Wednesday, July 23, 2008
T. Boone Pickens and the Wind(bags)
We've been hearing a lot from and about T. Boone Pickens regarding wind power. The storyline is a good one: oil billionaire pushes alternative energy. So I looked him up. Turns out, he's building lot of wind turbines. Which is certainly fine with me. Just means he has a smart advertising campaign. However, it turns out that he's also pushing Congress for subsidies for wind power. So he's looking to make billions off of subsidies -- your tax dollars. Further, since wind energy has to be backed up by gas-powered energy, Pickens looks to make even more money from his extensive natural gas holdings. Certainly this makes sense, for someone who is looking to develop wind power to also own gas reserves as backup. What I object to is his seeking subsidies. If he really believes in this project, he won't need government money. If he really believes in this, he should spend his own money and the money of his investors. He doesn't need money stolen by the government. The fact that he's seeking laws to benefit him says volumes about his intentions. He should stick with the moral way of making money -- by providing a service -- and leave theft out of the equation.