INDIAN WELLS , California ( CNET ) -- -- Billionaire and clean-energy proponent T. Boone Pickens said that the U.S. should establish a federally funded loan program , or bank , to finance large-scale wind developments . T. Boone Pickens says the U.S. should create a federal loan program to finance wind projects , like his own . Pickens spoke on Wednesday at the Clean-Tech Investor Summit here where he talked about his Pickens Plan for reducing imports of foreign oil . He also offered a number of energy policy recommendations . His plan , launched in July , calls for spending $ 150 billion over the next 10 years to install turbines in the `` wind corridor '' of the Midwest United States , from Texas to Canada . The other major plank of the plan is to convert vehicles to run on domestic natural gas . In both areas -- wind and natural gas -- Boone has business interests . If completed , his Mesa Power wind project will make 4,000 megawatts of electricity , which would make it one of the largest wind farms , capable of powering 1.3 million homes . Boone has made a down payment on $ 2 billion worth of General Electric wind turbines , which are set for delivery in 2011 . The credit crisis , however , has disrupted the financing for the project , although Boone still thinks the project will get done . `` There 's no money to finance it , but I think it 's all going to happen . I 'm an optimistic entrepreneur type , '' he said . To help wind developers and achieve the Pickens Plan target of 20 percent of electricity from wind , Boone said that the U.S. government should establish a `` wind bank '' that would give wind developers loans . A wind bank would be a `` fraction '' of the projected $ 825 million in federal spending on a stimulus package , he said . It would also be cheaper than continuing to spend money on foreign oil , he argued . Pickens says he is not opposed to other clean energy technologies , like battery-powered cars . But heavy-duty vehicles ca n't run on batteries effectively . One diesel garbage truck emits as much pollution as 350 cars . To overcome that , he proposes an investment of $ 28 billion to purchase 350,000 heavy trucks that run on natural gas . The fueling infrastructure will follow once those trucks are on the road and corporations start to replace their fleets . `` You can not get to the conclusion that we can reduce foreign oil in a significant way without using natural gas , '' he said . The oil tycoon and life-long Republican has advised a number of politicians on how to cut oil imports . He has also spent $ 58 million on a public awareness campaign , which he says is successful because the media and politicians now regularly talk about energy . Back story on the Pickens Plan . In a briefing with reporters , Pickens offered some color on how he decided to launch the plan . He met with former President Bush in April 2008 to urge him to adopt the core ideas of the Pickens Plan and establish an `` energy legacy . '' Bush 's response , according to Boone , was that he would n't have enough time to meet the goals . Six weeks later , Boone had still gotten no response from the Bush administration . One night at two o'clock in the morning , he woke his wife up and told her : `` Somebody 's got to do this . '' Shortly after , he began work on the public awareness campaign . `` I said , 'Hell , it 's up to me . ' I honestly felt it was the patriotic thing to do . I 'm 80 , I got the money to do it , so let 's just go ahead and do it , '' he explained . He said if current trends continue , the U.S. will be importing 75 percent of its oil in 2019 -- more than today -- and be paying high prices -- in the $ 200 to $ 300 range -- because of the supply can not keep up with the demand . In doing focus groups in conjunction with launching the Pickens Plan , the billionaire found that many Americans do n't believe what politicians say about energy . But he said he does n't fault them . `` They 're not lying . They really do n't understand energy , '' he said . Pickens met with Barack Obama during the campaign and has met with his transition team twice . He says it 's clear that the administration is committed to green technology . `` ( Obama ) is a charismatic guy . I think he can pull it off and it will bring everybody together , '' he said . © 2009 CBS Interactive Inc. All rights reserved . CNET , CNET.com and the CNET logo are registered trademarks of CBS Interactive Inc. Used by permission .
Barack Obama Pickens says the California should establish a federal `` wind bank '' The federally funded loan program would finance large-scale wind developments . Pickens spoke Six weeks later at INDIAN WELLS in California . His plan calls for spending $ 58 million to install wind turbines in the Midwest .