Pickens ditches TX wind farm plans

July 8, 2009 2:52:14 PM PDT
Oil billionaire T. Boone Pickens has ditched plans to build the world's largest wind farm in west Texas in hopes of moving the country towards renewable energy.The oil man's hedge funds lost billions of dollars during the recession and Pickens blamed the struggling economy for his decision to scrap the wind farm project. Pickens spent $60 million on a campaign to get America to kick its foreign oil dependence by switching to natural gas for the short term and wind for the long term.

"When you're paying $500 billion a year for foreign oil, you can support an infrastructure in the United States to get out of that kind of outflow of money," said Pickens.

The Pickens Plan for Renewable Energy called for the government to invest in wind and solar energy, rebuild the country's electrical grid, and replace gasoline with natural gas in cars and trucks.

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