ENERGY POLICY SET

Abstract

THE FIRST MAJOR OVERHAUL OF U.S. energy policy in 13 years is a much-needed first step toward enhancing the nation's energy security, but the legislation does not go nearly far enough to boost domestic supplies of natural gas, industry leaders say. The massive 1,724-page bill, signed into law on Aug. 8 by President George W. Bush, includes an $11.5 billion tax package to encourage new oil and natural gas drilling in currently leased areas, spur the development of clean-coal technologies, and promote renewable energy sources. This marks a very important milestone on the journey toward an energy policy that will keep manufacturing jobs in this country and provide America's chemical makers a fighting chance to compete in global markets, American Chemistry Council (ACC) President Jack N. Gerard says. It is forward-looking legislation that will change the way the country produces and consumes energy. Putting a lid on rapidly rising ...