Texas oilman strikes blow for wind, predicts ever higher oil prices

T. Boone Pickens has made a little money in the oil business. According to Forbes in 2007 Pickens was one of the 117th richest people in America, worth about $3 bills, in as in bill(ion)s. That's only about one-fourth of what he reportedly intends to invest in wind energy and a huge water project.

Of course, Pickens will find it easy to borrow money and to induce fellow investors. He has more chachet than a homeowner in Henderson, Nevada, or a college student needing a loan.

Pickens is confidently embarked on his big wind project, biggest in the world as you'd expect for Texas, right? He expects to make his first major wind turbine order soon. The series of wind farms he plans will go into the flat Texas panhandle. And it's where he also expects to drill for water, then pipe it down to thirsty Dallas. That just happens to be where Pickens lives. And we're pleased to report that in Texas all that water in the aquifer and all that wind belongs to whomever gets there first!

Why is Pickens so confident? He just told an energy conference to expect $150 per barrel crude oil, that the world's oil demand is already greater than its production. He pays no heed to that talk about how gasoline prices are being driven up by lack of refineries. His conclusion: not enough oil, but eventually people will not be able to afford as much gasoline as they have in the past. Does he think we'll walk all the way to the mall?

The Pickens pick of wind as the next big energy source is in keeping with recent findings from Emerging Energy Research, they've found global growth in wind development. Even in China which some have come to think of as coal central.