A key element of the Obama Administration’s energy policy is the New Alternative Transportation to Give Americans Solutions Act of 2011 (“NAT GAS Act“):
President Obama’s call this week for the passage of the NAT GAS Act as part of his new federal energy blueprint, is a call to action for supporters of compressed natural gas vehicles. According to the President: “Last year, more than 150 Members of Congress from both sides of the aisle proposed legislation providing incentives to use clean-burning natural gas in our vehicles instead of oil. They were even joined by T. Boone Pickens, a businessman who made his fortune on oil. So I ask them to keep at it.”
What is the ‘Nat Gas Act’? It’s an array of energy subsidies designed to increase demand for natural gas:
The NAT GAS Act provides tax credits of up to $4,000 per vehicle to NGV manufacturers; $7,500 per vehicle to consumers who purchase light-duty cars; $64,000 per vehicle for those who buy heavy trucks; $2,000 for consumers who install home refueling units; $100,000 for businesses that install commercial fueling stations; a 50-cent per gallon credit for consumers who use natural gas fuel for transportation; and large block grants for the development of new NGVs and natural gas engines.
In other words, it’s a government subsidy program designed to ensure that certain players become ‘winners’ in the energy marketplace.
Which players are poised to become ‘winners’? According to The Daily Caller, one of the biggest winners will be none other than George Soros:
As stock-watcher GuruFocus wrote in “Stocks that George Soros Keeps Buying,” [George] Soros has accumulated 5.5 million shares in something called Westport Innovations Inc. (WPRT).
GuruFocus noted Soros “added his positions in the Dec. 31, 2010 quarter by 38.98%, again in the Mar. 31, 2011 quarter by 22.56%. Soros bought a massive 1.8 million shares at the early of 2010, and he has been buying ever since . . . and his holdings has [sic] steadily and interestingly increased by 1 million every quarter, this is a stock that should be looked more closely and for understanding why he has so much confidence in this stock. No other guru but one currently has any shares of this stock and that guru only owns 280,000 shares not 5.5 million.”
Answering this question somewhat, StreetInsider.com’s latest missive reads, “Westport (WPRT) Set to Explode Upon Passage of Nat Gas Act — [CNBC’s Jim] Cramer.”