NEWPORT BEACH, CALIF. – Within the Highway Trust Fund legislation passed by both Houses of the U.S. Congress this week and expected to be signed by President Obama, is a provision to equalize the federal tax on liquefied natural gas (LNG) to an energy-equivalent basis with diesel and gasoline. The result will lower the tax on LNG by 14.1 cents per gallon. Twenty-six State Legislatures have already taken similar action.
The following statement is attributed to Andrew J. Littlefair, president and CEO of Clean Energy Fuels Corp. (NASDAQ: CLNE).
“The use of LNG as a transportation fuel continues to grow in heavy-duty trucks, locomotives and large ships because it burns cleaner and the price is reliably lower due to the fact that it originates from North America. Anyone who cares about a cleaner environment and energy independence should be very grateful for what the U.S. Congress did this week by making LNG that much more competitive as a transportation fuel of choice.”
Natural gas fuel costs up to $1.00 less than gasoline or diesel, depending on local market conditions, and also reduces greenhouse gas emissions up to 30% in light-duty vehicles and 23% in medium to heavy-duty vehicles. In addition, nearly all natural gas consumed in North America is produced domestically.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and LNG fueling stations; manufacture CNG and LNG equipment and technologies; develop renewable natural gas (RNG) production facilities; and deliver more CNG, LNG and Redeem RNG fuel than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about President Obama signing the Highway Trust Fund legislation, the growth in use of LNG as a transportation fuel, and the benefits of natural gas relative to gasoline and diesel. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including, without limitation, the price of natural gas relative to gasoline and diesel, and the cost and operating experience associated with natural gas vehicles. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
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