A responsible energy policy backed by the White House - can it be true?
In light of such things as Vice President Dick Cheney's closed-door meetings with energy company executives, and the Bush administration's suggestion to drill for oil in Alaska's Arctic National Wildlife Refuge, it would come as a surprise if the White House walked the straight and narrow path on energy policy.
On Monday, President Bush signed energy legislation that purports to take a long-term approach to solving problems such as reliance on foreign oil, high gas prices and the environmental effects of burning fossil fuels.
Some of the main points of the plan include $14.5 billion in tax breaks for energy companies in hopes they will work to further development of renewable energy sources and the promotion of efficiency, an extension of daylight-savings time, new efficiency standards for commercial appliances, $1 billion for coastal environmental management for states where there is offshore oil drilling and a $1.8 billion program to promote clean coal research and development.
At 1,724 pages, the bill is quite complicated. On the surface, we're not sure about a couple of things.
For instance, it's unclear how, or if, the tax breaks will result in lower prices and better environmental quality. If they are properly placed, they might be beneficial, but the trickle-down economic theory which holds that such tax breaks will create widespread benefits doesn't always work.
But it's good to see some money going toward research to solve the problem of finding cleaner, more efficient energy. It doesn't hurt to throw a little money at such things as cleaner electricity production.
In addition, it's gratifying to see the government planning on a long-term time scale rather than seeking quick fixes.
However, an in-depth analysis of the bill could reveal that this might not always be the case. For example, the bill sets out loan guarantees for new nuclear power plants - a quick-fix type of power if there ever was one.
This energy bill appears good on the surface, but then again, there might be some nasty surprises hidden within.
