On Thursday, Congress heard testimony regarding a bill that promotes natural gas development.
Clean Energy Fuels CEO Andrew Littlefair was one of several people to testify before the House Ways and Means Committee on behalf of the bill. After addressing the committee, and told Cramer he "feels good" about federal approval of the bill.
The New Alternative Transportation to Give Americans Solutions of 2011 is best known as the NatGas bill, or H.R. 1380. It amends the Internal Revenue Code to allow credits to promote investment in natural gas and in producing nat gas-powered vehicles, among other incentives. It would cost $5 billion over five years. Sullivan said not only would it help lessen U.S. dependence on foreign oil, it would create jobs, too.
Rep. John Sullivan, R-Okla., along with Reps. Dan Boren, D-Okla., John Larson, D-Conn. and Kevin Brady, R-Texas introduced the bill in April. It had 76 original co-sponsors. To appease the fiscally-conservative members, Sullivan stripped the bill of any federal mandates and subsidies. In an earlier interview with Cramer, Sullivan said he also reduced the authorization of the tax credit from 17 years to 5 years.
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