Friday, June 22, 2007

Doing Nothing About Energy

The Wall Street Journal features a bipartisan criticism of Congress's approach to our energy needs:

Largely omitted from the debate has been the need to develop comprehensive and effective coal and nuclear transition policies. The U.S. Energy Information Administration predicts energy consumption to rise by 34% by 2030 and coal's share to rise from 49% to 57.5% over this same period. Likewise, nuclear power presents great promise on both the energy and environmental fronts, but is a hugely capital-intensive industry that must be further considered.

Opportunity still exists to forge a sound and stable domestic energy program that benefits consumers, industries and our economy. Yet, the agenda presented thus far from some corners must be viewed in tandem with the potential costs, including: higher prices for fuel, food, manufacturing and services; gasoline shortages; limited domestic capacity; increased reliance on foreign sources of energy; decreased capital investment and lower economic growth.

Congress must recognize and act upon the difference between hope and reality.

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