T. Boone Pickens throws in the towel on NAT GAS

We’re going to need to catch up on some stories we missed last week during all of the convention coverage and this is one of them. On Aug. 29 the biggest proponent of the NAT GAS Act, Mr. T. Boone Pickens, decided that some battles simply aren’t worth fighting any more.

T. Boone Pickens said natural gas vehicles can survive just fine without Congress approving his so-called Pickens Plan.

“It’s going to happen, and you don’t have to have Washington do it, thank God,” Pickens said at Wednesday’s energy luncheon hosted by POLITICO…

And Pickens strongly suggested that he doesn’t have any plans to try to push his plan anymore in the nation’s Capital.

“I will not go back to Washington again unless it’s for a social event,” he said.

He also took a moment to toss in a comment on his previous wind energy proposal.

The billionaire and former oil baron also lamented that while his plan initially promoted wind energy, that hasn’t worked out so well.

“I’ve lost my ass” to wind-energy investments, he conceded.

The American Conservative Union was popping champagne over this while the rest of us were whooping it up in Tampa.

American Conservative Union (ACU) today issued the following statement from ACU Chairman Al Cardenas:

“We are thrilled to hear that T. Boone Pickens has thrown in the towel on the NAT GAS Act. It was a classic example of the federal government attempting to pick winners and losers within an industry and that’s why the ACU fought so hard against this misguided policy. ACU will continue to monitor this legislation and will act swiftly to make sure that the NAT GAS Act does not go anywhere”

Many of the strongest supporters of natural gas exploration, including yours truly, have lined up against the NAT GAS Act. This doesn’t mean in any way shape or form that we oppose the exploration, development and use of natural gas. It’s a great, abundant energy source with a ton of potential for America. But as always, government subsidies are not the answer to whatever problem some members of Congress think they’re trying to fix. This form of energy will succeed if it’s economical and competitive in the market. (And it certainly looks like it is.) We don’t need Uncle Sam’s thumb on the scale. Let’s hope this represents the closing chapter of this story.