The following is from the July 8, 2008, edition of The Dallas Morning News. Bruce Bullock, director of Southern Methodist University's Maguire Energy Institute, provided expertise for this story.
By ELIZABETH SOUDER
The Dallas Morning News
T. Boone Pickens has a plan to solve the country's $700 billion-a-year dependence on foreign oil.
Replace gasoline with natural gas. Replace natural gas-fired power plants with wind, solar, nuclear and clean coal. Basically, replace foreign oil with domestic fuel without straining those resources."We've gotten ourselves in a trap," Mr. Pickens said last week in an interview in his Dallas office. "The problem is, we said, 'Send us the oil, and never mind the cost.' "
"Things were fine until the price went vertical on us," said Mr. Pickens, who calculates that, at $140 a barrel for crude, Americans spend $700 billion a year on 5 billion barrels of oil from foreign countries. That amounted to about 65 percent of total U.S. supply last year.
Mr. Pickens will kick off a media campaign today to promote his energy policy ideas – which align perfectly with his business investments. He'll spend tens of millions of dollars on television and Web advertising and will make talk show appearances along the way. . .
"His idea has some merit," said Bruce Bullock, director of Southern Methodist University's Maguire Energy Institute. "I give him all the credit in the world for putting something out there. That's the kind of out-of-the-box thinking that will pull us out of this."
Of course, there are hurdles, Mr. Bullock said. They include building the infrastructure to dispense natural gas as a vehicle fuel, building new power plants to replace natural gas-fired plants, overcoming possible opposition from oil companies and politicians.
• KERA Radio: SMU's Energy Institute Applauds Boone Pickens' Plan
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