What U.S. Needs Is Long-Term Comprehensive Energy Policy 23 comments
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President Obama recently touted plans for higher car and truck fuel-efficiency standards. Under the changes, the overall fleet average would have to be 35.5 mpg by 2016, with passenger cars reaching 39 mpg and light trucks hitting 30 mpg.
He said:
Consumers pay less for fuel, which means less money going overseas and more money to save or spend here at home. The economy as a whole runs more efficiently by using less oil and producing less pollution. And companies like those here today have new incentives to create the technologies and the jobs that will provide smarter ways to power our vehicles.
Higher fuel-efficiency standards are obviously way overdue considering the economic, environmental, and national security issues facing the US as a result of its 65% dependence on foreign oil in an era of peak oil. However, the majority of these cars and trucks will still be running on gasoline derived from foreign oil. Although Obama believes US consumers will pay less for fuel as a result of these changes, he apparently assumes the price of oil (gasoline) won't increase more than enough to wipe out the efficiency gains. By 2016, many oil patch experts are again predicting very tight oil supplies due to the reduction in oil exploration and production budgets as a result of recent economic turmoil (in part brought about by the extremely high oil prices of 2007-2008). If oil prices merely double to $120/barrel by 2016, consumers will be paying just as much to fill up a 35.5 mpg vehicle as they are now spending to fill up a 24 mpg vehicle today. If the price of oil were to zoom to $200/barrel, well, church is out regardless. The point is, oil money will continue to poor out of the US at an ever increasing and alarming rate.
What the US really needs is a strategic long-term comprehensive energy policy centered on natural gas transportation fueled by US produced natural gas. Such a policy would reindustrialize the US, substantially reduce foreign oil imports, create good paying jobs, and put the US on track to solving its economic and environmental problems. However, Obama and Chu are "agnostic" on natural gas transportation and are big fans of "clean coal". Realistically, it appears the US will have to wait for the next administration to see robust natural gas transportation policies. Unfortunately, many believe the US doesn't have time to wait another 4 years for someone new to "get it right".
Meanwhile, China continues to scour the globe locking up oil resources in well documented deals in Russia, Brazil, Venezuela, and Africa. The US apparently pins it hopes on Canadian oil sands and the Pentagon/Petroleum relationship to enable Iraqi and Caspian Sea oil riches to reach world markets. This bottom line is that emerging oil demand in China, India, Russia, and the Middle East will mean much higher oil prices in the very near future.
US policymakers continue their attempts to fix a commodity problem (oil) with a cocktail of wrong-headed financial policies. These attempts will fail. As a result, American investors can bank on a future of much higher oil prices, a weaker currency, higher inflation, more economic deterioration, and a reduction in the standard of living in the years ahead. Under such a scenario, it makes sense to invest in gold bullion, oil and energy service stocks, and very little else. Your correspondent recommends British Petroleum (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Petrobras (PBR), Schlumberger (SLB), and Transocean (RIG).
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Hopefully the long overdue the new efficiency standards will cause manufacturers to consider EVs and NGVs as a way to meet them. Won't these non-gasoline vehicles, or EV-gas-NG hybrids, factor in to fleet averages?
Manufacturers may also look at EVs and NGVs as a way to make and sell comparatively larger vehicles than would be possible with strictly gasoline power. The primary way to squeeze the most miles from gasoline vehicles is to make them smaller and lighter.
Unfortunately the new standards are a mere piece of a new energy plan, not an end. The standards by themselves won't eliminate enough oil importation. If more vehicle-miles are consumed in these higher efficiency vehicles, we're not better off in regard to foreign oil dependence. Importation is a far greater problem than just consumer out-of-pocket cost - but again, the two are related.
How does the Administration get past this first step? They don't -- not without public outcry or an externally generated "crisis". The "crisis" scenario is far more likely in this country, given the sheeples' penchant for living on cruise control vs making proactive changes that require sacrifice and - gasp! - change.
As far as energy-related stocks go -- about 1/3rd of my positions -- I concur with your picks, especially Conoco among the oil bigs, and strongly recommend Noble (NE) as by far the cheapest and best run deep-water driller. Also take a look at National Oilwell-Varco (NOV), which is still dirt cheap and which dominates its niche. Disclosure: all three are part of my long term portfolio.
In case you missed it: good SA post on declining spare capacity:
tiny.cc/2iJlk
--R
1) ecnomic resurgence
2) energy security
3) environmental improvement through reduction in GHG's.
