One of the world's richest men says he has a way to save the Unites States $230 billion dollars annually within 10 years.
T. Boone Pickens, the founder and chairman of BP Capital Management, was at the University of Arkansas Monday to discuss his energy plan, know as the Pickens Plan.
Since 1973 the United States' dependency on foreign oil has increased from 24 percent to 70 percent, costing $700 billion dollars a year. "If we don't do anything, in 10 years we will be importing 75 percent of our oil paying $300 for it, that is two trillion dollars a year, you know what that solves, that solves your education and health care," said Pickens. Pickens says he can cut our annual foreign oil spending by 33 percent.
Pickens' plan is to use our renewable resources. He said wind power alone has the potential to produce 20 percent of the nation's electricity, currently it's under two percent. He said once we build more wind turbines it will free up our natural gas for vehicles. Natural gas is currently the country's second largest energy resource, yet only accounts for less than one percent of transportation fuel.
Pickens is optimistic that his plan will be on the President's desk ready to sign by the end of the year.
T. Boone Pickens, the founder and chairman of BP Capital Management, was at the University of Arkansas Monday to discuss his energy plan, know as the Pickens Plan.
Since 1973 the United States' dependency on foreign oil has increased from 24 percent to 70 percent, costing $700 billion dollars a year. "If we don't do anything, in 10 years we will be importing 75 percent of our oil paying $300 for it, that is two trillion dollars a year, you know what that solves, that solves your education and health care," said Pickens. Pickens says he can cut our annual foreign oil spending by 33 percent.
Pickens' plan is to use our renewable resources. He said wind power alone has the potential to produce 20 percent of the nation's electricity, currently it's under two percent. He said once we build more wind turbines it will free up our natural gas for vehicles. Natural gas is currently the country's second largest energy resource, yet only accounts for less than one percent of transportation fuel.
Pickens is optimistic that his plan will be on the President's desk ready to sign by the end of the year.
