Nat Gas Could Cut OPEC Oil Use In Half By 2020
T. Boone Pickens, oil tycoon and author of the green energy plan aptly named “The Pickens Plan”, stated earlier today that “the oil crisis is not over”.
Mr. Pickens, chairman of the hedge fund BP Capital is spearheading a movement to wean the US off of foreign oil by promoting and investing in natural gas and wind energy. Although he has temporarily postponed his support of wind energy, T. Boone has stated that his Pickens Plan is “alive and unchanged” and as long as natural gas remains cheap, it is difficult to finance wind projects.
Mr. Pickens suggests that using natural gas and not gasoline as a fuel source for 18 wheelers and buses would drastically reduce our reliance on foreign oil. Mr. Pickens believes that the US could cut its import of OPEC oil in half within 10 years using his “Pickens Plan”. The US imported over 40% of its oil from OPEC nations in 2009.
The oil tycoon is not the only one on board of the green wagon train. Players like Wal-Mart (WMT), FedEx (FDX), Duke Energy (DUK) and Applied Materials (AMAT) are ready to invest in renewable energy without government incentives.
Good trading - Mike M
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.