Friday, April 8, 2011

Natural Gas Bill (BP) (CLNE) (CHK) (DVN) (EOG) Pushed by House Republicans

House Republicans are offering up a newly revised version of a bill that aims to increase U.S. consumption of natural gas, a fuel source that is in abundant supply in the U.S., and decrease dependence on foreign oil imports.

“People are fed up and they want to see us lessen our dependence on foreign oil,” said Rep. John Sullivan, R-Okla., on “Mad Money” Wednesday night.

Sullivan also pointed out that the U.S. has a 120-year supply of natural gas and that almost 70 percent of the oil consumed everyday in America comes from foreign sources, something the bill, the New Alternative Transportation to Give Americans Solutions of 2011, has the goal of changing.

T. Boone Pickens has also been a pressuring Congress to take up enhanced natural gas legislation. Pickens is the largest shareholder of Clean Energy Fuels (NASDAQ:CLNE), a major supplier of natural gas for heavy vehicles, and his firm, BP Capital Management, held stakes in several major natural gas producers at the end of last year.

Pickens is of course in it for himself, as evidenced by similar pushes for so-called alternative energy sources in the past.

Chesapeake Energy (NYSE:CHK), Devon Energy (NYSE:DVN), EOG Resources (NYSE:EOG) and BP (NYSE:BP), are companies held in BP Capital Management.

2 comments:

Anonymous said...

T boone is trying to come up with solutions that can benefit AMERICA, and AMERICA alone. I guess if he has funded and started these companies....who's the smart one. If it saves me money, and cuts emissions. KEEPING AMERICAN MONEY IN AMERICA.

Unknown said...

Boone is genuine in his effort. This push would benefit local (US) producers and help shift our energy slate towards a cleaner source of transport. Just think - more money staying at home & maybe even paying some taxes!