Pickens: New administration needs energy plan

OKLAHOMA CITY (AP) - Dallas billionaire Boone Pickens believes President-elect Barack Obama's administration will have an energy plan with renewable resources like wind and solar power.

Pickens today spoke at a wind energy conference in his native Oklahoma.

Pickens says he thinks Obama understands the problem of the nation's dependence on foreign oil.

Pickens expects to see Obama's plan within the next 30 days. If no national energy plan is put into place, Pickens says the U.S. could be importing 75% of the oil used by the nation and paying $300 a barrel within 10 years.

Pickens launched his so-called "Pickens Plan" for energy independence in July to bring more focus to solving the nation's energy crisis.

But he's put his wind farm project in West Texas on hold -- due to the nation's economic and credit crisis.