Texas oil billionaire T. Boone Pickens is on a mission to end America's dependency on foreign oil. Today he addressed Congress and outlined the Pickens Plan, that would reduce dependency on oil by 38 per cent and increase the usage of renewable resources such as wind.

According to Pickens, the U.S. spends $700 billion to import almost 70 per cent of it's oil, but over the next decade that would increase to 80 per cent, causing oil to hit $300 a barrel. He believes that 22 per cent of the country's electrical energy could come from wind, allowing cleaner and cheaper natural gas to be freed up and directed to transportation.

Pickens outlined what he refers to as the Five Pickens Principles that should be used to assess any energy plans brought forward and considered.

- Plans should slash dependency on foreign oil by at least 30 per cent in the next 10 years.

- They should rely on 100 per cent North American resources.

- Existing and proven alternatives to foreign oil need to be utilized.

- Private enterprise should be called on to execute plans quickly

- Federal government needs to clear the path for implementation

Watch part of Pickens' address to Congress below and tell us if you think he's right on the money or way off base with his grand plan.

» YouTube