Tuesday, July 26, 2005

Energy Bill

Lawmakers Reach a Deal on New Energy Policies
By CARL HULSE
Published: July 26, 2005
http://www.nytimes.com/2005/07/26/politics/26cnd-energy.html?

The article contains all the major elements about the Bill. The Bill stinks, and lawmakes of Yesteryear would have been ashamed to consider passage of such trash. A omnibus bill only hides the undesirable crap, underfunds or does not fund desirable elements, and gives away Taxpayer funds to the undeserved. An examination of the mechanizations could be helpful.

Lawmakers cut out two provisions to limit Consumption of fossil fuels because they were too restrictive, but they conveniently ignored nine other methodologies to effect the same curb without the undesirable aspects. They refused to give the President authority to initiate a proposed reduction of Oil consumption because it might make an impact for the President to mandate a program which would work, in the process cutting Oil company profits. The renewable portfolio standard was actually defeated some years ago, when the original provision called for a mandate on Utilities to use the cheapest source of energy generation, rather than an artificial structural goal of 10% renewable which is easily defeated.

The real interest comes in the waiver of royalties and taxes for the richest industry in the World, whose actual Share profits could not have done less than triple over the past two years. (Some Students might be misled, Share profits are Profits/Volume, not Corporate stock.) The interesting element here stands as the Oil industry's apparent disinterest in using those Profits to find new Oil, or increase the rate and amount of Drilling operations. lgl

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