Every incremental BTU of domestic natural gas the United States prodcues and consumes:
1) reduces dollar outflows for imported oil producing immediate and intrinsic economic dividends for our nation
2) is a real step toward greater energy security for our nation
3) reduced United States demand for imported oil will lower the price of oil for every country on this planet
Multiple sources estimate that the United States has more than 100 years supply of natural gas at our current rate of comsumption.
Converting enough vechicles to run on compressed natural to equal a 5% increase in natural gas comsumption by this nation will
will reduce gasoline consumption buy approximately 500,000 bbls per day.
This administration's failure to recognize the strategic importance of the abundant United States natural gas resources recently made available through drilling and completion technological innovations is sinful.
The following is a Natural Gas Manifesto:
Every “mcf” of United States natural gas that is produced and consumed will not only benefit every citizen of our nation, it will also make this world a better place and pay real and tangible dividends to future generations.
Total world demand for oil will be reduced and the world price for oil will be lower. Energy for developing nations will be less expensive.
The world’s ecological / environmental situation will be improved due to lower “greenhouse gas” emissions.
Development of this nation’s natural gas provides real and absolute stimulus to our economy and credit system. This type of tangible absolute stimulus with its multiplier effect will produce significant and ongoing dividends for our nation.
Not only will the United States’ economy be stimulated, the dollar will be strengthened. Our nation’s deficits will be reduced more quickly.
The United States will be less vulnerable to “financial coercion” by foreign powers; the wealth now being transferred to oil producers will remain in the United States and can be used to benefit this nation’s future generations.
As the tangible benefits to the world and the United States are significant and compelling, there must be a single historic legislative act that articulates, memorializes, and provides gravitas to this monumental undertaking to ensure the future of the American dream and our national security.
To wit;
The United States of America Proclamation for Increased Energy Security (US PIES); Natural Gas Act of 2009
To move as expeditiously and conclusively as possible to avoid any further energy crises and in light of the now abundant supplies of natural gas with which our nation is blessed, the Congress of the United States of America hereby sets forth the Natural Gas Act of 2009 to bridge this nation’s destiny to increased energy independence.
In that our national security and economy are threatened and may be perilously further threatened and compromised by our nation’s current over dependence on imported oil and the concomitant transfer of our national wealth, it is imperative and essential our nation move with purpose and urgency to employ our God given natural gas resources and in so doing ensure the future strength and prosperity of our nation by increasing our energy security by reducing our dependence on foreign oil.
Elucidation: May God Almighty help forge these words with the flame of His Truth and Wisdom.
Illumination: Let the guiding light for this nation’s energy future be the glowing embers of the spirit of the Americans’ that have sacrificed and continue to sacrifice for our freedom, security and liberty to prosper. May these flames be light onto us.
The United States currently imports the majority of its oil from overseas National Oil Companies (NOC’s). This debilitating situation can be remedied.
Recent American technological breakthroughs, horizontal drilling and multi-stage fracture stimulation of reservoirs, have made the drilling and completing of natural gas wells much more efficient and productive and vast new reserves new of natural gas accessible here within our borders.
According to a recent study by Navigant Consulting Inc., the United States now has an estimated 2,247 trillion cubic feet of natural gas reserves, enough to last approximately 118 years at 2007 demand levels.
In that the world’s ecological future and world peace may be threatened by “global warming” and or having reached or in time soon reaching “world peak oil production”, it is imperative and essential our nation move with purpose and urgency to employ our God given natural gas resources and in so doing ensure to the maximum extent of our ability the energy security of the Untied Stats, the future world’s peace, prosperity and environmental harmony.
Note; this would be an expanded version of the New Alternative Transportation to Give Americans Solutions Act, that includes incentives for gas fired power generation and natural gas producers.
I realize all the above is easy to write and will require great effort and will not be unanimously embraced; however, there is much to be gained if we act.
There is all too much to be lost, if we do not act.
It is our American spirit and energy that make this nation great.
This natural resource is no longer supply constrained. It is demand constrained. U.S. gas supply increased by an unprecedented 8% in 2008 compared to 2007. The aforementioned new technologies make further substantial increases in our natural gas supply and consumption viable.
The development, distribution, and consumption of these abundant natural gas reserves provide the currently sought economic stimulus and creates powerful lasting long term dividends to this nation not seen since the construction of the interstate high system in the fifties or the WPA.
