T. Boone Pickens ditches wind, lobbies for natural gas subsidies
Pickens latest scheme is to extract a $64,000 federal subsidy per 18-wheeler truck, converting them from diesel fuel to natural gas. Three years ago, Texas billionaire T. Boone Pickens thrilled environmentalists when he pledged to create the largest wind power project in the world. He has since given up that plan and believes that natural gas is the best answer to energy independence.
Now, the oil magnate is going-all-in, investing in booming natural gas markets. Recall it was Vice President’s Dick Cheney’s amazing ninja deal that exempts fracking from EPA and other environmental regulations. Fracking has made billions for producers. Environmentalists, always in a state of shock, are frozen like deer in headlights, not knowing what to do, or who to call. Thus, the natural gas and mountain top removal for coal booms will continue for decades.
“You’re stuck with hydrocarbons — come on, get real,” Pickens, the 82-year-old Oklahoma native blessed with a silver tongue and a self-deprecatory, down-home charm, told the reporters. “I’ve been in meetings before where somebody says, ‘I want to cut out all coal-fired plants and go to wind.’ What are you talking about? I mean you’d run the price of electricity 10 times what it is [now]. Realistically you’ve got to use coal and you’ve got to use oil and, no, I don’t approach it from an environmental standpoint. But my record is good on the environment.”
Source: Yale e360