Oilman Pickens touts alternatives

By CNNMoney.com's Ben Rooney

NEW YORK (CNNMoney.com) - Texas oilman T. Boone Pickens told Congress Tuesday that the government must act quickly to curb the nation's dependence on foreign oil.

"Our country is in a deep hole and it's time to stop digging," said Pickens, founder and principal of BP Capital, in testimony before the Senate Homeland Security and Governmental Affairs Committee.

Pickens has unveiled a plan to curb America's dependence on foreign oil through increased investment in domestic renewable resources such as wind, and through use of natural gas as an alternative transportation fuel.

Pickens said his plan would reduce the nation's dependency on foreign oil by 38 percent.