Billionaire

Independent oil billionaire T. Boone Pickens continued to voice his support for gas-friendly legislation Wednesday, telling members of the House Committee on Ways and Means that the NAT GAS Act (HR 1835), which seeks to establish a sustained market for natural gas vehicles (NGV) and rein in gas market volatility, would create 600,000 jobs and help wean the country off imported oil.

A cornerstone of the much-promoted plan by oil and gas billionaire T. Boone Pickens to relieve American dependence on foreign oil and combat climate change calls for natural gas to be widely used as a transportation fuel, particularly by the long-haul trucking industry. However, cost, infrastructure and logistics challenges make such a goal highly problematic, according to trade group American Trucking Associations (ATA).

A cornerstone of the much-promoted plan by oil and gas billionaire T. Boone Pickens to relieve American dependence on foreign oil and combat climate change calls for natural gas to be widely used as a transportation fuel, particularly by the long-haul trucking industry. However, cost, infrastructure and logistics challenges make such a goal highly problematic, according to trade group American Trucking Associations (ATA).

When all looked lost for Baltimore-based Constellation Energy Group, billionaire investor Warren Buffett’s MidAmerican Energy Holdings Co. came to the rescue with a merger proposal and capital infusion; however, Wednesday the American business icon stepped aside to make way for the French. Constellation accepted Electricite de France subsidiary EDF Development Inc.’s offer to acquire a 49.99% interest in Constellation Energy Nuclear Group LLC for $4.5 billion, ending MidAmerican’s plans to acquire all of Constellation.

The Montana Supreme Court has upheld a natural gas company’s right to drill beneath the Montana ranch of candy billionaire Forrest Mars. The ruling, considered significant for its split-estate implications, also offers a cautionary tale about proper paperwork.

The Montana Supreme Court has upheld a natural gas company’s right to drill beneath the Montana ranch of candy billionaire Forrest Mars. The ruling, considered significant for its split-estate implications, also offers a cautionary tale about proper paperwork.

Idaho Gov. C.L. Otter signed oil and gas billionaire T. Boone Pickens’ pledge to support use of North American natural gas as the nation’s transportation fuel and the development of renewable energy. “Establishing energy security for this state and this country should be a top priority,” Otter said. “While there are some aspects of the Pickens plan I still have concerns about, I am signing this pledge to lend my voice to T. Boone Pickens and others calling for a comprehensive energy plan to end our reliance on foreign oil.” Pickens has been traveling the nation lobbying for his plan to reduce U.S. dependence on foreign oil by 30% during the next 10 years. More information on the Pickens Plan, which claims to have drawn more than 1.3 million supporters nationally, is at www.pickensplan.com.

When all looked lost for Baltimore-based Constellation Energy Group, billionaire investor Warren Buffett’s MidAmerican Energy Holdings Co. came to the rescue with a merger proposal and capital infusion; however, last Wednesday the American business icon stepped aside to make way for the French.

While the “Pickens Army” continues to add new members daily to fight for the cause of energy independence in the United States, billionaire T. Boone Pickens said last week the recent drop in energy commodity prices — especially natural gas — has led him to scale back his mammoth wind farm project in Texas.