Wednesday, June 15, 2011

Republicans, Lujan, Heinrich and T. Boone Pickens

So far, 84 Republicans have joined with Obama, Pelosi & Al Gore in supporting H.R. 1380 a.k.a the T. Boone Pickens Natural Gas Bill. This Washington Times editorial nicely summarizes the core of the bill:
The Pickens plan is no longer just about windmills. It aims to create an artificial market for natural gas through billions of dollars worth of subsidies and tax credits for the conversion of an as-yet unknown number of vehicles and filling stations to natural gas. The plan will provide a $100,000 tax credit for every filling station that converts to natural gas, $64,000 in subsidies for trucks and up to an $11,500 subsidy for every natural gas car.

"Artificial markets" and "subsidies" are hardly a free market approach to energy policy. Worse, these R's seem to have reverted to their old tricks:

...the bill is a perfect example of crony capitalism, and the GOP takes a great risk with tea party members if they go through with it. T. Boone Pickens has spent millions courting lawmakers for this legislation. He also just happens to be the largest shareholder in Clean Energy Fuels, which owns 200 natural gas stations across the country. Clean Energy Fuels owns BAF Technologies, which is one of the largest companies that converts vehicles to run on natural gas, and Mr. Pickens also owns the mineral rights to almost 200,000 acres believed to have significant natural gas reserves. He’s lined it all up for personal profit, and now just needs the bill to pass and be signed into law. In supporting the Pickens bill, Republicans are playing the same Washington game they ran against in 2010. This bill, if enacted, would make Mr. Pickens a fortune, give the president a victory, insert government further into the marketplace and hand the taxpayers a huge bill.

NM Dem. Reps Heinrich & Lujan are cosponsors of the bill, and it seems to be right down their big gov't alley, although one must question what ties they have to Pickens and why they would support a bill which so blatantly enriches the West Texan.

NM Rep. Pearce is not listed as a cosponsor.

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