Pickens: My Energy Plan Is The "Only Plan"

Tells 60 Minutes Wind Power, Solar Energy And Domestic Natural Gas Are The Only Choices To End Country's Oil Addiction

(CBS)  T. Boone Pickens grew up as an only child in Holdenville, Okla., during the Great Depression.

60 Minutes didn't have to go to Oklahoma to see his childhood home - it was moved board by board right to his Texas ranch.

At age 12, Thomas Boone Pickens was a paper boy with the smallest route in town. He orchestrated his first merger and acquisition when he talked his boss into letting him take over four rival routes.

"I said 28 is too small, I got to have more papers, And I finally got to 156," he remembers.

Pickens says he didn’t have any idea at the time he was headed for a business career. "I knew I was gonna make some money sometime," he says.

"And how did that turn out?" Rose asks.

"I just didn’t know how much money I was gonna make. It turned out pretty good!" Pickens admits.

He made his first big money searching for oil, and built Mesa Petroleum, one of the most successful independent oil and natural gas companies in the country. He attributes his success to being relentlessly competitive.

Pickens took his hunt for oil to Wall Street in the 1980s, as one of the original corporate raiders, earning hundreds of millions of dollars for himself and shareholders of the companies he tried to take over.

But he went through a long dry spell after that - until he hit his 70s, and came back bigger than ever with a new company and a new love: his fourth wife, a wealthy heiress named Madeleine Paulson. They've created a sanctuary for themselves at their Texas ranch, but that hasn’t insulated them from the current financial crisis. Pickens is getting battered by it.

The steep drop in oil and gas prices since July has cut the value of Pickens' hedge fund in half. Among those who've suffered: his alma mater, OSU, which has lost about $100 million of investments the school made with money Pickens had donated and then managed in his hedge fund. Overall, Pickens and BP Capital are down a staggering $2 billion.

Boone acknowledges that is serious money. Asked if he'll get it back again, he says, "Yeah, I'll get it back."

And there it is: the credo this oil man has lived by all his life: if one hole is dry, the next one is bound to be a gusher. And that’s what he hopes his Pickens Plan will become.

"You’re 80 years old. Does it give you any hesitancy? I mean, in other words it puts you in a race against time," Rose comments.

"We’re absolutely in a race against time. That’s where I am. I’ve got to make it happen fast," Pickens says.

"So you’ve got a real sense of urgency," Rose asks.

Says Pickens, "Damn right I do."

[jlillyevv]

I understand the concern of some, that Mr. Pickens plans is acting without further study. However if we wait for Washington to come up with a plan and act on it we would be decades away from any action until we have another oil embargo.

Using LNG for trucks seems a good start, but do the engine makers like Cummins or Detroit Diesel have engines now that will run on LNG? How does a company set up fueling stations across the country? Are the truck stops able to refuel a LNG truck? I would love to see something done, anything, just to get started.

[peteraloha-2009]

I can applaud his intention of getting America off it''s dependence on foreign oil. We can also see how Americans have decreased their oil consumption when gas went over $4/gal. Our country has to get over consuming 25% of the oil resources each year with 4% of the population.

I do feel it is a bit arrogant for him to proclaim his is the ONLY plan to save America. His plan included creating energy sources where he can still bill the public. How about putting windmills/solar panels on indvidual homes and having a govt subsidy for that? This would allow many Americans to generate their own power and not be charged for it. Probably unthinkable in Picken''s world.

Also, I lost a lot of respect for him on finding out he funded the Swift Boat attack ads against John Kerry. That was a low point in American politics. Kerry was an American who stepped up to defend his country when the call came and joined an elite Navy unit. Compared to Bush, who hid out in the Texas Air National Guard when his call came and refused to report for duty. Supporting a coward over a decorated war hero tells me he has an agenda that does not include truth, impeccable behavior and high integrity. One''s behavior can either be above reproach or not. Paying to smear Kerry''s reputation is not what I would call "above reproach" but near the bottom of what I would consider ethical behavior.

[urboydigger]

Posted by zacteneagles at 11:50 PM : Oct 28, 2008

So are you going to tell what energy source your talking about or what?

