Energy Bill Signed, Oil Hits New High

George W. Bush signed his Energy Bill today, long promoted as the route to energy independence. The oil markets seem not to have thought it will make much difference though, as Oil exceeded $64 for the first time today. 

The energy bill has a few good items, as we reported a few months back. Some good items have been scaled back, though - for instance, hybrid vehicle tax credits have been limited to 60,000 per manufacturer per year, which already is less than Toyota's sales (though perhaps Toyota can participate more through licenses to other manufacturers).

Some interesting analysis of the bad parts of the new bill has come from the Union of Concerned Scientists.

[The bill] ignores our oil dependence, fails to promote renewable energy, disregards global warming, and even raises the risk of nuclear terrorism.

While there are some minor plugs for renewables in the bill, there's little to cheer, considering other bills on the table that had proposed substantive renewable portfolio standards. Of greater concern are the big subsidies it ends up giving for existing energy producers - domestic fossil fuel producers in particular. Is the support for nuclear power a good idea, or not? It's definitely more along the "corporate welfare" lines than we might want...

Anyway, something we'll have to live with for the next few years at least.

Created: 2005-08-09 02:03:32 by Arthur Smith
Modified: 2005-08-09 03:01:30 by Arthur Smith