Chesapeake Energy is spending $1 billion on a three-pronged plan to "break the headlock" of OPEC oil dependency, CEO Aubrey McClendon told CNBC Tuesday.
First would be to get the U.S. oil and natural gas liquids industry to increase output by 3 million to 4 million barrels a day over the next 10 years, from the current eight million barrels a day.
Chesapeake also plans to invest $155 million in a private company in Colorado, Sun Drop Fuels, to build a demonstration plant to show off its "breakhtrough technology" that combines "non-food biomass waste material with natural gas" to create a "green gasoline," McClendon said.
The final prong fuels T. Boone Pickens' plan to put natural gas into every heavy-duty commercial truck in America. Chesapeake will invest $150 million in Clean Energy Corp. , the public company Pickens started, to put natural gas pumps into truck stops across the country. The plan is to ultimately build 150 stations along interstate highways to provide natural gas, as well as put pumps into existing truck stops.