Pickens' wind plan hits a snag
source: http://money.cnn.com/2008/11/12/news/economy/pickens/index.htm?postversion=2008111212
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Billionaire oilman T. Boone Pickens is delaying his massive Texas wind project, citing a drop in natural gas prices and the tightening credit market.
"With natural gas prices where they are, you can't kick off a wind project, you're not economical." Pickens said Tuesday at a news conference in Arizona.
But Pickens, who has spent millions over the last few months promoting his "Pickens Plan" to wean the United States off foreign oil by switching to wind and natural gas, said natural gas and oil prices will rise again in less than a year, and characterized the setback as temporary.
"With natural gas prices where they are, you can't kick off a wind project, you're not economical." Pickens said Tuesday at a news conference in Arizona.
But Pickens, who has spent millions over the last few months promoting his "Pickens Plan" to wean the United States off foreign oil by switching to wind and natural gas, said natural gas and oil prices will rise again in less than a year, and characterized the setback as temporary.
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