I am not sure this country should follow the advice of a man that has lost over $2 billion so far this year. But then again, some of the nation’s most powerful men have lost far more than that in just the past few weeks.

If you spend any time watching your living room television set, you have seen T. Boone Pickens discussing his proposed energy plan. The 80-year old has spent over $58 million of his own money to tell the nation it must lose its dependence on foreign oil.

What the white-haired oil barren does not tell you is that his money is not where his mouth his. While Pickens was telling you and I to fund his $100-billion idea, the fund he manages, BP Capital, was invested heavily in crude. And thanks to Pickens’ investing decisions, the fund has dropped in value by over 60% so far this year.

It is no wonder the investing firm’s phones are ringing off their hooks with folks looking to pull their money out of the fund. About half of BP Capital’s investors want out of their positions. Their capital withdraw has taken the fund’s size down to just $400 million.

It is a strong blow to the oil maverick’s ego.

Pickens promises to make the $2 billion back, but it is going to be much, much harder now that he has less funding to work with.

Should have known better

Investing in the energy business is a hard racket. After all, it is one of the most cyclical industries out there. But with decades of experience and several boom-to-bust cycles under his belt, one would expect Pickens to be able to avoid his current situation.

With so much negativity surrounding the investor and his picks, it will be hard for folks to get onboard with his newly proposed plans. As oil prices drop with the slowing economy, expensive prospects like wind, geothermal, and solar power are going to look far less attractive than they did when Pickens started his campaign.

While Pickens is pushing his alternative-energy agenda on the mainstream networks, his philanthropy is much more indicative of the investor’s true thoughts.

Instead of adding more money to his energy investments, Pickens is donating it to his beloved Oklahoma State and its football team. He just wrote a $65 million check earmarked to help finish the school’s football stadium.

Plus, Pickens said he would be returning the $125 million he managed in a hedge fund for the school. When he started the investment, it was worth $165 million.

Oh well, it is the thought that counts.

Source: T. Boone Pickens shows his cards

Crude oil prices rose above $129 a barrel in New York for the first time after Pickens’ oil price prediction of $150 a barrel before the end of the year, according to Bloomberg.

Prices will climb because supply isn’t keeping up with demand, Pickens, the founder and chairman of Dallas-based BP Capital LLC, told CNBC today. Oil advanced on May 16 when Goldman Sachs Group Inc. boosted its estimate for the second half of the year to $141 a barrel, from $107, citing supply constraints.

“There is so much momentum in the market that it doesn’t take much for prices to reach new records,” said Brad Samples, commodity analyst for Summit Energy Inc. in Louisville, Kentucky. “We rose today after Boone Pickens basically parroted the Goldman line on prices.”

Crude oil for June delivery rose $1.82, or 1.4 percent, to $128.87 a barrel at 9:25 a.m. on the New York Mercantile Exchange. Futures reached $129.31, the highest since trading began in 1983. Prices are 98 percent higher than a year ago.

MarketWatch reports that stocks fell sharply on oil’s continued ascent “and a report showing a continued increase in producer prices fueled concerns that surging commodities prices will further crimp U.S. consumption.”