Cotton Pickens Wind Subsidies

T. Boone Pickens is a smart man. He’s made billions of dollars in the oil and gas industry and should be applauded for engaging in economically-productive behavior that has benefited all of us. Unfortunately, now Pickens is looking to make money in a less honorable way — by putting his hands in taxpayer pockets.
Pickens was on Capitol Hill recently to discuss his new energy plan which he says would result in the United States producing 22 percent of its electrical energy needs using wind-powered electricity. More information on the Pickens plan is available here.
During the year 2003 alone, federal energy subsidies ranged from $37 billion to $64 billion, according to a study prepared for the National Commission on Energy Policy. Wind energy accounted for less than 1% of the total.
Thankfully, our friends at the Cato Institute are fighting back against Pickens’ self-serving subsidy “plan.” In a recent column, Jerry Taylor showed how Pickens’ plan benefits him at the expense of taxpayers and consumers. More information on the flaws and subsidies associated with wind power can be found here.