Wednesday, November 12, 2008

T. Boone Pickens Stalls Wind Farm Project

From the Dallas Business Journal -

Texas billionaire T. Boone Pickens is revamping his renewable energy campaign in light of falling energy prices, the Associated Press reported Wednesday.

According to the AP, Pickens told a crowd gathered at the Edison Electric Institute convention that part of his reduction in spending on his renewable energy campaign includes placing his West Texas wind farm project on hold for now.

Pickens says the recent fall in gas prices is responsible for the delay in his wind farm project in West Texas, the AP reported.

However, Pickens said he expects oil prices will rise again and long-term he does not see oil providing America all of the energy resources it needs.

Pickens earlier in the year told lawmakers a switch to American-produced energy resources within the next 10 years is necessary to end the nation’s crippling $700 billion dependence on foreign oil.

Pickens, who revealed his alternative energy plan earlier in the year, also told the U.S. Senate Homeland Security and Government Affairs Committee that the United States should be able to produce 22 percent of its electrical energy needs using wind-powered electricity, based on Department of Energy estimates.

Pickens, at the time, pointed to the Great Plains, which includes parts of West Texas, as the prime location for producing wind energy resources.

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