Pickens Continues to Promote Wind and Natural Gas Plan; Calls for U.S. “Wind Bank” to Fund Wind Energy Projects

T. Boone Pickens speaking at the Clean-Tech Investor Summit in Indian Wells, CA on Wednesday (image: Getty Images via cnn.com)

At the age of 80, billionaire oilman T. Boone Pickens is as spry and tenacious as a wet-behind-the ears entrepreneur. As part of his tireless campaign for Americans to get behind his “Pickens’ Plan” to use wind and natural gas to cut down on foreign oil dependence, he called on Wednesday for a federally-funded program to provide loans for wind projects, CNN.com reported.

The PR blitz of television, radio, and web-based content to promote Pickens’ Plan has been a resounding success since it began last July, Pickens said, citing the fact that U.S. politicians are now talking more about energy. The construction aspect of the plan has fallen on hard times, however, facing funding shortages as a result of the recession and waning investor interest caused by lower oil prices. But impediments to the Plan have not dampened Pickens’ enthusiasm, and he continues to stump for his plan all around the country, speaking to anyone who will listen.

Pickens’ proposed “wind bank” would be funded by a “fraction” of the $825 million stimulus package currently being developed by President Obama and Congress. Pickens met with Obama once during the campaign and twice with his transition team after the election, and is convinced that Obama is dedicated to green technology. For his part, Obama has asserted his commitment to reforming U.S. energy policy and facilitating green technology on many occasions (including his inaugural address). How strongly he supports Pickens’ specific combination of wind for electricity and natural gas-powered vehicles remains to be seen.

If successful, Pickens’ Plan or something like it would reduce U.S. demand for crude and heating oil and drive down prices.

Full disclosure: Pickens has financial interest in wind-generated power and natural gas.