Oil drain will only get worse; oilman Pickens tells U-M audience

You know things are dire when a billionaire oilman says we've got to do something about our dependence on oil. With a plea to tap new alternative sources of energy T. Boone Pickens addressed an audience at the University of Michigan.

Excerpt:

Billionaire T. Boone Pickens brought his national campaign for wind and natural gas power to Ann Arbor Wednesday, telling a nearly full house at the Power Center that Americans will have a reduced standard of living unless they reduce their dependency on foreign oil.

Pickens lamented the fact that the U.S. imports 70 percent of its oil at a cost of $700 billion a year. He said the country hasn't had an energy plan in 40 years, but it better get one soon because he predicts oil will be $300 a barrel in 10 years.

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Oil drain will only get worse; oilman Pickens tells U-M audience

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