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Billionaire investor and major supporter of President Obama, George Soros, is expected to win big from proposed legislation promoting natural gas-powered vehicles.Â The proposal was presented, last week, by the White House, according to the Heritage Foundation.
Exactly how would this legislation work?Â Incentives would be offered for companies to buy and use trucks powered by natural gas.Â The proposal itself was announced, by Obama, at a UPS facility in Las Vegas which received stimulus funding in order to buy natural gas vehicles, in addition to building a fueling station for them.
Sorosâ€™ hedge fund holds 3,160, 063 company shares of (as of its last SEC filing) Westport Innovations â€“ a company which will be well positioned should this piece of legislation be signed into law.Â Westport converts diesel engines to be fueled by natural gas.Â Wall Street analysts, including Jim Cramer, anticipate a boom for the company.
The primary benefits of Westport are:
- It is essentially the first to the market, in terms of mass production
- There are significant barriers of entry for competition due to the complex technology entailed in the transformations
Soros has given $384,090 to the Democratic Party, Democratic PACs, and Democratic Candidates in the three election cycles beginning in 2008, including $4,400 to Obama himself, according to the Center for Responsive Politics. He describes himself as â€œan early supporter of Barack Obama, first in his Senate campaign in Illinois and later when he ran for President. Soros supported Obama in his presidential bid because he believed he could provide the transformational leadership the country needed.â€
HotAir pretty much sums up what many in the media are saying about the situation, stating, â€œWhatâ€™s so frustrating about the presidentâ€™s perpetual crony capitalism is that it taints and sullies even sound products.Â Natural gas is a clean, abundant, affordable source of energy and companies would be smart to invest in trucks powered by natgas â€” but itâ€™s just flat-out not the governmentâ€™s business to incentivize the use of certain products and punish the use of others.â€
HotAir also presents an argument for the government to cease involvement in the energy industry, altogether.Â It is the Department of Energyâ€™s responsibility to approve natural gas exports but, in totally ambidextrous behavior, some of the lawmakers who support the Obama administrationâ€™s latest legislative push, have in the past discouraged approval of export applications.