Originally posted by: CaptnKirk
Bush Signs Energy Bill
<Wash Post>
President Bush took a break from his August vacation Monday to sign into law a broad energy bill that provides $14.5 billion in tax breaks for U.S. companies to encourage more energy production and efficiency. He signed the bill as oil prices hit another record high on Monday.
"This bill is not going to solve our energy challenges overnight," Bush said just before signing the bill into law at the Sandia National Laboratory in Albuquerque, N.M. "It's going to take years of focused efforts to alleviate those problems."
Bush said the 1,724-page bill would, however, "strengthen our economy and improve our environment and make this country more secure."
Bush signed the bill as crude oil prices surpassed a record $63 a barrel. High oil prices helped the administration put pressure on Congress to act after the bill, one of Bush's top legislative priorities, was stalled for almost five years. The law won't immediately affect the high price of gasoline in America, however.
NICE PART:
Analysts on both sides of the political spectrum said the bill does little to reduce U.S. oil imports, lower prices or deal with other energy issues facing the country. They said $14.5 billion in tax breaks and other incentives in the bill will not accomplish much more than transferring money to energy companies, some of which already are reaping huge profits.