[pflabber]

Pickens PLOT Thickens
Sure, Wind farms and Natural Gas alternatives are a good thing.
Let it be done.

Charlie Rose did a BAD THING! He Did a Very Bad Thing!
Putting The Boone on a pedestal was not funny.

Pickens wants TWO things. Charlie didn''t tell this one.
EVERYONE EVERYWHERE must know that Water is the real motivation and boon for Boone.
Pickens says (to America) "Let''s invest in clean energy and natural gas." What he really wants is for everybody to help him buy our water supply.
This dude is smart, but certainly self-serving.
Know his motives.
Understand his intentions.
And START HOARDING WATER.
HE IS...
Pfishy.

This looks like just another of the "Big Boys" choosing to sell us on the next generation of "billable" usage. Now that Oil is depleting, they want folks to use renewables that are grid tied, so that the folks who can afford large systems get paid, and the rest will still use the juice at the sellers price.

There is a better solution, a technology that was more expensive during the Rural Electrification Act, and was abandoned, but is now cheap in todays economy.

The energy companies are implimenting it internally today to save THEM $$$ while leaving the billable costs to the American people at the same levels. In its original form, it can produce more than all the other alternatives put together, and for far less an initial investment than the cheapest of those choices.

For the length of his term as Montana Governor, I have tried three times to get Brian Schweitzer''s Office interested, but I have been ignored. They are unable to listen to anything but Coal Oil. Many other politicians own stock in every other energy form that is billable, and will not jeopardize their dividends.

If only ONE politician really cared, he could be elected President on this one promise alone, Free Electricity for the nation, forever. One truely interested in implimenting it could free the US from Oil bondage, and in a lot less time than it would take with all the other "billable" alternatives working together.

Too bad, no one listens......

This looks like just another of the "Big Boys" choosing to sell us on the next generation of "billable" usage. Now that Oil is depleting, they want folks to use renewables that are grid tied, so that the folks who can afford large systems get paid, and the rest will still use the juice at the sellers price.

There is a better solution, a technology that was more expensive during the Rural Electrification Act, and was abandoned, but is now cheap in todays economy.

The energy companies are implimenting it internally today to save THEM $$$ while leaving the billable costs to the American people at the same levels. In its original form, it can produce more than all the other alternatives put together, and for far less an initial investment than the cheapest of those choices.

For the length of his term as Montana Governor, I have tried three times to get Brian Schweitzer''s Office interested, but I have been ignored. They are unable to listen to anything but Coal Oil. Many other politicians own stock in every other energy form that is billable, and will not jeopardize their dividends.

If only ONE politician really cared, he could be elected President on this one promise alone, Free Electricity for the nation, forever. One truely interested in implimenting it could free the US from Oil bondage, and in a lot less time than it would take with all the other "billable" alternatives working together.

Too bad, no one listens......

[julio0826]

sounds great and i''m all for it! we have to understand is it does take time for it to be implamented and to see a return. everything comes down to cost and effect. profits by "big oil" caused consumers to look elsewhere. the world became aware. unfortunatly our attention span is 15 seconds. "big oil''s" money reserve is poised for patience. luckily our attention span has lasted longer usuall and the price has of oil continues to fall. bad side, with new technology comes the fall of old technology. one has to consider that when jobs and money for working blue collar families, suddenly becomes less in demand, cut''s are made. "big oil" is intertwined in our economy as is "big banks". gradual decline of fossil fuels must be observed. we can''t stop cold turkey, change isn''t immediate. the need is here as is the awareness. we must not forget everything is a business. Picken''s plan does create a profit for himself. that he will use his land, is not free. there will be a lease on the land for the US government (meaning tax payers) to pay. that being said, i would gladly pay my tax dollars here in the US than in nations elsewhere. if money is going to be spent, why not spend it on america. one of the best interpritations of America''s role in the world is "when America sneezes the rest of the world get''s a cold." we are obligated to ourselves and to the world to lead the way, more importantly to our future world leading generations. a path has to be created so why not start one!

