Soros, others set to cash in on Natural Gas Act payday

George Soros and other top contributors to Democrats are one step closer to making millions of dollars off their natural gas investments, thanks to tax breaks and subsidies included in the Natural Gas Act which was filed March 5 as an amendment to the highway bill. Capitol Hill sources report that a ruling by Senate Majority Leader Harry Reid (D-Nev.) will allow the Natural Gas Act to be included in Senate Res. 1813, “Moving Ahead for Progress in the 21st Century America Fast Forward Financing Innovation Act of 2011,” commonly referred to as the highway bill. The highway bill was debated by the Senate Tuesday. Sen. Robert Menendez (D-N.J.), who filed the Senate’s version of the Nat Gas Act in November, told us he added it to the highway bill last night. Chief among the beneficiaries of the Natural Gas Act is Soros Fund Management, which according to federal filings, owns 6.6 percent of Westport Innovations, a Vancouver, British Columbia-based natural gas engine distributor and manufacturer. The fund’s position is worth more than $135 million at today’s stock market price. Westport, with three partner factories in China, is a global leader in fuel systems and conversion kits. Known on Capitol Hill as the “Nat Gas Act,” the proposal will extend federal tax credits for the purchase and operation of natural gas-powered vehicles; provide subsidies for the manufacture of natural gas engines, the establishment of a national system of privately held natural gas storage facilities and refueling stations. The legislation would also facilitate the migration of government-owned vehicle fleets to natural gas use. The largest individual shareholder in Westport is Kevin G. Douglas, whose 2,990.431 shares are worth more than $125 million. With his wife Michelle, the couple own, directly and indirectly, 17 percent of Westport, according to the couple’s filings with the Securities and Exchange Commission. Douglas and his wife Michelle M. contributed more than $130,000 to President Barack Obama and Democrats, according to Federal Election Commission records...more