. Boone Pickens—the self-made billionaire Texas oilman.

 

Pickens wants to construct the largest windfarm on the planet across thousands of acres in Texas to provide enough power for 1.3 Million homes.

 

The site would generate 4,000 Megawatts and a handsome 25% profit for him.

 

 

And why is an oilman so high on wind power?

Well, Pickens—who was trained as a geologist—believes world oil production has peaked—and will slowly drop off..

 

(You can read this post here from last January which explains what Peak Oil is—and why a number of experts believe we’ve achieved it.)

 

Pickens believes the United States can meet 20% of its energy needs through windpower well before the year 2030…

 

Not only does he see wind providing much of our electricity—but he says, the natural gas we currently use to generate power could instead be used to fuel our automobiles—further reducing our need for the ever dwindling supply of petroleum.

Pickens explained all that to Congress this week—which you can read about in more detail here.

 

Naturally—there are some questions about property rights and so forth—which you can explore in this clip. It shows what happened at a meeting called by Pickens to outline his plan to landowners in the wind zone.

 

Pickens made his fortune by correctly figuring out demand for oil, where to get it, and how best to sell it.

 

When someone like him begins abandoning the source of his fortune—and looking toward something else—it’s time to pay attention, ’cause he ain’t just spouting HOT air..

—Steve

Link to the video and the story Steve covered today on NBC-17

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This entry was posted on Wednesday, June 18th, 2008 at 2:18 am and is filed under Texas Windfarm, World's largest windfarm, Alternative energy, clean energy, renewable energy, T. Boone Pickens, Wind Power, peak oil theory, oil prices, peak oil production, US Energy policy, Steve Sbraccia. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.