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$600 billion a year for oil

Billionaire oilman T. Boone Pickens is sinking billions of dollars into a new wind farm in Texas, reports CNN this week. He says America can’t keep spending “$600 billion a year for oil.”

CNN’s Ali Velshi talked with the oil legend, whose wind farm is likely to become the biggest in the world, producing enough power for the equivalent of 1.3 million homes.

Velshi: What’s your view of wind power? It’s one of several things that we should be looking at in terms of powering our homes, electrical power? We get most of it from coal and natural gas, and some from nuclear. Are you thinking it’s one of the formats of power we should be thinking about, or is this going to be bigger than we all thought?

Pickens: The Department of Energy came out with a study in April of ’07 that said we could generate 20 percent of our electricity from wind. And the wind power is — you know, it’s clean, it’s renewable. It’s — you know, it’s everything you want. And it’s a stable supply of energy.