CNN Piece on T. Boone Pickens: The U.S. needs a 'Wind Bank'

CNN is reporting that T. Boone Pickens has called for the establishment of “a federally funded loan program, or bank, to finance large-scale wind developments.”

According to the story by Martin LaMonica, Boone told reporters at a meeting in Indian Wells, California that, as part of the Pickens Plan, wind energy could produce up to 20 percent of America’s electricity needs, freeing up natural gas – which now is used to produce about that amount – to be used as a transportation fuel for heavy trucks.

We import about 70 percent of the oil we need and about a quarter of that is used as diesel fuel to move 18-wheelers. “You can’t move an 18-wheeler with a battery,” Pickens is fond of saying.

The CNN article says:

To help wind developers and achieve the Pickens Plan target of 20 percent of electricity from wind, Boone said that the U.S. government should establish a “wind bank” that would give wind developers loans.

A wind bank would be a “fraction” of the projected $825 million in federal spending on a stimulus package, he said. It would also be cheaper than continuing to spend money on foreign oil, he argued.

To read the entire article, click HERE.

— The Pickens Team