President Bush signs energy bill

Washington— President Bush, in a ceremony at Sandia National Lab in Albuquerque, New Mexico, signed August 8, 2005 a new federal energy bill that Congress passed earlier this month.

“This bill will allow America to make cleaner and more productive use of our domestic energy resources, including coal, and nuclear power, and oil and natural gas,” the President said. “By using these reliable sources to supply more of our energy, we’ll reduce our reliance on energy from foreign countries, and that will help this economy grow so people can work.”

There are some measures in the bill that encourage alternative and renewable energy sources. The bill extends tax credits for wind, biomass, landfill gas and other renewable electricity sources. The bill offers incentives to promote renewable geothermal energy. It also will give a tax credit for residential solar power systems.

The legislation also provides tax credits to consumers that purchase energy-efficient hybrid, clean-diesel, and fuel cell vehicles. The tax credits could amount up to $3,400 per vehicle depending on their fuel savings potential.

The bill expands research into developing hydrogen technologies and will encourage greater use of renewable fuels like ethanol and biodiesel.

“This bill is not going to solve our energy challenges overnight. Most of the serious challenges such as high gasoline costs or rising dependence on foreign oil have developed over decades. It’s going to take years of focused efforts to alleviate those problems.” Bush said.