US Energy Bill: It's About Tme to Pass it.

Fire of Liberty

With gas prices nearing three dollars in some parts of the nation, President Bush has called for the passage of his energy bill, which has been stalled for some four years in the US Senate. While a select set of Senators are more than likely going to start hemming and hawing about gas prices and tapping into the Strategic Petroleum Reserve to reduce the price of gas, they fail to pass the energy bill which allows measures to fix these problems. One area that the bill addresses is on the lack of refineries in this nation because of the fact we haven't built a new refinery since the 70's and the ones we have are at full capacity. Just look what this article in The Financial Times has to say about President Bush's call for the passage of the bill:

Mr Bush raised the spectre of the 1970s oil crisis, when petrol was rationed in the US, to put pressure on lawmakers. “Congress [has] a responsibility to make sure America never returns to those days,” he said.

Thursday's vote comes amid growing public concern in the US about record fuel prices. “Millions of American families and small businesses are hurting because of higher gasoline prices,“ Mr Bush told the Hispanic Chamber of Commerce in Washington.

Republicans argue that high fuel prices demonstrate the need for greater domestic energy production, through measures such as drilling in Alaska, increased natural gas extraction from the Gulf of Mexico and expansion of nuclear power.

“We have got to reduce our dependence on foreign sources of energy,“ said Mr Bush. “This is a matter of economic security and it's also a matter of national security.”

Mr Bush highlighted parts of the bill aimed at increasing energy efficiency and promoting renewable sources. But critics say the legislation is weighed too heavily in favour of fossil fuels. Mr Bush warned lawmakers not to load the bill with too many concessions to industry. “With oil at more than $50 a barrel, energy companies do not need taxpayer-funded incentives to explore for oil and gas.”

The House of Representatives is expected to approve the bill today but it faces stiffer scrutiny in the Senate, which has blocked energy legislation in each of the past four years. Mr Bush said he wanted Congress to pass the bill before the summer recess in August.

“With consumers hurting the way they are at the pump, we're hoping Senate Democrats will stop the obstruction,” said Dennis Hastert, Republican Speaker of the House. Nancy Pelosi, House Democratic leader, said the bill was bad for consumers, tax-payers and the environment.

I'd have to say that the President might actually get this one passed. Four years of delays is too long for a nation to wait for a sensible energy policy. When there is legislation on the table that will be beneficial if passed, the US Senate doesn't play. This is typical from this small grouping of oddities known as the US Senate. Hopefully the gas prices will force the American people to demand the passage of this good bill.