Clean Energy Says Alternative Fuel Tax Credits Extension is Critical to US Goals
SEAL BEACH, Calif., Apr 15, 2008 (BUSINESS WIRE) -- Andrew J. Littlefair, President and CEO of Clean Energy Fuels Corp. (Nasdaq: CLNE), today urged House and Senate conferees on the Farm Bill (H.R. 2419) to extend the existing alternative fuel excise tax and infrastructure income tax credits.
"These credits have promoted sound transportation fueling policy in the United States by expanding the use of natural gas as a vehicle fuel and expanding the natural gas vehicle fueling infrastructure to support a greater number of vehicles and fleets," Mr. Littlefair said. "Since the credits were first enacted, the use of natural gas as a vehicle fuel has increased dramatically. The impact on our country's stated goals for energy independence is beginning to be felt. The benefit for the environment and public health is dramatic as clean fuels such as natural gas are used in place of dirty and toxic diesel. More recently, the economic value of using natural gas as a vehicle fuel has become clearly evident as lower-cost natural gas has helped fleets and individuals to offset the rapid price increases of gasoline and diesel."
"Clean Energy fuels more than 14,000 vehicles daily from strategic locations across the country. Almost 98% of that fuel is produced in North America (85% in the US and the balance in Canada), while more than 60% of the petroleum we use is imported. Our industry's goal to displace 10 billion gallons of petroleum use by 2025 will be helped measurably if the tax credits are retained to continue encouraging the widespread use of alternative fuels for transportation," Mr. Littlefair concluded.
About Clean Energy
Clean Energy, based in Seal Beach, Calif., is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, regional trucking, airport and municipal fleet markets, fueling more than 14,000 vehicles daily at strategic locations across the United States and Canada. Information at: www.cleanenergyfuels.com.
Forward-Looking Statements
This news release from Clean Energy 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. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: Clean Energy Fuels Corp.
Clean Energy Fuels Corp. Bruce Russell, 310-559-4955, ext. 101 brussell@cleanenergyfuels.com
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