No doubt that Pickens seeks to make a profit through the distribution of Nat gas as a vehicle fuel. The distribution system meets a critical need, isn't identifying a need and getting in at the ground floor what investing is all about.
I personalty don't have a problem if the government provides an incentive to get the infrastructure built and then gets a return on their investment by taxing the sale of the product. This would create jobs and is the model for many public works projects (highways, dams, sewers, etc). I like the Impco distribution systems for fleets and homes. These gas refueling systems could be installed at residences by local gas company technicians. They are being used effectively in other parts of the world. I think this model scares the hell out of petroleum companies with strong retail sales operations (are not diversified). Who knows, this may have been one of the future visions that prompted XOM to overpay for XTO.
I have not had a chance to listen to the FSYS call this morning. It looks like revenue growth is accelerating but earnings missed badly. If they can gain efficiency and improve margins the later cycle earnings could catch a nice tailwind.
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