Natural gas is the fuel to power this nation’s economic resurgence as the world’s largest and most dynamic economy.
Natural gas is the “fast lane bridge” to this nation’s reducing dependence on imported oil.
Natural gas is the cleanest burning hydrocarbon fuel. Natural gas emits 45% less carbon dioxide than coal and 30% less carbon dioxide than oil. This transition fuel will provide the “time bridge” until solar, hydro, wind-power, and cleaner coal technologies become more available and cost effective.
New clean burning “natural gas” powered electric plants need to be constructed to reduce “greenhouse gases.”
Natural gas is the fuel for this nation’s future prosperity and growth. Increasing demand for natural gas will create tangible and lasting economic benefits for this nation; tangible and real and long lasting economic dividends and expeditious environmental benefits.
In line with the previously cited Navigant Consulting Inc. study, if we immediately doubled our current annual consumption we would have approximately sixty years to implement current “renewable” energy technologies and other heretofore undiscovered new technologies.
Boone Pickens Plan has stated every thousand cubic of domestically produced natural gas used for transportation could reduce the need for eight gallons of imported gasoline.
20,000,000,000,000 twenty trillion cubic feet per year =
20,000,000,000 20 billion MCF per year =
160,000,000,000 gallons of gasoline per year @ eight gallons per MCF =
3,809,523,810 barrels of gasoline per year =
10,437,052 barrels of gasoline per day
NYMEX April natural gas futures are now under four dollars per million cubic feet. In gross terms before pipeline transportation charges; eight gallons of gasoline can be purchased for fewer than four dollars.
Assuming $55 per barrel of imported oil, then for every additional trillion cubic feet of natural gas produced and utilized annually, we can reduce payments for imported oil to produce gasoline by approximately ten billion dollars per year.
Our nation currently consumes roughly 20 trillion cubic feet of gas a year. So doubling are current consumption of natural gas would reduce annual payments for imported oil by approximately $200 billion per year. The U.S. dollar would be stronger. To continue as the world’s leading nation, we need a strong dollar in this global economy.
In addition to this national savings, there would be tens of thousands of good high paying careers created in this country.
Every “drilling rig” directly employees about 40 people; indirect job creation can be expected to be 5 times the 40 direct jobs; or 240 direct and indirect jobs per drilling rig.
Current drilling rigs can be expected to have a useful life of at least 20 years.
Every one thousand additional drilling rigs would create 240,000 potential careers and the concomitant opportunities for advancement; careers, not temporary employment. These careers, these jobs cannot be transferred to other lesser developed countries.
Each new state of the art drilling rig required will cost about $ US 16 million
So, 1000 new rigs will provide an economic boost to machinery manufacturers, steel fabricators and others equal to $US 16 billion.
Additional tens of thousands of new jobs and opportunities will be created by expanding and revamping the nation’s natural gas pipe line and local distribution infrastructure.
The American automotive industry can be revitalized by being incentivized to manufacture compressed natural gas vehicles. In concert with the auto manufacturers, the car dealerships and automotive aftermarket industries should gear toward retrofitting existing vehicles with natural gas fuel capability.
A natural gas refueling” infrastructure will need to be added to the current refueling infrastructure; this will create further economic activity.
Legislation should require all government vehicles to be powered by natural gas.
United States industries such as steel, other metals, chemicals, and fertilizer will become more competitive in U.S. markets and possibly internationally. With lower fuel/power other U.S. industries will have the opportunity to return as competitive forces in the global market.
The misguided and wasteful “ethanol debacle” needs to be terminated immediately. Productive agricultural land needs to be used to feed the world’s hungry children. Natural gas should be used to fuel our automobiles. The United States can feed the world’s hungry children.
The United States needs to move will all haste to capitalize the new found abundance of this environmentally friendlier and plentiful resource.
The future of North American natural gas requires the development of unconventional resource basins, which require better economics for E&P companies.
• The basins require large scale drilling programs, advanced drilling techniques and technologies, and large amounts reservoir stimulation.
• These basins include shale gas, tight sands, and coalbed methane (CBM)
In the early 1980’s there were over 4,500 drilling rigs operating drilling for oil and gas on land in the U.S.A. 4,500 rigs active rigs is the all time high for this nation. Advanced technology produced 2008’s unprecedented supply increase with the natural gas rig count reaching a peak of 1,606 in late August
Right now, natural gas exploration and production companies are cutting their capital budgets and suspending drilling operations at unprecedented rate because the price of natural gas is too low.
