America Must Not Drain its Wealth on Oil

T. Boone Pickens, BP Capital | July 9, 2008

At current consumption rates, the US will spend over $10 trillion on oil imports over the next 10 years. ++ This will constitute the largest transfer of wealth in human history. ++ The only alternative is homegrown energy. ++ Between western Texas and Canada, wind turbines could generate up to 20% of the US’ domestic electricity needs. ++ This would free up our natural gas reserves for transportation and cut oil imports by one-third. ++ Only through bipartisan cooperation and strong private initiative are such measures possible.