T. Boone Pickens is a legendary billionaire oilman who is terribly concerned about America’s future unless we get our dependence upon foreign oil under control and considerably reduced.

Sure, T. Boone is a business man who is already heavily invested in wind farm energy technology. Should the US government grant tax breaks and subsidies to wind farm operators no doubt he would do well and make a substantial profit on his investment.

In my opinion, that would be just fine, T. Boone would deserve a nice profit, if the so called “Pickens Plan” can gain traction and once implemented reduce America’s dependence upon foreign oil imports. There is no doubt that the $700 billion annually drain of US resources to pay for imported oil is unsustainable. America is on the road to ruin if it continues to pay out for much longer such a large percentage of it’s resources for crude oil and petroleum products.

As Pickens states in the video superior leadership and real commitment from a large number of Americans will be required to overcome this energy crisis. Watch the video and see if you think T. Boone Pickens is on the right track.

For more on the Pickens Plan visit the website.

The decline in U.S. oil consumption in the first half of 2008, reflecting slower economic growth and the impact of high prices, was the largest half-year consumption decline in volume terms in the last 26 years, when, in the first half of 1982, oil consumption dropped by nearly 800,000 bbl/d. This sudden drop in consumption reflects the slow down in the US economy, a slowdown that has not been as evident in consumption outside of the Organization for Economic Cooperation and Development. Countries outside the OECD actually had an increase in consumption which more than offset the US slowdown.

While downward pressures on crude oil and natural gas prices are expected near term the balance between supply and demand is seen as still being tight. OECD commercial inventories are expected to be about 30 million barrels below the 5-year average at the end of the third quarter of 2008 which indicates that current price weakness will last long unless there is a substantial reduction in demand.

The following information is from the US government’s Energy Information Agency.

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