T. Boone Pickens Places his Bet on Wind
T. Boone enters the fray big time. T. Boone Pickens has been talking about Peak Oil for some time. Now he is placing his chips on the table: A Gigantic Wind Farm, capable of powering over a million homes. The total cost for the oil billionaire: 10 billion dollars. He hopes the Feds will help with the tab. (Boone is worth only $3 billion.) While he expects a 15%-20% profit, I honestly do not think that at eighty years he is interested in the money. (I remember one reporter telling Boone that he was jealous of Boone’s wealth. Boone shot back: “I’d give it all for your youth.”)
Oil, he says, has peaked at 85 million barrels/year. That great sucking sound you hear is what Boone calls “the greatest transfer of wealth in history,” as over 700 billion dollars annually leave the U.S. for foreign producers of oil.
The moment is clearly right for his great move, with oil in $130 range. Furthermore, he is running a series of ads, talking about the entire problem. Maybe the public is ready to listen, instead of hiding its head in the sand.