U.S. Senate defeats natural gas vehicle proposal backed by T. Boone Pickens

A proposal that would offer tax credits to spur the production and purchase of natural gas vehicles gets a majority in the Senate but fails to meet the 60-vote threshold set for amendments.
by Chris Casteel Published: March 14, 2012
Advertisement
;

The U.S. Senate on Tuesday defeated a bipartisan proposal backed by energy investor T. Boone Pickens to spur the production of natural gas vehicles.

The proposal needed 60 votes to be approved as an amendment to a bill renewing highway construction programs, but it only got 51, mostly from Democrats. Oklahoma's senators split, with Sen. Tom Coburn, R-Muskogee, voting for it and Sen. Jim Inhofe, R-Tulsa, voting against.

Offered by Sens. Robert Menendez, D-N.J., and Richard Burr, R-N.C., the bill would offer tax credits for the production and purchase of natural gas vehicles and offset the cost to the U.S. Treasury by imposing a fee on the gas used to fuel the vehicles.

Several conservative groups have come out against the proposal, contending that it would use taxpayer subsidies to back a favored energy source.

Menendez argued that natural gas was plentiful and cheaper than gasoline and diesel. Burr said creating more demand for natural gas was the key to keeping prices low because some companies are already abandoning natural gas drilling projects because of the supply glut.

Pickens has pushed hard for the legislation, saying the country could dramatically reduce its oil imports just by having heavy trucks run on natural gas. Chesapeake Energy CEO Aubrey McClendon has also promoted the bill.

Continue reading this story on the...

by Chris Casteel
Washington Bureau
Chris Casteel began working for The Oklahoman's Norman bureau in 1982 while a student at the University of Oklahoma. After covering the police beat, federal courts and the state Legislature in Oklahoma City, he moved to Washington in 1990, where...
+ show more


Also ...

Wind tax credit fails

An extension of a longtime federal tax credit for wind energy production failed Tuesday in the U.S. Senate.

The amendment to a transportation funding bill failed to gain 60 votes for further action. The vote was 49-49, with Oklahoma's Republican senators, Tom Coburn and Jim Inhofe, voting against the amendment.

The measure would have extended a 2.2-cent per kilowatt-hour tax credit for wind energy production that will expire Dec. 31. The credit dates to 1992.

PAUL MONIES, BUSINESS WRITER

Trending Now


AROUND THE WEB

  1. 1
    Local authorities say they're unlikely to use armored vehicles should civil unrest occur
  2. 2
    Lee Corso drinks Stone Cold Steve Austin's beer, shoots guns on College GameDay
  3. 3
    OSU football: 'Trail of Tears' College GameDay sign condemned by university
  4. 4
    Erasing Your Bad Memories May Soon Be Possible
  5. 5
    Supermarket Donates Ice Cube Sales To ALS, Challenges Competitors To Do The Same
+ show more