Natural-Gas Plan Backed By Pickens Seen Added To Senate Bill
July 14 2010 - 7:21PM
Dow Jones News
A plan promoted by investor T. Boone Pickens to encourage more
natural-gas vehicles will likely hitch a ride on a Senate energy
bill that is to come up for a vote at the end of July.
"We plan to do something with natural gas," Senate Majority
Leader Harry Reid (D, Nev.) told reporters on Wednesday. He
referred to the "Pickens Plan" and a measure written by Sen. Bob
Menendez (D, N.J.) and said "almost certainly I'm going to put that
provision in the bill."
If the measure becomes law, Clean Energy Fuels Corp. (CLNE)
could be a beneficiary. Pickens owns a stake of almost 46% in the
company, according to regulatory filings. Clean Energy Fuels
describes itself as the leading provider of natural gas as a fuel
for alternative-vehicle fleets in the U.S.
Senate Democrats plan to unveil the energy bill next week,
according to a Democratic aide. Reid will attempt to begin debate
on the bill the week of July 26. The Senate is scheduled to begin a
month-long summer recess on Aug. 6.
The legislative effort would make good on a promise that Reid
has been making for a year. Last July, Reid signed on to the
measure, sponsored by Menendez, which would extend tax breaks for
buying natural-gas vehicles, provide grants to develop light and
heavy-duty gas engines, and provide incentives to build refueling
stations. In August, Reid told an energy summit in Las Vegas that
he had been "converted" to the "Pickens church."
-By Siobhan Hughes and Martin Vaughan, Dow Jones Newswires;
(202) 862-6654; siobhan.hughes@dowjones.com
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