NCPA - National Center for Policy Analysis


December 10, 2007

The House and Senate have put a lot of effort into energy legislation that develops no new energy.  The only thing it will produce is higher prices for everything we eat and make, says Investor's Business Daily (IBD).


  • Thanks in large part to the increased demand for corn to make ethanol for fuel rather than food and feed, food prices are rising at twice the rate of inflation.
  • Corn, which doubled in the past year, is close to $4 a bushel.
  • Eggs are up 44 percent, and milk, which is up 21 percent to its highest price since World War II, is often more expensive on a per-gallon basis than gasoline.

Further, says IBD:

  • The bill makes no mention of the billions of barrels of oil and trillions of cubic feet of natural gas in the Outer Continental Shelf and under the tundra of Alaska's National Wildlife Refuge.
  • It also omits the 9 trillion cubic feet of clear-burning natural gas in the Colorado Roan Plateau -- enough to heat 4 million homes for two decades.

There are other ways to generate the energy we need while helping the environment, says IBD.  Building more nonpolluting nuclear power plants, for example. How about subsidizing those?  Nuclear energy, however, also goes unaddressed in the legislation.

Ours is perhaps the most energy-efficient economy on the planet (having cut CO2 emissions last year while maintaining strong growth), and it's this economy that encourages the innovation and technology that can truly "save the planet," says IBD.

Source: Editorial, "A Low-Carbon Diet From Fossil Fools," Investor's Business Daily, December 7, 2007.


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