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Unlike Congress, Misguided Energy Policy Takes No Vacations Print E-mail
Written by Samantha Hulkower   
Monday, 04 August 2008

Although Congress left for their summer vacation without addressing the renewable energy tax credits that are set to expire at the end of the year, some Senators have been considering our energy policy -- albeit in a rather misguided manner.

Last Friday, five Democratic and five Republican Senators, the so-called "Group of 10" announced a bill that would allow more offshore drilling in the Gulf of Mexico, while giving coastal states from Virginia to Georgia the option of exploration at least 50 miles offshore. It also includes loan guarantees for coal-to-liquid fuels, and confusingly, $20 billion to ensure than 85 percent of the nation's autos are off fossil fuel energy in 20 years.

Um, if they are so keen on investing that much on zero emission vehicles, why invest in liquid fuel from the dirtiest and most carbon intensive fossil fuel? While we're posing ridiculous questions, why not just extend the renewable energy tax credits if they're serious about domestic energy security?

Senate Republicans kept their promise to block the tax credit bill from reaching the floor because the Democrats wouldn't seriously entertain the idea of opening up the coasts to drilling. The GOP better watch its actions, as businesses are generally in favor of continuing the tax credits, since uncertainty messes up investor confidence and keeps renewable energy from being competitive. Big Business is supposed to be a safe Republican voting block, but if the GOP can't give businesses the security they need to thrive, perhaps those regulation-happy Democrats might look a little more attractive this fall.

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