The United States active drilling rig count has fallen precipitously to under 900 rigs at this time; tens of thousands of jobs and careers have been put on hold or lost.
An excerpt from the March 2009, Land Rig Newsletter Monthly Report follows:
Small oil and gas operators are worried about changes to federal tax law affecting the amortization of intangible drilling and completion costs. Operators say they can withstand efforts to change the item from an expense to amortization over three years, or even five. Get beyond half a decade and the impact on drilling would be devastating for the small, privately held companies who account for more than 40 percent of rig activity.
There is an oversupply of natural gas in storage as we continue to import foreign oil and dilute the U.S. dollar.
Increased natural gas consumption is the most logical, expedient and beneficial means for keeping the USA moving forward as the world's economic and international leader.
The greater the focus and effort put on powering our transportation and electricity generation needs with this now abundant resource, the sooner we, the USA, will move forward with tangible and lasting economic dividends for our nation.
• Reduced imported oil for gasoline
• Reduced greenhouse gases from cleaner burning natural gas
• Real and lasting tangible economic growth in the United States
• Strengthening of the U.S. dollar
It is sinful in light of the blessed abundance of this natural resource and national treasure, that we, the American people, currently send our hard earned dollars overseas to those who, in too many instances, oppose our best interest and even our existence.
Our nation’s currency is no longer backed by gold…
This all the more reason our energy security, economic prosperity and freedom, and our environmental future should be backed by “U.S. natural gas”.
Immediate and increasingly urgent economic, environmental, and national security issues will be powered forward by increase usage of natural gas.
The stifling national debt will be reduced and future generations' "American dream" and way of life will be illuminated and preserved by this value adding investment in America.
What is required to achieve this is the American peoples' supporting this vision (why would we not) and leadership with the courage to passionately ensure moving proactively forward with the vision.
I am very proud to work for
• an American company,
• a company registered in the United States,
• a company that pays its full United States taxes,
• a company that has recently invested billions of dollars in U.S, manufactured drilling equipment and machinery,
• a company that created thousands of safe high paying American jobs,
• a company that has been in business for nearly 90 years creating value and wealth for its shareholders and employees; a company I pray that will be in business for many more generations,
• an industry that has invested hundreds of billions of dollar to better the American peoples’ standard of living
• an industry that has provided millions of careers and hard earned well deserved retirements for its employees
• that has and will protect and preserve this nation’s interest by providing cost effective energy,
• an industry to which this nation can and must turn in this nations great time of need; I pray this nation’s government will not turn its back to this great industry in this great nation’s time of need.
My father, a World War 2 veteran, had only a sixth grade education, but because of his work ethic and the opportunities in the great American oil and gas industry he was able to retire with a good pension and medical benefits from a major oil company. I am sure there are hundreds of thousands of similar American “big oil” stories.
American “big oil” has led the effort throughout our history to bring energy and a higher standard of living to the people of the world while investing hundreds of billions of dollars and creating hundred thousands of careers. Yes, “big oil” has profited, but not any more so than other capital intensive and innovative enterprises. There have been mistakes, but the benefits to this nation and the world outweigh by order of magnitude the negatives.
Today, America’s much maligned “big oil” companies are faced with severe and unfair restrictions, terms, and conditions leveled at them by “national oil companies” that now control the vast majority of the world’s oil and gas reserves. These national oil companies in the large majority of the cases subsidize the cost of fuel and energy for their internal economic industries.
The “national oil companies” are controlled by governments that choose to artificially control prices, limit free enterprise, confiscate American investments, and maintain the American addiction to foreign oil and liquefied natural gas. There is great danger that U.S. natural gas industry will be inundated by a deluge of imported LNG, if this nation’s government does not act swiftly and decisively to counter our nation’s increasing dependence on foreign sources of energy.
Today our nation’s economy is melting from the destructive heat of criminal avarice.
Greed that seeks to gain at the imperilment of the innocent people of this nation; premeditated greed and avarice that have stolen innocent peoples’ dreams while decimating the value of years of hard work and destroying hopes for higher education or golden years.
Meanwhile, the great American oil and gas industry that has once again discovered and created new value through visionary investment, innovation, technology, and plain old hard work finds itself being slowly and painfully paralyzed while our government flounders about attempting to bail the masters of greed out of their self-created toxic morass.
By supporting natural gas development in the United States we can begin to end the misguided and senseless dissolution of the "health and wealth of this great nation’s and this planet's future".
