Pickens Throws in Towel on Government Subsidies for NatGas

Wednesday, August 29th, 2012 and is filed under Blog, News

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After several years of relentless lobbying for government to subsidize natural gas-powered cars, T.Boone Pickens has come full circle to embrace the free market.  At an energy policy luncheon hosted by Politico, T. Boone Pickens ostensibly said that he learned the lessons of the pitfalls of using government subsidies to promote energy sources:

“You don’t have to have a tax credit; it’s going to happen,” he said. The choices to run 18-wheelers, he said, are between natural gas and diesel — and natural gas is “$2 a gallon cheaper.”

And Pickens strongly suggested that he doesn’t have any plans to try to push his plan anymore in the nation’s Capital.

“I will not go back to Washington again unless it’s for a social event,” he said.

The billionaire and former oil baron also lamented that while his plan initially promoted wind energy, that hasn’t worked out so well.

“I’ve lost my ass” to wind-energy investments, he conceded.

Pickens is supporting Mitt Romney and complained about President Barack Obama’s energy agenda.

“Obama has had four years and done nothing,” he said.

Pickens said that he feels “like Obama is trapped with the environmentalists” who are against fossil fuels. “I think he is with that crowd,” he said.

Whether this is a genuine expression of faith in the free market, we will have to wait and see.  However, it is clear that nobody has invested more in alternative fuels than Pickens.  It’s a pretty profound testament of reality when that man realizes the folly of promoting venture socialism when the free market won’t sustain it.