Burn baby, burn!

That's our 3-word summary of the energy bill. Just burn lots of stuff. Oil, coal, ethanol, gasoline, and natural gas. (Yes, the bill also contains objectionable parts like the repeal of the Public Utility Holding Company Act of 1935 *) There is little interest in conservation or alternate energy sources. In fact, a provision to encourage use of renewable resources was removed during the House-Senate conference. The House "GOP majority strongly favors more extensive development of domestic oil and gas resources." There you have it. This is not a forward-looking policy. Businesses are going to get tax breaks for what they already are doing. It's a complete sellout. And the president will eagerly sign the bill if it gets to him (which is something Gore wouldn't do). Thanks, Ralph.

NOTE TO SCIENTISTS: You may have to rerun your computer models on global warming. Looks like there will be plenty more CO₂ for us all to deal with.





* More on PUHCA. Repeal will lead to all sorts of mergers and consumer-unfriendly situations. From Forbes: (excerpts)

PUHCA was passed after financial turmoil hit the nascent electricity sector as huge holding companies drew on the stable finances of their regulated utility arms to invest in other, riskier businesses.

The turmoil in the 1930s pushed some 53 holding companies into bankruptcy when lenders called in loans, spurring public calls for reform in the utility industry.

To ensure reliable electricity service to consumers, PUHCA limited the geographical reach of each utility and required utilities' businesses mesh operationally.

The Act prohibited utilities from mixing non-utility operations and power generation to prevent them using revenue from their protected markets to subsidize other ventures. It also limited how much debt a utility could accumulate.

Feel better now?

ADDITIONAL NOTE: We expect much hilarity when the media discuss the repeal of PUHCA (pronounced, apparently, "Poo-huca"). Just like Dingell-Norwood was a hit with well known political comedians Sam Donaldson and Cokie Roberts back in 2000. Remember, if it sounds funny, you should feel free to completely ignore what it's about.

posted by Quiddity at 11/18/2003 10:58:00 PM