Connecting the dots between gas industry tycoons and the NAT GAS Act requires ink by the barrel load.
July 26, 2011 Leave a comment
A recent investigation by DeSmogBlog and PRWatch exposes just who stands to benefit from the NAT GAS Act and the expensive tactics being used to ensure it flies through congress. The most recent tactic is a public relations campaign by Chesapeake Energy, which included the gas giant’s “Declaration of Energy Independence.”
Chesapeake Energy’s CEO, Aubrey McClendon, is joined by T. Boone Pickens, when it comes to who will benefit from NAT GAS Act. The legislation calls for the government to cut checks to any company that transfers its fleet of vehicles to methane gas and to have citizens shell out their taxes so that methane gas fueling stations can be constructed throughout the country.
According to the DeSmog report, Chesapeake, “will pour $150 million into Clean Energy Fuels Corporation (CEF). Energy tycoon and hedge fund manager T. Boone Pickens sits on CEF’s Board of Directors and owns a 41 percent stake, according to the company’s March, 2011 10-Q filing. That money will go toward funding methane gas fueling stations along federal highways spanning the country.
The timing of Chesapeake’s launch of the “Declaration of Energy Dependence” is no coincidence. The NAT GAS Act is at a critical stage. It currently has 183 co-sponsors, but it is also being considered at a time when the United States is trying to reduce handouts from America’s taxpayers. But with the help a public relations army that even includes a methane gas funded television network, McClendon and Pickens are betting they can buy another handout for the fossil fuel industry.