Some interesting news as Boone Pickens continues to put pressure on Washington to come up with an energy plan. a href="http://www.pickensplan.com/news/2009/07/08/nat-gas-bill-introduced-in-the-us-senate/"Legislation is now being discussed/a about a bill to promote use of vehicles that run on cleaner burning natural gas.br /br /ulliU.S. Senate Majority Leader Harry Reid (D-NV) and Senators Orrin Hatch (R-UT) and Robert Menendez (D-NJ) were joined today by energy-independence advocate T. Boone Pickens to tout new legislation that would boost vehicles that run on clean natural gas. The NAT GAS Act, introduced today by Menendez and co-sponsored by Reid and Hatch, would extend and increase tax credits for natural gas vehicles and refueling./li/ulpspan style="text-decoration: underline;"strongBackground on legislation/strong/span /p div class="entry"liExpands and modify the alternative fueled vehicle and refueling property tax credits as follows:/li blockquote liMakes all dedicated natural gas-fueled vehicles eligible for a credit equal to 80% of the vehicle’s incremental cost. Only some dedicated natural ...

Clean Energy Fuels Corp. (CLNE) announced plans to sell up to 6 million of its common stock, sending shares down 10% in afternoon trade.

The natural gas provider will deploy the proceeds towards working capital and for general corporate purposes.

The company also said that the funds could be used for capital expenditures related to station construction activities, LNG and biomethane plants as well as acquisition of natural gas fueling infrastructure and biomethane production assets.

Clean Energy's proposed offer will dilute its existing 50.2 million shares by about 12%.

The company, which is yet to price the offering, may grant the underwriters the option to buy an additional 900,000 shares.

CLNE, a Zacks #3 Rank ("Hold") stock, is trading on volume of approximately 620,000, which is well above the average daily volume of about 389,000.

"CLNE" Free Stock Analysis: Buy? Sell? Hold?Zacks ...