Public outrage at cronyism and corporate welfare is growing—and
that’s all to the good. But don’t expect well-connected special
interests and politicians to go gentle into that good night.
Especially if they think the darkness can be dispelled via energy subsidies that are
supposed to lead to green jobs, lower gas prices, and energy
independence.
The latest energy boondoggle on the table involves the natural gas industry and is called the New Alternative Transportation to Give Americans Solutions Act (NATGAS Act). The bill would provide subsidies for the manufacture and purchase of cars that run on natural gas, the conversion of commercial trucks from diesel to natural gas, the creation of natural-gas filling stations, and tax preferences to favor the use of natural gas over other energy sources. All told, NATGAS could end up costing taxpayers somewhere from $3.8 billion annually (according to the Joint Committee on Taxation) to as much as $14 billion a year by other estimates.
Like many bad ideas, it has bipartisan support, with politicians such as Tom Cole, Charlie Rangel, Ron Paul, and Harry Reid all pushing for its passage. The bill has stalled in Congress, coming up nine votes short of the filibuster-proof 60 votes in the Senate. But with nearly 180 co-sponsors in the House, it’s likely to be reintroduced after the election. Having big players in the natural gas industry such as T. Boone Pickens and Chesapeake Energy pushing the bill will only make its resurrection all but certain.
Read more: http://reason.com/archives/2012/11/06/natural-gas-industry-cozies-up-to-washin
The latest energy boondoggle on the table involves the natural gas industry and is called the New Alternative Transportation to Give Americans Solutions Act (NATGAS Act). The bill would provide subsidies for the manufacture and purchase of cars that run on natural gas, the conversion of commercial trucks from diesel to natural gas, the creation of natural-gas filling stations, and tax preferences to favor the use of natural gas over other energy sources. All told, NATGAS could end up costing taxpayers somewhere from $3.8 billion annually (according to the Joint Committee on Taxation) to as much as $14 billion a year by other estimates.
Like many bad ideas, it has bipartisan support, with politicians such as Tom Cole, Charlie Rangel, Ron Paul, and Harry Reid all pushing for its passage. The bill has stalled in Congress, coming up nine votes short of the filibuster-proof 60 votes in the Senate. But with nearly 180 co-sponsors in the House, it’s likely to be reintroduced after the election. Having big players in the natural gas industry such as T. Boone Pickens and Chesapeake Energy pushing the bill will only make its resurrection all but certain.
Read more: http://reason.com/archives/2012/11/06/natural-gas-industry-cozies-up-to-washin
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