McClendon Says Obama Win Is a Boon For Chesapeake (CHK), But Cali Deals Them a Blow
The CEO of leading natural-gas company Chesapeake Energy (NYSE: CHK), Aubrey McClendon, told Bloomberg that he expects his company to benefit from the election of Barack Obama as President. McClendon said, "The Democrats have been very engaged about compressed natural gas in the last few months. A Democratic administration is more likely to pursue the use of CNG as fuel."
McClendon's Chesapeake was dealt a blow in California after Proposition 10 failed. The proposition would have provided funds to help consumers purchase alternative-fuel vehicles and fund the development of renewable energy technology. Opponents of the measure are calling the defeat a blow to T. Boone Pickens' 'Pickens Plan', which they said was a "money grab" for the Texas oilman. Pickens' Clean Energy Fuels Corp. (Nasdaq: CLNE), which contributed nearly $19 million to the Yes of Prop 10 campaign, also appears a loser. McClendon and Chesapeake contributed $3.5 million to the Yes of Prop 10 campaign.
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