IPI Publication Press Release
IPI Ideas - # 39
Related Publication Title:
A War on Energy--Again?
Released by Sonia Blumstein on 07/25/2006
IPI Ideas - # 39
Related Publication Title:
A War on Energy--Again?
Released by Sonia Blumstein on 07/25/2006
Full Text
Press Release (07/25/2006)
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New From IPI: A War on Energy—Again?
For Release: Tuesday, July 25, 2006
Contact: Sonia Blumstein, soniab@ipi.org or (202) 213-0379
Washington, DC – With oil prices continuing to set new records this summer, President Bush is pushing his energy independence plan—sprinkling a few dollars on select energy sectors in the name of the war on terrorism. But according to a publication released today by the Institute for Policy Innovation (IPI), rising prices, not government handouts, should be the primary motivation for the US to move away from oil reliance.
“Despite the generous claims of national security made on its behalf, the President’s energy program looks decidedly unserious,” reports Doug Bandow, author of “A War on Energy—Again?."
“If the US faces a dire security threat from importing petroleum from an unstable region teeming with enemies of America, then Washington presumably should take a far stronger hand in redesigning the energy economy.”
Currently the program mostly means handing out more money to companies already on the federal dole. For example, solar power received $148 million. Wind power received $44 million. $335 million was allocated for coal research.
All this appears to yield more political than economic benefits.
Bandow suggests that if the administration wants to send a serious message, it would need to propose the equivalent of a new Manhattan Project or Apollo program—that is, a big-initiative program that is as serious as the political rhetoric being advanced.
“And still, such an energy program likely would not yield cost-effective results,’ concludes Bandow.
Better to stick with the free-market solution: Let rising prices bring energy independence.
The following is excerpted from “A War on Energy—Again?” The publication can be viewed on IPI’s website, www.ipi.org. The author is available for interview by contacting Sonia Blumstein, soniab@ipi.org or 703.912.5742.
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