Texas oil man, Boone Pickens is putting his long cultivated credibility behind pending legislation that would incentivize and accelerate the conversion of the nation's fleet of 8 million heavy trucks to using natural gas instead of diesel.
"If we have leadership in Washington we'll do it in 5 years. If we don't, we'll do it in 10 years, but it's gonna happen. It's gonna happen because the fuel is so cheap," Pickens says in the attached video.
No one disputes the merits of using more domestically produced natural gas, or the economics of it for trucks, which can save as much as $20,000 a year on fuel costs. No, the fight over the New Alternative Transportation to Give Americans Solutions or NAT GAS Act is about government involvement, and whether or not lawmakers should again be picking winners and losers over the free-market.
Opponents point to the nation's awful track record, with investments in projects like Solyndra, Ethanol and the Chevy Volt, as reason to not go forward with the plan that would offer tax credits ranging from $6,000 - $65,000 to offset the extra cost of purchasing a truck that can run on natural gas.Read More »from Boone Pickens: Must Break Dependence on Foreign Oil One Truck at a Time