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News on July 17th. about oil & wind energy
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T. Boone Pickens Responds to Al Gore's Climate Speech
4:25p ET July 17, 2008 (Business Wire)

The following statement was issued today by Texas oilman, T. Boone Pickens, who last week unveiled a comprehensive and practical plan to reduce foreign oil imports by more than 30%, or $300 billion, in the next 5 - 10 years.

"Today, former Vice President Al Gore put forward a framework of a plan that is focused on global warming and climate issues. My plan is aimed squarely at breaking the stranglehold that foreign oil has on our country and the $700 billion annual impact it has on our economy. We import 70% of our oil and that number is growing larger every year. Vice President Gore's plan does not address this enormous problem, it is clear that he and I have two different objectives and our plans should be viewed with that in mind."

"I believe that elements of any realistic plan to reduce our deadly addiction to foreign oil should encompass the following:

-- Will it slash oil imports by at least 30% in 10 years?

-- Does it rely 100% on domestic energy resources?

-- Does it rely on existing and proven technologies?

-- Can it be on line within 10 years?

-- Can it be done by private investment?

Unveiled on July 8th, the Pickens Plan will reduce the amount of foreign oil imported by more than one third within the next decade, or $300 billion annually. It focuses on our abundant domestic renewable resources available and would harness extensive use of wind power, a resource the Department of Energy this year recognized can generate more than 20 percent of our electricity needs. This wind energy can replace the natural gas currently being used to operate power plants around the country, and the released natural gas can be redirected and used as a cleaner, more cost effective fuel in our transportation system. Pickens believes the infrastructure can be built by private enterprise within the next 10 years.

"It's time for us to take responsibility for the problem we've created and act now. The Federal Government should provide the leadership to clear the way for action and private enterprise should build the infrastructure to get it done. Only in that way can we recapture our energy destiny."

For more information on Pickens Plan, visit www.pickensplan.com.

SOURCE: Pickens Plan

BP Capital Jay Rosser, 214-265-4165 [e-mail] or Melissa McKay, 212-446-1860 [e-mail]