President Barack Obama plans to initiate a tax break to bolster the natural gas industry, according to the Financial Times.
In an effort to fulfill the American made energy promises made during the union address earlier this week, Obama is supporting a tax reduction for trucks powered by natural gas. Obama's proposal also includes an initiative to once again sell offshore drilling leases along the Gulf of Mexico, says the Financial Times' report.
A new competitive grant program to support communities offering ideas for increased usage of natural gas is also a part of President Obama's new plan to increase energy independence.
Here are some facts and figures about President Obama's new plan and the debate over natural gas drilling.
* The Obama administration also plans to purchase 38 million acres for the production of 4 trillion cubic feet of natural gas and 1 billion barrels of oil, according to Department of Interior figures quotes by Business Week.
* The 50 percent tax credit proposed by the president is designed to help defray the cost of purchasing a natural-gas powered truck, according to Business Week.
* President Obama's proposed grant program for clean-energy usage also includes financial support for municipalities who switch from diesel to natural gas or other alternative forms of energy, according to the Financial Times. Obama is calling for more filling stations offering natural gas fueling options.
* President Obama will release full details of his clean-energy initiatives in Las Vegas later today. The speech will be held at a UPS center which utilized liquefied natural gas for all fleet trucks, according to the Las Vegas Sun. Obama will also be christening America's first multistate natural-gas powered corridor while in the city.
* The hydraulic fracturing or fracking process used during shale drilling for natural gas reserves is up 14 percent since 2009, according to Department of Energy statistics quotes in a Bloomberg report.
* Representatives from the Cabot Oil & Gas Corporation filed a complaint with the Environmental Protection Agency (EPA) regarding a water probe in Pennsylvania. According to representative statements published by Bloomberg, the EPA's action undercut the president's views and commitment to natural gas development in the United States.
* During the State of the Union address President Obama stressed the need for the responsible development of gas and oil, the creation of clean-energy jobs and better energy efficiency in the United States, according to the Las Vegas Sun.
* President Obama stated during the union address that natural gas development proves we do not have to choose between the economy and the environment, according to Bloomberg. The president also states that natural gas usage means cleaner and cheaper factor operations and will create jobs.
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