NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
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.
Forward-Looking Statements
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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