Pickens shelves plan for wind farm

After a massive television advertising campaign, T. Boone Pickens has shelved his plan for a huge Texas wind farm. Ryan Randazzo of the Arizona Republic writes:

Billionaire T. Boone Pickens said that his Texas wind farm is on hold because natural-gas prices have dropped but that his plan for wind power and natural-gas vehicles is still viable to reduce foreign oil imports.

The Texas oil tycoon spoke Tuesday to about 650 utility and investment officials gathered in Phoenix for the Edison Electric Institute Financial Conference.

Most alternative energy schemes are viable only when oil prices are high. Their economic inefficiency is why they are "alternatives" rather than mainstays. Wind farms in particular are expensive because the individual generating units are comparatively small and require a lot of maintenance.

Oil and coal remain predominant sources of energy because they are cheap, at least when not in the hands of an effective cartel, or regulated into non-production.

President-elect Obama's vast "green" energy production plans will result in much higher costs for energy. An extra burden on top of his higher taxes.

Hat tip: Anthony Howe