Standing before a group in the Fischer Colloquium Wednesday evening, Texas oilman and Chair of BP Capital Management T. Boone Pickens kicked off his talk with some levity: “I know why you’re here. You’re thinking, `I’m going to learn something on how to get rich.'”

Pickens spoke to the McDonough School of Business students in a talk moderated by William Finnerty, an adjunct lecturer in the MSB. In the Q-and-A session, Pickens addressed his expansive career in energy and shared some of his personal business philosophies.

Following a light start, Pickens’ responses to audience questions took on a heavier tone, placing a focus on the need to halt America’s dependence on foreign oil.

“We [Americans] have to get on our own resources. The country is importing more and more foreign oil. You’re fools if you do it and you don’t have to,” Pickens said.

In September 2008, he introduced his “Pickens Plan” to a crowd in Gaston Hall. On his most recent visit, he told a new audience how his proposal might reduce U.S. dependence on foreign oil by using domestic alternatives. The plan is also meant to buy time to develop more and more advanced technology and distribution systems. Relying heavily on building new wind-generation facilities to produce 20 percent of America’s electricity, the plan also counts on using the domestic natural gas supply as transportation fuel and power generation.

When asked just how environmentally friendly he was, Pickens said, “You’ve got to be realistic when talking about the energy, you can’t shut all the coal plants down. We need a base load of coal and natural gas.”

Pickens made it clear, however, that the most important aspect of his plan was freedom from foreign dependency. “My issue is security; I want the country secure on energy, I want to go all-American. I’ll take anything if it’s American,” he said.

Pickens didn’t limit his commentary to his policies, but also provided advice to young businesspeople and entrepreneurs.

He noted that being an entrepreneur was all about pushing the limits, both by challenging oneself and in taking chances in business.

“You get so many chances at the bat and you’re never going to make a home run if you don’t swing,” he added.

In the face of his great financial success, Pickens recognized the need to give back to the community. He founded the T. Boone Pickens Foundation in 2006, and has donated over $800 million.

Pickens said that his first inspiration to be a philanthropist came from his grandmother, who he said made a simple request of him: “Don’t ever forget where you came from.” He added, “And I haven’t.”

The talk was well-received by students and faculty of the MSB. Every seat in the Colloquium was filled as the crowd listened to Pickens speak.

“To have the opportunity to spend time with an American icon like Mr. Pickens is an incredibly opportunity for all. We got to hear what he had to say about his environmental policies and were also able to get to know him as an individual – he was honest, authentic and funny – I loved it,” Finnerty said.