Mr Emanuel’s proposal also includes incentives and tax credits that will result in the addition of natural gas pumps at 20,000 fueling stations across the US. The legislation will be formally introduced in July 2008.
The bill offers a $90,000 tax credit to encourage gas station owners to install natural gas fuel pumps. It provides $2.6 billion in bonding authority to states to provide no or low-interest loans to service stations to install natural gas pumps.
The legislation will also require gas stations owned by major oil companies, to install at least one natural gas pump in each station by 2018. It also includes tax credits for drivers who convert their cars to allow them to run on natural gas and for those who own home ‘Phill’ units, a device that can be installed in a garage to allow drivers to refuel their car with their home gas line.
Mr Emanuel said: Natural gas is cheap, green and US-made and its time we encouraged the use of natural gas vehicles here in the US. Drivers should be able to buy a car that runs on a cleaner fuel that is currently half the cost of gas. Developing cars that run on natural gas and making it available at the gas station or at home will save money for consumers and help end our dependence on foreign oil.