Billionaire Oilman to Invest in World's Largest Wind Farm

Multi-billionaire T.Boone Pickens has decided to invest billions of dollars into which will most likely be the largest wind farm in the world. Pickens plans on setting up 600 wind turbines in Central Texas with the hopes of producing "enough power for the equivalent of 1.3 million homes." Not only has Pickens considered alternative energy, but he has also considered land usage as he plans on using other people's land to host the turbines which will also generate $20,000 in royalties to the land owners. As ironic as it sounds, Pickens has accumulated his wealth from being a business man, since his early years, in the oil business.

He currently chairs the hedge fund for BP Capital Management -- BP being one of the worlds largest energy companies that mainly relies on oil, natural gas, and petroleum. In his appearance on CNN, Pickens explains his justifications for choosing wind energy. In correlation with the rising cost per barrel and lack of production to meet demand, he was asked if wind energy is the future for the United States in which he simply responds, "It's got to be part of it because we don't have much oil." It is interesting to see as the proverbial spigot for oil dries up how energy companies that are heavily reliant on oil will try to use alternative energy sources to turn a profit. Could this be the beginning of a trend for other oilmen? [Source via Slashdot]

Written By: AJ Papa

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