[ercolevita]

I used to own fiat "124 cuope" in 1973 till I came to the U.S.A. and my car ha two sources of fuel one regular gas and the other was liquefied gas and I was able to switch from one to the other with a flick of a toggle switch the best part was that I left on natural gas most of the time cleaner burning and half of the cost it was great than I sold the car in 1978 and I got more money than I bought it. I am totally for the plane and conversion is very inexpensive and it does not require big work.

[bbbirdzmom]

Excellent interview! Pickens reached millions more to describe the plan , its importance and the urgency of it, too. Good job!

[etennchris]

We need to make energy the number priority of the next adminstration!! Go Pickens.

Also check this 7 min CNBC clip on YouTube from March 2007.
http://www.energybulletin.net/node/28016
It''s Bob Pisani interviewing Matt Simmons and John Kilduff.

And check out links on my previous post. We need to educate our families, friends and neighbors and the media. Congress will be last, of course.

[karela33]

Did you know? We now know that a solar panel system ninety two miles on a side placed in the Nevada desert could provide all the electricity America needs? But if we''re going to do that we have to build a new energy grid because the old one can''t move the electricity. Both things create jobs. Wind is also great. The wind is always going to blow and the sun is going to shine. It''s free, it''s clean and it''s crazy not to use it. Why give $700 billion a year for foreign oil and reap the harm of the pollution caused by burning that amount of oil when we could rebuild our entire economy by creating jobs to do it cleaner and better. And after we get it down pat, we build the economy even stronger by selling the technology and machinery to other countries. T. Boone Pickens and Obama are both working toward this plan. It could rebuild America and we''d better listen.

[karela33]

I consider T. Boone Pickens plan entrepenurial and patriotic and it makes a whole bunch of sense. I say patriotic because he''s spent his own money to educate the public about it and as an eighty year old multi billionaire I don''t see why he would need to worry about making his fortune. I think he cares about America. If we''d started in the 70''s during the fuel shortage then we wouldn''t have to rush so, but we didn''t and now we do have to move aggressively. The $700 billion dollars a year that America spends on foreign oil represents the greatest transfer of wealth the world has ever known. Much of that oil comes from countries hostile to America. They''re getting rich and we''re going broke. It doesn''t take the world''s greatest brain to see that we need a plan. This is a good plan. Much of the world is already fueling their cars with natural gas. I think we can do better than that, but we need something to tide us over until we can.

[loutepe]

The Pickens Plan of using CNG for vehicle fueling is "right on message", however, Boone fails to recall an earlier discussion he had w/ Steve Forbes at that time discussing the probability of $100 crude. In that conversation, Boone strongly urged CNG fueling of vehicles to save us from imorting foreign oil imports then representing 50% of our usage. Boone made the astute observation, however, that the 22% of nat gas used to power our electric gen plants should use clean coal gasification to retrofit existing coal fired simple cycle coal plants in the U.S. which are providing over 50% of the U.S. power generation w/ "dirty coal". Energy Secy Sam Bodman agrees w/ this premise saying...."using nat gas for electric power generation is like washing your dishes in good bourbon." The writer knows the clean coal gasification technology-no not cost prohibitive IGCC but utilizing my engineering associate''s proprietary technology, MaGICC mild gasification, combined cycle at 1/2 the cost of IGCC. Want to know more? contact Tepe Associates, Littleton, CO /[e-mail] Signed Steeler55 (an NLF player ''53,''54 ''55 and a Duke Univ mechanical engineer at that)

[johnpilmer]

CNG is such a great idea for semi trucks. I want it for my car. I blog about this at http://www.pilmerpr.com/blog

[etennchris]

We ALL need to learn/study the coming energy liquid fuels crisis and explain it to the idiots in the press and in Washington.

Peak Oil = World Oil Peak Production (Extraction) Rate = reaches this peak, hopefully levels off before declining.
Check out (Association for the Study of Peak Oil (ASPO), Matt Simmons, Robert Hirsh)
http://www.aspo-usa.com/index.php?option=com_content&task=view&id=445&Itemid=91
http://www.aspo-spain.org/aspo7/presentations/Campbell-Mankind-ASPO7.pdf
http://www.aspo-spain.org/aspo7/presentaciones.html
Also: Financial Sense Network - they talk about energy a lot.
http://www.financialsense.com/fsn/2008.html

Those that study world oil production expect that we (the World) will reach the peak oil tipping point between 2010 and 2013. It''s too late to avoid the crisis (of no more cheap oil, just very, very expensive oil), but we damm well better not wait any longer to switch our vehicles away from gasoline/diesel. Go Pickens!

