Has the U.S. have realized that natural gas has to be harnessed as a fuel for vehicles?
That was the question on Cramer's mind Monday after a newspaper reported two senators are set to introduce legislation that would provide juicy incentives to trucking companies for buying nat gas-powered vehicles. Right now, most over-the-road truck engines use diesel fuel and are responsible for 25 percent of the oil imported into the USA. This legislation would change that.
Senators Robert Menendez (D-N.J.) and Richard Burr (R-N.C.) are behind the legislation, which is also known as the Pickens Plan. Named for T. Boone Pickens, an oil man who has pushed for domestic fuel independence by way of alternative energy sources. This legislation has failed before, but Cramer thinks it has better prospects now for a few reasons.
First, Cramer said the nat gas story is more well known. Recent finds in several states has encouraged politicians to push this issue because it would create jobs and lessen the U.S.'s dependency on foreign oil. Second, higher oil prices coupled with the apparent natural gas glut make nat gas appealing. Finally, President Obama has come out in support of nat gas after the last time the issue died. Cramer thinks Obama's support could get things going.
If the legislation goes through, Cramer thinks it would be a huge gain for Chesapeake Energy , Devon Energy ,EQT Corp. and Southwestern Energy . It may also bode well for Clean Energy Fuels , which is a national nat gas fueling station chain operator.
Cramer doesn't think this legislation is a shoe-in, but he does feel good about its chances.
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