OKLAHOMA CITY, Sept. 4 /PRNewswire-FirstCall/ -- Chesapeake Energy
Corporation (NYSE: CHK), the nation's largest natural gas producer and most
active driller, announced today that it has initiated a public education
campaign called CNG NOW designed to promote the greater usage of America's
clean-burning natural gas as a transportation fuel.
To view the Multimedia News Release, go to:
http://www.prnewswire.com/mnr/chesapeakeenergy/34793/
CNG NOW is an initiative that sets forth a clear plan to rescue America
from decades of dangerous reliance on imported foreign oil and complements
the transportation portion of the Pickens Plan announced by T. Boone
Pickens earlier this summer.
"Spending hundreds of billions of dollars every year on foreign oil to
fuel our cars and trucks has weakened our economy, our environment and our
national security," stated Aubrey K. McClendon, Chesapeake's Chairman and
CEO. "CNG NOW shows all of us how we can make the switch from gasoline and
diesel to natural gas sooner and allow America to pursue a safer, cleaner
and more affordable energy future. We can use one of America's most
plentiful resources to substantially reduce our energy costs while also
improving the environment."
McClendon said today that Chesapeake has launched a multimedia
advertising and online grassroots call-to-action campaign entitled "Rescue
America" to encourage change in America's energy future by accelerating the
transition to compressed natural gas (CNG) as a transportation fuel. "After
decades of debate about the dangers of becoming so reliant on foreign oil
and how that reliance has damaged our economy and weakened our national
security, we've only grown more dependent, and the dire consequences are
being felt across our nation. We are borrowing ourselves into national
bankruptcy to the tune of $700 billion a year for imported oil. This is not
sustainable, and the American public needs to know there is an alternative
to our failed energy policies of the past. It is our nation's single
biggest challenge and the need to meet it is urgent; however, the good news
is we have an answer through America's own natural gas."
McClendon outlined the CNG NOW plan to Rescue America:
-- Establish bipartisan support for responsible federal incentives to
accelerate the manufacturing of more CNG-powered vehicles. Honda is the
only manufacturer of a CNG vehicle in America today, the Civic GX, which
has received accolades as the "greenest vehicle" in the country. The Honda
Civic GX comes with a $4,000 federal tax credit, which should be extended
to other CNG vehicles. Ford and General Motors currently manufacture CNG
vehicles for the international market, but not for the domestic market.
Given increased and predictable demand, Honda, Ford, General Motors and
other manufacturers could accelerate production of CNG vehicles for the
American market.
-- Establish bipartisan support for responsible federal and state
incentives to place CNG dispensing units at approximately 20% of existing
service stations, especially at truck stops and other stations along the
interstate corridors. The vast majority of gasoline stations are already
connected to existing natural gas lines and so providing incentives to
gasoline station owners to add a CNG dispensing unit is a critical step
toward reducing our dependence on foreign oil by making sure there is ample
nationwide access to CNG.
-- Establish bipartisan support for the extension of the existing
$1,000 federal tax credit for the installation of in-home CNG dispensing
units that connect to existing residential gas lines and allow drivers to
refuel overnight. More than 70% of U.S. homes have access to natural gas,
and home refueling is simple, safe and convenient. In combination with the
service station retrofitting discussed above, home refueling virtually
assures all American motorists would have ready access to CNG.
"Converting just 10% of our vehicles in America to CNG can lower our
consumption of foreign oil by more than one million barrels per day,
potentially saving nearly $50 billion each year," McClendon said. "CNG
costs 40-50% less than a gallon of gasoline today and is much cleaner, plus
its consumption keeps American dollars at home and creates jobs across a
wide range of industries throughout the nation. Natural gas is currently
produced in 31 of our 50 states and with 22 states blessed with shale gas,
there is no fuel more all-American than natural gas. In addition, recent
large discoveries using new technologies in natural gas shale basins such
as the Barnett, Haynesville, Fayetteville, Woodford and Marcellus have
provided new evidence that our country has ample natural gas supplies to
power America's economy for more than a century. This newfound abundance
means we can now rely on natural gas not only for transportation, but also
as a natural partner with renewables such as wind and solar to ensure
clean, reliable electricity generation for many decades to come."
McClendon said he is proud of the product his company produces.
"Natural gas costs less than gasoline and diesel; it is cleaner, more
affordable and we are almost entirely self-sufficient from North American
sources of natural gas. Just as the 20th century was the Age of Oil, I
believe the 21st century will become known as the Age of Natural Gas. It is
the right fuel and the right answer to the biggest problems affecting our
economy, environment and national security," he said.
McClendon invited Americans to join him in calling upon federal and
state leaders to support CNG NOW to begin reducing our addiction to foreign
oil and decrease pollution from car and truck emissions by promoting the
adoption of reasonable incentives to build, buy and sell CNG vehicles;
install home and retail CNG compressor units; and convert gasoline-powered
cars and trucks to CNG.
"We can strengthen our economy, clean the air and increase our national
security by controlling our destiny through the pursuit of CNG NOW. I
invite all Americans to join us in embracing natural gas as the perfect
fuel for a cleaner and stronger nation," McClendon said.
Chesapeake Energy Corporation is the largest producer of natural gas in
the U.S. Headquartered in Oklahoma City, the company's operations are
focused on exploratory and developmental drilling and corporate and
property acquisitions in the Fort Worth Barnett Shale, Fayetteville Shale,
Haynesville Shale, Mid-Continent, Appalachian Basin, Permian Basin,
Delaware Basin, South Texas, Texas Gulf Coast and Ark-La-Tex regions of the
United States. Further information is available at http://www.chk.com.
SOURCE Chesapeake Energy Corporation
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Related links:
http://www.chk.com
CONTACT:
Tom Price, Jr., Senior Vice President -
Corporate Development, Chesapeake Energy Corporation,
+1-405-879-9257, tom.price@chk.com
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