Anyone heard anything on Pickens Plan? Is it for real or just an oil company scam?

Question

This guy Picken is chairman of BP Oil so .......is it for real?

http://www.pickensplan.com

Answer 1

T. Boone Pickens is not the chairman of BP.  He built his own company and was very successful.  If you'll take the time to read the website, you will see that using renewable resources (actually it's a FREE resource) such as wind to substitute for natural gas to produce electricity, the natural gas can be used as a temporary replacement for crude oil until we can shift to a renewable fuel for transportation.

Now, you have to understand that he owns a lot of natural gas, so he's not shooting himself in the foot by reducing the demand for natural gas in electricity production, he just has a clear understanding of the need for a substitute for crude oil.  We must find a replacement for crude oil because we are now importing almost 70% of the oil we consume, most of which is used for transportation.

Cars can be converted to run natural gas much easier than they can be converted to other alternatives, such as electric or fuel cell, so until we can develop the infrastructure to support fuel cell vehicles, we have to do the next best thing, which is switch from crude oil to natural gas.

By the way, we have lots of natural gas here in the States, and we don't have a whole lot of crude oil, regardless of what the offshore drilling advocates keep telling you.