Opinion & Analysis

How America can wean itself off foreign oil, T. Boone Pickens

In Investing on July 23, 2008 at 10:01 pm

From The Dallas Morning News:

T. Boone Pickens, a billionaire oil entrepreneur, is blazing an independent path as he pushes leaders to adopt his plan to wean the U.S. off foreign oil. While lawmakers from both parties quote him liberally, Mr. Pickens has criticized both parties for promoting measures that he thinks are insufficient. Instead, this is his proposal:

  • Use eminent domain to site the transmission infrastructure needed to ship wind and solar power around the country from its source in Texas and the Midwest.
  • Authorize a 10-year, $15 billion federal tax credit for wind- and solar-power projects.
  • Require that all government vehicles – including public transportation buses – use compressed natural gas instead of diesel or gasoline.

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