This is a rush transcript from "Your World with Neil Cavuto," July 3, 2008. This copy may not be in its final form and may be updated.

DAVIS ASMAN, GUEST HOST: Well, oil sliding at more than $5 today, but, even at the current prices, America is still spending close to $700 billion a year on foreign oil. If nothing is done, my next guest says the country is simply going to go broke.

Texas oilman Boone Pickens says he has got a plan to save hundreds of billions of dollars, and he's putting his money where his mouth is.

T. Boone Pickens, thank you so much for coming on FOX. Appreciate it.

T. BOONE PICKENS, FOUNDER & CHAIRMAN, BP CAPITAL: Good. Glad to be here.

ASMAN: We have been seeing a lot of you on FOX today on commercials. Why is it that you have to spend your own money telling people stuff that perhaps Congress should be telling them?

PICKENS: Well, it was not being told.

And I thought about it a long time. And in the last six months, I put a team of people together that I had worked with before. And we said — I said, what do you think? And they said, you want to do it, it is a good message, it will help America, let's do it.

(CROSSTALK)

ASMAN: The message is, if I can encapsulate it, I guess is, let's stop our dependence on foreign oil, right?

PICKENS: That's exactly what it is.

(CROSSTALK)

ASMAN: And exactly how do we do that?

PICKENS: Well, we are rolling out — go to the problem first — we're rolling out $700 billion a year to foreign countries for oil.

And that goes to a few friends and some of our enemies. And there is no question in my mind we are funding both sides of this war. And we don't have any business doing that.

And, so, if you look back over the history, from 1970, we were importing 24 percent. By 1990, we were importing 42. And, by 2008, we are now importing almost 70 percent. And it is going up. And, so, the $700 billion will go up. And if you project out, say, 10 years, we're going to have spent $10 trillion on foreign oil. Well, we will be broke before we get out that far.

(CROSSTALK)

ASMAN: Hasn't the price increased to the point where there is some demand destruction? That is, it's just too expensive, people are cutting back? And perhaps it could lead to maybe not a glut of oil, but a point where the price does come down?

PICKENS: Well, we have knocked off here because of price, that — and I said that. The only way you are going to kill demand is with price. That has happened. And we are down a million barrels of oil a day from where we were last year.

Now, but the Chinese have picked up that million barrels. So, you are in a global market. And there are developing countries that are using a lot of oil. And so even though we get ours under control, but, David, when you look at what we are doing, that the 85 million barrels that's produced globally every day, we are using 25 percent of that with 4 percent of the population. And we only have 3 percent of the reserves.

So, somehow, we are out of step with the rest of the world.

ASMAN: Well, what I love about what you do is, you put your money where their mouth is.

PICKENS: That's right.

ASMAN: You have actually bought a lot of these wind turbines. Sweetwater, Texas, now, they say you can't go anywhere without seeing at least one turbine.

How many have you actually purchased? And when are they going to begin to pay off for you?

PICKENS: OK. I have purchased 667, which is one-fourth of what I am going to purchase. And those will all be at Pampa, Texas, 200 miles north of Sweetwater. And those will be delivered in the first part of 2010.

And we will be on production by the end of 2011. So, that will be 1,000 megawatts. Before we get finished with that first 1,000, we will buy another 665 turbines, which will be the second 1,000 megawatts. And we paid $2 million for that first 665. So, all this is happening. And like you said, I put my money where my mouth is.

ASMAN: I'm just wondering, though, have you seen any sign that either of the presumptive nominees, either the Republican or the Democrat, are on board on this, or, in fact, any members of Congress are on board on this?

PICKENS: Well, I have not talked to either nominee. And I purposefully stayed away from doing that, because I would like to sit down with them and let them pick my brain for what I know about energy and give them the information.

(CROSSTALK)

ASMAN: But I'm surprised they haven't actually contacted you. You would think that they would want to hear from somebody who knows oil and knows energy very well.

PICKENS: I purposefully had sent word to them that I did not want to do it all prior to this rollout.

ASMAN: Oh, OK.

PICKENS: So, no, they — they have not been — in any way ignored me.

But this is not a partisan issue. This is the biggest problem facing America today. It's like war. And I have got to get all the people in America to look at this and join up with me. And we can move in the same direction to help solve the problem.

But this is a problem that has to be solved by everybody. And if they will get in touch with me at PickensPlan.com, we can get in communication and I think we can help each other.

ASMAN: All right. Well, there are windbags in Congress who talk a lot and don't do much, and then there are people who are doing something with their money to make wind work for us. And that's you.

We thank you very much for coming on, Mr. Pickens. Appreciate it.

PICKENS: Thank you, David. Thank you.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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