Posted on 07/12/2011 1:12:20 PM PDT by shove_it
Chesapeake Energy is spending $1 billion on a three-pronged plan to "break the headlock" of OPEC oil dependency, CEO Aubrey McClendon told CNBC Tuesday.
First would be to get the U.S. oil and natural gas liquids industry to increase output by 3 million to 4 million barrels a day over the next 10 years, from the current eight million barrels a day.
Chesapeake [CHK 29.87 0.12 (+0.4%) ] also plans to invest $155 million in a private company in Colorado, Sun Drop Fuels, to build a demonstration plant to show off its "breakhtrough technology" that combines "non-food biomass waste material with natural gas" to create a "green gasoline," McClendon said.
The final prong fuels T. Boone Pickens' plan to put natural gas into every heavy-duty commercial truck in America. Chesapeake will invest $150 million in Clean Energy Corp. [CLNE 15.2101 2.0901 (+15.93%) ], the public company Pickens started, to put natural gas pumps into truck stops across the country. The plan is to ultimately build 150 stations along interstate highways to provide natural gas, as well as put pumps into existing truck stops.
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[video at link]
(Excerpt) Read more at cnbc.com ...
Fine by me, as long as they don’t ask for government subsidies, e.g., for natural gas filling stations.
[sarc]
It will never work because it was not created, controled, managed and regulated by Obummer and his cronies. Capitalism and private enterprise can never suceed in this type of market changing adaption to the world energy markets.
[/sarc]
Toss in opening up ANWAR and leaving the coal companies alone and we could tell the Arabs where to stick it.
Like Pickens, CHK CEO Aubrey McClendon puts his money where his mouth is.
CEO of SD...Sandridge Energy
In the Haynseville Shale area they have their NG filling station. If your vehicle is so equipped you can pull in & pull your credit card out and fill up for about 1.75 per gallon. I work for CenterPoint Energy and we are experimenting with conversions kits. They run about 7 to 8 thousand dollars per vehicle. Driving range is about 150 miles, not very far but all you have to do is flip a switch and you are back on 3.75 gasoline. LOL
Let’s hope they stick to ONLY using privately raised funding.
If they accept any Fed. “help” they will find themselves hamstrung by Fed. mandates, regulations, set-asides, and “Prevailing Wage” requirements.
Not sure how compatible CNG is with diesel engines, but I do know the energy content is much lower, so MPG is terrible, it would require lots of stops and stations.
They missed a fourth prong, Thermal Depolymerization.
A proven technology which turns garbage into oil.
Not only gives us oil (and almost elementally pure minerals) but also prevents the need for additional landfill dumps.
The mitigating factor would be cost per BTU. Frequent fill-ups are a pain, but if the price is right...
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