And here I thought this guy was a pretty savvy operator.
Guess not. But, don’t feel TOO bad for him.
From The Daily Caller.com. by Breanna Deutsch
Wind investments blow Pickens off the Forbes 400 list
Businessman T. Boone Pickens was dropped from the Forbes 400 list of richest Americans after losing much of his fortune in the wind farming industry.
According to Forbes, Pickens’ fortune dropped below the $ 1 billion mark for the first time since 2005. His net worth once amounted to an estimated $2 billion, but now it sits at around $950 million.
He told the hosts of MSNBC’s “Morning Joe” that he had “lost his ass in the wind business.” He added, “the jobs are in oil and gas.”
The plan collapsed after natural gas prices fell and selling wind power was no longer economically feasible. He lost $150 million of his personal fortune on the failed wind plan.
After his failure in the wind market, Pickens revamped his Pickens Plan to focus on the use of natural gas as well as any other American-based energy source.
He has made moves to convert all trucks from using gasoline to natural gas. As part of this effort, he has encouraged Obama to use subsidies in order to incentivize the trucking industry to make the switch.
Pickens says that this new endeavor is mainly an effort to “end America’s addiction to foreign oil,” though critics also speculate that although the former billionaire is now 84, profits are driving his interest in energy policy.
The American energy man wants the world to know that he will be able to survive living off of his mere $950 million. When ESPN’s Darren Rovell confronted Pickens over Twitter about his new status as a millionaire, Pickens tweeted, “Don’t worry. At $950 million, I’m doing fine. Funny, my $1 billion charitable giving exceeds my net worth.”
For a smart guy, T.Boone is slipping. This statement proves it: “He has made moves to convert all trucks from using gasoline to natural gas. As part of this effort, he has encouraged Obama to use subsidies in order to incentivize the trucking industry to make the switch.” No, T. Boone, the Obama cartel is the LAST place you want to go.
If YOU want to see the trucking industry make a wholesale switch from diesel to natural gas, fine. YOU take the lead on it. The GOVERNMENT, especially as run by THIS bunch, will simply screw that up like every other thing they touch.
Let me offer you some advice, Mr. Pickens. It is obvious you are a pretty sharp man, having made billions, and done a lot of good for many businesses that would otherwise fail. BUT, I believe that going to the government, which doesn’t know what end to put freight in, or where to put the fuel, has ZERO ideas on how to implement this.
I would urge you to seek out ACTUAL truck fleet operators, such as J.B. Hunt, Schneider, Swift, companies like that, who run HUNDREDS of MILLIONS of miles per year fleet-wide. If YOU can show THEM significant cost savings on fuel, which is their 2nd largest expense, right after labor, you WON’T NEED government to step in and screw up what COULD be a real BOON to YOU, T. Boone.
Having been a truck operator for over 35 years, Mr. Pickens, I can tell you in NO uncertain terms, you show a PROVEN way to cut a trucker’s cost of business, they WILL eat out of your hands.
In the meantime, I hear scrap prices for defunct wind turbines are right around $ 200 per ton. THERE is where you MAY see some “return ” on your “investment”. You can thank me later.