In case you aren’t familiar, T. Boone Pickens has developed the Pickens’ Plan. Specifically, the plan is designed to reduce the United States’ reliance on foreign oil from 70% (where it is currently) by maximizing the natural gas resources to 38% over the next decade.
Recently I read that T. Boone Pickens either reduced or sold out his stock in several well known civil engineering related companies in the third quarter of this year, firms such as: The Shaw Group, Foster Wheeler, Fluor Corp, KBR and Jacobs Engineering. He picked up energy stocks in their place. What does this mean other than that oil and energy stocks are/were down? Or, could it be that he wants to be able to utilize those firms in his upcoming contracts to bring water and wind power to North Texas? In April Pickens announced plans to execute $1.5 billion in wind turbine contracts. By last month, he told the press that he would be delaying the project until natural gas prices rise and the credit market is repaired.
There are as many critics of the Pickens Plan as there are supporters. What do you know and what do you think?