Pickens Returns to Capitol Hill to Promote Natural Gas

Billionaire investor and self-proclaimed "oil man" T. Boone Pickens returned to Washington to give a presentation on the virtues of switching a bulk of American commercial fleets to natural gas. Pickens held a joint media event with former White House chief of staff, John Podesta, to advocate a tax break to owners of heavy trucks to switch from diesel to natural gas.

Pickens pointed out that about 20% of imported oil originates from a countries that the State Department deems dangerous for American travelers, "And that does not include Venezuela," added Mr. Podesta.

Mr. Pickens gave the argument that natural gas is 'clean' because "you don't need a refinery." Natural gas does have to be processed, however, to remove acid gas, sulfur, water, mercury, and other undesirable substances. It also requires considerable amounts of electricity to compress into the liquid natural gas fuel that Pickens is advocating. Despite the processing and electricity required, natural gas burns cleaner than oil. For each unit of energy gained from burning natural gas, 29% less carbon dioxide and 99.4% less sulfur dioxide will be released into the atmosphere when compared to oil-based fuels. Natural gas does release about 33% more carbon monoxide than gasoline, however.

Another benefit to increased natural gas use, as Pickens advocates, is a reduced demand for foreign oil. According to the legislation that he and Podesta are backing, enough of America's heavy truck fleet will convert to CNG in the next seven years to reduce oil imports by about 8%, representing a savings of $42 million or more each day.