Oil tycoon T. Boone Pickens is trying to disprove F. Scott Fitzgerald's maxim, "There are no second acts in American lives." Pickens' second act is to make money in energy sources subsidized by taxpayers.
Wind was his 2.0, but despite the generosity of the federal government, Pickens ascertained that he couldn't earn much from windmills. Pickens 2.1 involves natural gas--and it includes tax credits--which of course means government subsidies. The Pickens' backed NAT GAS Act (H.R. 1380) is pending in Congress--and it could provide tax credits
from $7,500 to $64,000 per vehicle. Fuel from natural gas will need to be liquefied or compressed--and the legislation proposes a 50 cent per gallon tax credit for the fuels.
Forbes calls it
"bi-partisan pork." Some Republican legislators have wised up and
are backing away from the Pickens' bill.
Do you want more? "In other words, this bill basically lends credibility to the EPA's ability to regulate greenhouse gas emissions, something opposed to by many Republicans in Congress,"
says Club for Growth President Chris Chocola. "Therefore, the Club for Growth cannot help but conclude that anyone who remains a sponsor of this bill is a supporter of Obama's desire to regulate climate change through the EPA."
Have you had enough? George Soros has been investing in alternative energy lately,
including new uses of natural gas.
Pickens learned that wind blows. Now he wants to use natural gas to suck money out of the federal government.
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