Oil Baron T. Boone Pickens has been on CNBC this morning touting his new energy plan. While his plan does call on several domestic solutions to lower our $700 Billion deficit we are sending out for buying foreign oil. So far he thinks that demand destruction has only killed 1 million barrels per day.
Of course his Clean Energy (NASDAQ: CLNE) is a solution to use natural gas to be converted to fuel for autos. He noted that most cars could be retrofitted to run on LNG for roughly $2,000.00. Other stocks he’s mentioned he likes before today in oil & gas were EP, SD, XCO.
His biggest plan calls for much more added wind farm capabilities than anything, and this is where the media is focusing much of its efforts on the Pickens plan today.
He is also calling for more nuclear power plants, although he does note that the solution to build many new plants on a cost effective basis doesn’t get us all the way there on its own. USEC Inc. (USU) is the U.S. play there.
Others mentioned were hydro and solar, and he’s still pro-ethanol because it is at least a domestic solution. Ethanol stocks: AVR, VSE, PEIX.
This can take out 38% of the oil imported in the U.S. over a ten year period.
Pickens has also said he’d like to have a 3-way meeting with McCain and Obama.
Here were his comments calling for $150 oil before today.
You can see the full plan at PickensPlan.org.
Jon C. Ogg
July 8, 2008
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