[chimpyout]

Question for Mr Pickens:

Can helium be used to power swift boats? If not, what''s the only way?

[mrm-nme]

I think it is a case of Future National Security, in which Energy plays a Huge part, we "ALL" need to be prepared to sacrifice something, possibly Land Right-of-Way! The Right-of-Way issue is very important to this Program, and the people involved would be doing a Service to their country. They would be compensated for this Sacrifice monetarily in the form of a Lease, which could offer them some future security as an added incentive. It''s just a matter of time before the Roof blows off this Energy Crisis and We, as a Country, have to choose! Let''s push Congress to get a Conscience and start a Diversified Future Energy Program "NOW" !! The time for Partisanship is over!! Please support this Initiative!!

How many bad consequences have we seen in this world that arose from a desire to do good in a state of urgency? The desire to see people in their own homes before they were really qualified to own them gave rise to a $700 billion bankers'' bailout, another $540 billion bailout for money market mafiosa, and a few billion here for AIG, a few billion there for yet another "do gooder" in a hurry to see results. Learn, people, learn. Boone Pickens can buy bricks for stadiums, mortar for edifices, but he cannot buy "smarts." He may be right; he''s to be commended for putting so much of his own money into what he believes is right, but we should still verify! Bush did not verify his beliefs about Iraq, Greenspan did not verify his premises about America''s bankers, Cheney did not verify the location of his hunting partner, McCain and Palin did not verify the veracity of the "knifing victim''s" story, John did not verify "Joe, the Plumber''s" street creds, Biden didn''t verify who was President in 1929 and what was television(?) then, so give us all a break and spend a little more time verifying how things work and how they fall apart before saddling us up and riding us off into the sunset as some kind of sop to alternative energy.

Part 5 (last)

What really pisses me off is knowing that there are alternative energy solutions that have been invented and the inventions bought (or even stolen) and are being repressed from the world until they find a way to collect BILLIONS in royalties to license the technologies for use. Meanwhile all of us are suffering the rising costs of Oil and Global Warming as a result of our gluttonous consumption of this non-replenishable fossil fuel.

I have knowledge of a "Carbide Carburetor" that was suppressed that used carbide pellets and water dripping on them to produce Acetylene gas and fed in through this carburetor to a standard internal combustion engine and running cleaner than on gasoline.

GM supposedly has a "Perpetual Motion" Magnetic Motor device which will run forever barring mechanical or bearing failure.

An Aluminum Alloy metal which when immersed into water causes a reaction between the metal and water which splits the water molecule and releases profuse amounts of Hydrogen which can be used directly without the needs for storage either chemically, under high pressure, or cryogenically as liquid hydrogen.

Bio Fuels are also a good alternative and ''WoodGas'' and Ethanol, Methanol, Methane, and Alcohol are not to be discounted in the overall equation either.

This country and also the world need Energy Alternatives NOW !!!

Part 4

The United States is also over-using and over-relying on the Automobile and Truck as its primary transportation systems. Cheap Oil and Gasoline have spurred us on toward Urban Sprawl at the cost of losing some of the most pristine and productive agricultural lands to asphalt, concrete, steel, and wood architectural structures and roads. We have lost many of our inter-city and inter-urban railroad right-of-ways upon which this country was founded to this urban sprawl and now that commuter light rail trains are coming back into fashion it is costing hundreds of millions to even billions of dollars to buy back and restructure this sprawl to get 10 or 15 miles of new track laid. Railroads are the KEY transportation systems for many countries and yet we allowed ours to fall into ill repair and then we dessimated them. We have got to get back to rail transportation as it is much more efficient and much much less costly to run and keep up than our road infrastrucure. Many other !
countries have had High Speed Trains in operation for years now and the United States does not have any yet.