The New Alternative Transportation to Give Americans Solutions Act of 2011, or NATGAS Act, subsidizes cars running on natural gas. Proponents in the House and Senate want to stick the measure into a year-end, must-pass omnibus spending bill or tax-extender package. Pickens is the bill's original author, chief lobbyist and prime beneficiary: He owns 41 percent of Clean Energy Fuels, which has the largest natural-gas truck-fueling station in the world and plans to set up a series of similar fueling stations around the country -- if it can get the subsidies. In a filing with the Securities and Exchange Commission, Clean Energy Fuels admits it is subsidy-dependent: "Our business plan and the ability of our business to successfully grow depends in part on the extension of the federal fuel excise tax credit for natural gas vehicle fuel, the reinstatement and extension of the federal income tax credit for the purchase of natural gas vehicles and the passage of legislation providing for additional incentives for the sale and use of natural gas vehicles." That's all in the NATGAS Act. Pickens' gain would be at the expense of everyone who uses natural gas, which will spike in price thanks to increased demand. Primary among natural-gas users is the fertilizer industry. One of the world's largest fertilizer sellers is Koch Fertilizer, a subsidiary of the politically connected Koch Industries. Koch (owned by pro-free-market businessmen Charles and David Koch, who are in the top 1 percent of even the Forbes 400) has led the resistance to Pickens' bill. So in this age of multiplying bailouts and subsidies what does it take to thwart a billionaire seeking federal handouts? It might just be two multibillionaires not willing to pick up some other guy's tab...more
If the bill were to pass, Pickens could make up to $100 million on stock options. That would buy a helluva ranch for Madeleine and her wild horses.
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