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