As crude oil prices hit a new high on Monday, US President George W. Bush signed a bill that will give billions in tax breaks to encourage homegrown energy production but won't quickly reduce high gasoline prices or US dependence on foreign oil.
"This bill is not going to solve our energy challenges overnight," Bush said in a speech shortly before he signed the 1,724-page bill at the Sandia National Laboratories.
"Most of the serious problems, such as high gasoline costs or the rising dependence on foreign oil, have developed over decades. It's going to take years of focused effort to alleviate those problems," he said.
Tax breaks
In the near term, the new legislation will extend daylight-saving time, give tax breaks to drivers who buy cars with fuel-efficient technologies and try to jump-start the construction of new nuclear power plants.
Supporters say that in the long run, the new law will refocus US energy priorities and promote cleaner and alternative sources of energy.
"The bill recognizes that America is the world's leader in technology, and that we've got to use technology to be the world's leader in energy conservation," Bush said.
Environmental groups and other opponents say the bill amounts to a gift to energy companies that does nothing new to promote renewable energy.
Double tag
The bill's price tag -- US$12.3 billion over 10 years -- is twice what the White House had first proposed. It does not include Bush's desire to open the Arctic National Wildlife Refuge in Alaska to oil exploration.
Drilling advocates, however, have a backup plan that is expected to unfold in mid-September.
The measure funnels billions of dollars to energy companies, including tax breaks and loan guarantees for new nuclear power plants, clean coal technology and wind energy.
For consumers, the bill would provide tax credits for buying hybrid gasoline-electric cars and making energy-conservation improvements with better windows and appliances in new and existing homes.
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