From today’s Wall Street Journal:
He boasts his own self-declared army and the support of 13 governors, 53 congressmen and 180 mayors, along with the Sierra Club and the American Lung Association. He has plugged his cause on countless news shows and spent $60 million of his own money on a massive ad spree.
Now T. Boone Pickens is about to find out which has more oomph: all of the above, or a $100 drop in the price of oil.
The flinty Dallas billionaire is going all out to sell lawmakers and the next administration on his plan to wean the U.S. off Middle East oil by ramping up the use of wind power and natural gas.
Trouble is, energy markets, and a fair share of skeptics, keep tilting against him.
When the 80-year-old oil magnate launched his vaunted Pickens Plan on July 8, crude oil was at $136 a barrel and rising. Crude has since slumped to below $40 a barrel, as have public concerns over oil supplies and the urgent need for alternatives.
“Cheap oil doesn’t help,” says Mr. Pickens, who predicted in July that oil would never again dip below $100 a barrel. “It just means we have to work harder.”
Well, he huffed, and he puffed, and he huffed and he puffed, and he puffed and huffed; but he could not get the price of oil back up.