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Time to Act on Natural Gas Bill

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( TheStreet) -- Have you had enough of paying $4 a gallon for gas? Do you wonder what you're going to do if gas prices go to $5 a gallon this summer? You're not alone.

Gas prices affect everyone, regardless of race, color or political party, yet Washington is stuck in neutral in finding the solution, which is staring them straight in the face: natural gas.

It's time for us to take responsibility and force Washington to act. Today, the natural gas bill, which would add about $3.4 billion in incentives to kick start the movement to natural gas as a transport fuel is expected to be voted down as an addition to the highway funding bill, the last reasonable moment in this election year in which this bill it has even the slightest chance of passage.

Take matters into your own hands. Call your congressman and demand that this bill be passed for the sake of jobs, the economy and your wallet.

It is at least politically clear why this bill is such a difficult one to get approved. Republican fiscal conservatives are opposed to new federal spending and are sensitive to oil interests in their home states. They view this bill as anti-free market, another example of government looking to "pick winners."

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Democrats are opposed to any measure that would encourage environmentally sensitive hydraulic fracturing for natural gas from shale. Between the two, despite being a virtual no-brainer, two iterations of the original "Pickens" bill have failed and so likely will this latest rewritten Nat gas act.

Why should it? Natural gas is greener, plentiful, domestic and cheap. As gas prices today rose over $3.83 as a national average, the equivalent cost of a "gallon" of natural gas is $1.60. Most analysts expect domestic prices for natural gas to stay relatively low for years, perhaps decades to come, while oil price is at the whim of every Middle East conflict, emerging market competition for resources and decreasing global production.

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The oil and gas industry is ready for this. Last week's CERA conference -- the yearly global energy get-together of all the majors -- could have easily been renamed the natural gas conference. Apache (APA) CEO Steve Farris claimed that US supply of nat gas isn't the claimed 100 years, it is more like 200 years.
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