Natural Gas Vehicle Law May Pass This Year, Pickens Says:Buy Natural Gas futures
DIPIN
Natural Gas Vehicle Law May Pass This Year, Pickens Says
Boone Pickens, founder and chairman of Dallas-based BP Capital LLC, said a bill to help convert the U.S. trucking fleets to natural gas may pass Congress by year- end with bipartisan support.
Pickens wants buses and trucks that run on natural gas to replace the diesel and gasoline engines that contribute to global warming and increase U.S. oil imports that cost the country as much as $1 billion a day.
The measure, which Senate Majority Leader Harry Reid introduced in September, has support from Republicans and Democrats and may be the first major legislation during the Obama administration to win support from both parties, Pickens said.
“There’s more than a 50-50 chance it will pass in the lame-duck session,” Pickens, 82, said today in an interview at Bloomberg headquarters in New York. “I’m talking to senators on both sides of the aisle that say they will vote for this bill.”
The legislation aims to cut oil imports by developing non- petroleum vehicles and create more than 100,000 factory and construction jobs.
“This is extremely important legislation,” Reid said today in an interview after delaying a procedural vote on the bill. “There is some dispute as to what the pay-for should be. Hopefully, we can work it out before the end of this year.”
Reid, a Nevada Democrat, wants as much as $4.5 billion in aid for natural-gas vehicles and $2 billion in loans for companies that build vehicles running on natural gas. The legislation also includes $3.5 billion for electric vehicles.
The subsidies for natural-gas and electric vehicles, including consumer rebates that range from $8,000 to $64,000, would be funded in part by increasing the U.S. Oil Spill Liability Trust Fund fee on companies from 8 cents a barrel to 21 cents, according to the bill.
The above bill if passed can lead to an unprecedented rally in the Natural Gas futures.Also technically Natural Gas trading between 3.7-4$ and Rs 170-175 in the current month on MCX is the most oversold among all the widely traded commodities.The actual inventory for the current week rose less than the expected today.
We recommend buying Natural Gas current month and far month futures with price target 185-195 and 210 in near to medium term
Dipin Kwatra9810063616
DIPIN
With Natural Gas current month futures @192 and far month futures at
201 one can book partial profits here for longs initiated in the
range of 175-180 for and 185-190 for current month and far month
futures of Natural Gas
On Nov 18, 11:17 pm, DIPIN <dipcal...@gmail.com> wrote:
> *Natural Gas Vehicle Law May Pass This Year, Pickens Says*
> price target 185-195 and 210 in near to medium term*
> Dipin Kwatra
> 9810063616