The American dream is not a pipe dream! Wake up!
Our government needs to step boldly forward out of this toxic quagmire and put forth the necessary legislation and tax incentives to stimulate natural gas usage in this country! This is real economic stimulus. This is absolutely imperative for the security and the well being of future generations of this great nation.
We have to move forward purposefully with the development of the God given resources we have to create value and wealth for this nation’s people. Let’s get on with it!
We owe it to future generations! Exploiting and developing this nation’s abundant natural gas supply is simply the common sense use of this nation’s God given resources. To paraphrase the heroic passengers of 11 September 2001, “Let’s roll with natural gas!”
May God speed and continue to bless this nation.
free markets work better than any government.
If the price of oil increases....demand will decrease.....while you are right that the price of oil will continue to increase....I highly doubt people will drive anything near the mileage they would when oil is $300-600/barrel. I would say that a lot of people driving now would be completely priced out of the market. Lots of older less efficient cars would be retired because they are inefficient and the people who owned them literally could not drive. Automakers would make vehicles that were not powered by gasoline....and those first to the markets would be rewarded handsomely.
See.....by the government mandating high MPG cars....we just are laying the foundation for increased sustainable prices now that everyone can drive the same mileage while paying twice the cost for gasoline. I love being an oil investor.....as the price per barrel can go up fourfold....gasoline two fold....and the consumer pays the same cost for gasoline as today...but their car is twice as efficient.
Loven it.
Change comes from need......and the best solutions will present themselves in times of need. I have read the hirsch report and the time it would take to transfer over fleets, get ready for peak oil, etc....but I also understand that lots of people in the USA could easily half their demand.....might not be as many trips....and some people might lose their job...but jobs will become available elsewhere....either making the next gen cars....or making homes more energy efficient...etc.
government, you or I, do not know whats best for someone else...
AO: couldn't agree more with your views on natural gas!
andy1234: you say as the price of oil rises, demand will decrease. true to a point. discretionary driving decreases, but in a surburban society like the US that depends on the automobile (and the gasoline that fuels it), demand will only decrease so much. then, it becomes an economic drag, and that is what we are experiencing now after 2008's $145/barrel oil. so, it is obviously a matter of economic and national security. however, from the sound of your last sentence, it appears you think the US government should do nothing at all about our dependence on foreign oil imports. i certainly disagree with that premise! i can think of nothing more dangerous to the future of the US than doing nothing to mitigate our greatest threat: dependence on foreign oil.
in 1953 the policy was 'pump america dry, keep out imports'.
in 2001-2008, the policy was 'enrich exxon' or 'enrich KBR'.
since energy = politics and politics = energy, progress is difficult. too many entities like to keep the energy business just like it is.
keep reading the headlines, after a while you will find that the chinese government has taken over the iraqi oil fields while we were diverted by other things.
> jack
andy1234: right, free markets will work better than any government mandates. CAFE has forced the American automakers to make many bad decisions while allowing low-priced import competition to take control of our home market. The only reason any foreign automakers make/assemble cars in the US is because we keep devaluing the dollar.
Other companies, like Toyota, honda etc do not have anything near the obligations like the american companies have.....they don't have pension plans or unions..etc.
There is probably other reasons as well......and these companies were built around quality control....which was taught to them by the USA.
On May 22 09:48 AM La Marque wrote:
> We do need a real energy policy. The Pickens Plan is a great place
> to start.
> andy1234: right, free markets will work better than any government
> mandates. CAFE has forced the American automakers to make many bad
> decisions while allowing low-priced import competition to take control
> of our home market. The only reason any foreign automakers make/assemble
> cars in the US is because we keep devaluing the dollar.
All these solutions and government interventions/policies infringe on the very right of individuals.
I am not concerned about exporting money overseas......as this could very well be our own collective decision to ruin our own country...but thats our decision to make.
So you are saying that the government or you can make better decisions than the collective decisions of everyone in the market?
Who are you to decide what I or someone else does? Who are you to decide that NG is the best decision? What authority does ANYONE IN AMERICA including GOVERNMENT and the PRESIDENT have to tell me how to live my life?
The ONLY sound reasoning I could see is from an environmental stand point.......but nothing should be implemented from an economic one....because that requires/uses force/decision making by someone to implement a solution which is not market based...and that solution could be a corrupt one, not the best solution, costs us our economy because it is far less efficient than another...etc .
