July 08, 2008

Big Money Flocks to Renewable Energy

CNN.com reports today that billionaire oilman T. Boone Pickens is backing renewable energy sources such as wind power. Pickens said that "[o]ur dependence on imported oil is killing our economy. It is the single biggest problem facing America today." Pickens went on to state: "Wind power is . . . clean, it's renewable. It's everything you want. And it's a stable supply of energy. . . . It's unbelievable that we have not done more with wind."

According to the CNN report, "Pickens' company, Mesa Power, recently announced a $2 billion investment as the first step in a multibillion-dollar plan to build the world's largest wind farm in Pampa, Texas." The Pickens Plan also calls for increased use of natural gas to replace oil as an energy source.

I have been saying for some time that there's green in green, that there are vast fortunes to be made by those who invest in the renewable energy sources of the future, whether they be wind power, solar power, or a combination of several sources. And when T. Boone Pickens, an oil billionaire from Texas and one of the world's richest, best known, savviest investors, bets billions of dollars of his own money on a renewable energy future, then I know that the future just got a bit brighter.


At 11:58 AM, Blogger Barbara said...

I'm glad to hear this, because I thought the windmills, which you see all over Denmark and other parts of Europe, had some serious downsides. I have been convinced for some time that there were many potential energy solutions that did not involve fossil fuels at all. It's the oil companies that are forcing us to use gasoline until they have pumped every last gallon out of the earth. I wonder how much that last gallon will cost...


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