T. Boone Pickens , the down to earth billionaire, revealed probably the most sound, logical and comprehensive US energy independence plan to date. Conspicuously absent from his discussion was the typical environmental disaster scenarios spewed forth by the environmentalists. No charts showing that a statistically insignificant 1 degree average temperature change can be extrapolated to an 8 degree temperature rise that results in the extinction of man as we sink into the ocean.
Instead he explained a logical and thought out approach using a white board and marker on CNBC. Using history tested economic logic Pickens started by explaining that the US spends $700 billion (US) on foreign oil annually. America buys 25% of the world’s daily production even though we are only 4% of the world’s population.
Yes, Pickens has a stake in the game. He’s placing a huge investment in wind but he’s already a billionaire because he has an instinctive ability to foresee a problem before it occurs and be in a position to benefit from solving it. That’s what entrepreneurs do in a free society where good ideas are economically rewarded.