China Gives Thumbs Up to 'Pickens Plan'
by Tom McGregor    Thu, Nov 1, 2012, 11:18 PM

Account Liquid.jpgBEIJING:  Recent global discoveries of massive shale gas reserves along with more innovative drilling techniques known as fracking has boosted natural gas (LNG) supplies. However, more infrastructures is necessary to utilize the increased supply.

China will embark on a bold strategy to encourage auto companies to manufacture at least 1.5 million natural gas-powered vehicles in the country by 2015. If this dream turns into reality, the country could transform into the world's largest market for natural gas automobiles.

LNG vehicles can reduce carbon emissions, since it's a cleaner and cheaper burning fuel. Even a major player in the Texas oil and gas industry is touting a similar plan in the United States. Billionaire energy tycoon T. Boone Pickens has dubbed his proposal, The Pickens Plan.

"From the beginning, the Pickens Plan was focused like a laser on getting American 8-million heavy-duty trucks on domestic natural gas, rather than continue to run on imported diesel," he wrote in the Houston Chronicle.

He added, "using natural gas as a fuel for 18-wheelers was a good idea at $12 per Mcf. Using natural gas as a fuel for the over-the-road trucks at $3 per Mcf is cheaper than imported diesel by a full $1 equivalent."

Apparently, Beijing appears to endorse the concept, since the US Energy Information Agency had announced that China holds the world's largest shale gas reserves with recoverable resources estimated at 1,275 trillion cubic feet.

To read the entire article from the China Daily, link here:

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written by Jonathan Green , November 02, 2012

Obama dared to cross that line with a new campaign ad. Entitled "Collapse," the spot targets Mitt Romney's over-the-top and recklessly untrue claim that as a consequence of Obama bailing-out the auto industry, Chrysler is moving Jeep production jobs from the United States to China. Romney, as I've reported, invested heavily in firms that outsourced (or exploited outsourcing) to China when he was leading Bain Capital. (See here and here.) Yet in the closing days of the 2012 campaign, Romney has been trying to turn Obama's strength (he saved Detroit) into a liability by making a phony charge about Jeep jobs. Numerous media accounts have noted that Romney is dead wrong, and Chrysler itself has declared this is a false claim. Romney, as is his practice, has refused to apologize.

So in this ad, the Obama campaign notes, "after Romney’s false claim of Jeep outsourcing to China, Chrysler itself has refuted Romney's lie." It's a bit of a glancing blow. The ad, which also highlights Romney's past opposition to Obama's auto industry rescue, does not use the other l-word: "liar." Yet at the end, it nearly says that: "Mitt Romney: wrong then; dishonest now."

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