Natural Gas Vehicles: the energy market wild card............... 4

Natural Gas: increasingly abundant, deeply discounted…………………………………………………………………………….. 13

NGV Fleet: rapidly growing but penetration is low…............... 17

Technology: reliable, performance close to diesel/gasoline............... 21

Environment: GHG and other emissions sharply reduced................. 25

Economics: attractive, with rapid payback ................. 29

Barriers: roll-out of infrastructure.................... 36

Commodity implications: boosting gas demand, reducing oil demand .................... 41

Initiatives: large number of gaining momentum ..................... 45

Investment implications: opportunities in oil & gas, equipment manufacturers .................... 63