Bush Outlines Energy Plan
Encourages Building Of New Oil Refineries and Nuclear Plants
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President Bush delivers his speech on energy (AP)
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Sen. Pete Domenici, R-N.M., who is trying to put together an energy package that can pass the Senate, said he welcomed some of the president's proposals. He is "making it clear that energy remains a top priority of this president," said Domenici in a statement.
Bush's support for giving the federal government clear authority in locating LNG terminals comes after the House included such a provision in the energy bill it passed last week. Some lawmakers strongly opposed the measure, arguing it would deprive states and communities of a say in locating LNG import terminals, even in heavily populated areas.
Nuclear power accounts for about 20 percent of the country's electricity. Some utilities have expressed interest in building a new reactor, perhaps as early as 2010, but want assurance of a smooth regulatory process to get financing.
To address their concern, the president is directing the Energy Department to develop a federal "risk insurance" plan that would kick in if there were lengthy delays in licensing a new reactor. Such a program would need congressional action, and White House officials would not speculate on its cost.
The president also wants the Energy Department to discuss with local communities the possibility of building refineries on closed military sites. A shortage of U.S. refining capacity has been blamed in part for the high gasoline prices, most recently by Saudi Arabia's Crown Prince Abdullah at a meeting this week with Bush.
The president's call for a tax credit for gas-electric hybrid automobiles and for use of clean diesel is similar to a proposal in his budget earlier this year. The hybrid tax break was left out of the energy bill passed by the House last week.
Such a credit would provide $2.5 billion in tax incentives over 10 years, White House officials said. Consumers would get a credit, up to $4,000, depending on the level of a vehicle's fuel efficiency, if they purchase a hybrid or clean-diesel vehicle.
The president's proposals were outlined late Tuesday by senior White House officials, speaking in general terms and on condition of anonymity in advance of the remarks.
©MMV, CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.The Associated Press contributed to this report.
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