LaMarque: i support the pickens plan, but it has two major faults:
1) pickens is focusing only on fleets. this won't significantly reduce foreign oil imports. we need to push NGVs into middle class america in order to cut 5-8 million barrels of imported oil per day
2) pickens wants to remove nat gas from electrical generation. this is bad! instead, we should be replacing dirty coal-fired electrical generation plants with nat gas generation.
ferdinalbanks: the main problem with the cap-n-trade proposals that i see is they will give free coupons to coal burning plants, so, they will keep on operating. any system that is implemented should make it increasingly hard to burn coal and should stimulate more natural gas electrical generation. otherwise, it simply won't meet its objectives. but, can you really expect any president who supports "clean coal" (an oxymoron if ever there was one) to implement fair cap-n-trade on coal burning utilities?
dan powers: i absolutely agree - the US needs to implement taxes on imported oil and gasoline right away, and publish a schedule that shows how this tax will increase every year over the next decade. and you are correct, it is the only way business and investors can plan wisely.
Andy1234: well, then i suppose you didn't like the US government participation in building the interstate highway system, the intercontinental telegraph and telephone systems, the man on the moon, and the internet. all these were developed by the government and paid ALL americans dividends for DECADES. the energy crisis and challenges simply cannot be met without government involvement. the magnitude of the problem is too large. what is infringing on americans' rights is a government that is turning increasingly more fascist everyday because of the economic strains caused by our addiction to foreign oil (!). you're not "concerned about exporting money overseas"?!? well, there is no point in debating you further as your economic and national security viewpoints are beyond my comprehension. that said, you should be very happy that the US government and media is ignoring the crisis and letting things proceed exactly as they have and apparently as you like. however, i bet you won't be happy at the results this reliance on "free markets" will achieve. i'll check back with you in 5 years after the dollar has dropped like a rock, millions more lose their jobs, your investments have shrivelled, and their is rioting in the streets when people can't afford, or, worse yet, can't even obtain gasoline.
President Obama has not claimed he or his administration has all the answers, his energy task force is open to suggestions and comments, but he is committed to an energy policy that will define our sources of energy for the foreseeable future so that we can proceed with our lives knowing how we will obtain our energy sources and plan accordingly.
I think China, Russia and other countries are buying commodities because they want to reduce their dollar holdings, as they think the dollar will lose value over time. As long as people are willing to exchange their goods, services and/or assets for dollars, why not stock up on things your economy will need no matter the usage rate of said commodity?
Is there any doubt which one would be more economically efficient in accomplishing his goal of reducing oil imports?
www.marketwire.com/pre...
There is now a bill in Congress, H.R. 1835, which is known as the NAT GAS Act. This bill - which has generated more than 35 co-sponsors from both sides of the aisle -
www.huffingtonpost.com...
TinyTim: i agree with you completely. the US should be doing both. we should begin a process of raising foreign oil and gasoline taxes that is gradually ramped up over say the next 5 years, and clearly published so that energy, automaker, and business executives could make plans based on the knowledge of what is to come. we should use the revenue generated to build out the natural gas transportation infrastructure.
koolsool: you are right that some in corporate america are turning on to natural gas transportation. and i agree, it is almost criminal how the administration is neglecting (or, as chu says, being "agnostic") natural gas initiatives. i wish someone in a press conference would simply ask obama how he intends to reduce foreign oil imports without leveraging US domestic natural gas reserves. i would love to see his answer. of course, in this day of media handling, we'd never see such a question to begin with. and that is a sad testiment to the US government AND medias effectiveness to deal head-on with tough challenges (i.e. we appear to just ignore them and stay in a state of denial).
pragmattist: if your point is that progress is being made, i agree. however, it is much to slow, and HR1835 hasn't been passed yet. will it? who knows. it obviously should, but that means nothing in congress these days. all that aside, progress on natural gas transportation is not going to accelerate until our commander and chief clearly articulates to the american people why it is imperative we adopt natural gas transportation. i see no signs that obama will do so. so, i wait until the next election and hope someone comes along who will. that said, i am not sure we have another 4 years to waste after the past 8 years.
Fiat will have the right to earn up to 15% in additional equity in three tranches of 5% – each in exchange for meeting performance metrics, including introducing a vehicle produced at a Chrysler factory in the U.S. that performs at 40 mpg; providing Chrysler with a distribution network in numerous foreign jurisdictions; and manufacturing state-of-the art, next generation engines at a U.S Chrysler facility.
www.treas.gov/press/re...