11/21/2003
Brief
Yesterday, the U.S. House of Representatives voted in favor of the Bush Administration's draft energy bill. The bill promises twenty billion dollars in subsidies to energy industries and calls for the construction of almost 1,500 new power plants over the next twenty years, many nuclear, in addition to modernization of the electric grid.
The goal is to meet growing energy demand while limiting energy imports, which accounted for 58% of the country's hydrocarbon consumption last year. The bill must now be approved by the Senate. The magnitude of modernization efforts targeted by the bill exceeds U.S. industry capacity and could open the market to other suppliers.
The goal is to meet growing energy demand while limiting energy imports, which accounted for 58% of the country's hydrocarbon consumption last year. The bill must now be approved by the Senate. The magnitude of modernization efforts targeted by the bill exceeds U.S. industry capacity and could open the market to other suppliers.