“Last night, the U.S. Senate passed a new energy bill,” reports Dan Amoss of Strategic Investment. “With the stroke of a pen, they’ve solved all of our problems: increased fuel efficiency, reduced reliance on foreign oil -- and saved the world from global warming.” (Yay! Uproarious applause!)
The bill (which still must pass the House) would:
Increase the use of biofuels to 36 billion gallons by 2022
Set penalties for gasoline price gouging
Give the government new powers to investigate oil companies' pricing
Provide federal grants and loan guarantees to promote research into fuel-efficient vehicles
Seek to store carbon dioxide captured from coal-burning power plants underground.
Phew! We’re so glad they’re on the case.
Too bad Congress produces five or 10 “unintended consequences” for every problem they think they’re solving. “This bill is no exception,” says Dan. “If only the real world were as simple and easy as it is in the fantasyland they call Capitol Hill.”
“The energy return on energy invested of corn-based ethanol is about 1.3:1 -- it transfers the energy contained in the supply chain -- fertilizers, pesticides, planting, harvesting, distilling and transportation -- into a fermented fuel with a much lower Btu content than gasoline.
“Take away the government subsidies and the market would quickly discover that this is a bad direction. It’s hard enough for the free market to help solve our huge long-term energy challenges; the last thing we need is for the government to ruin the adjustment process.”
(Congressman and presidential candidate Ron Paul has been ringing the “small government” bell louder than ever, and a rush of media attention has put him in quite the spotlight. Our colleague and dutiful revisionist Dave Gonigam addressed Paul’s “missed opportunity” during his recent wave of exposure in the latest Whiskey & Gunpowder exposé. Click here for the full story .)
The bill (which still must pass the House) would:
Increase the use of biofuels to 36 billion gallons by 2022
Set penalties for gasoline price gouging
Give the government new powers to investigate oil companies' pricing
Provide federal grants and loan guarantees to promote research into fuel-efficient vehicles
Seek to store carbon dioxide captured from coal-burning power plants underground.
Phew! We’re so glad they’re on the case.
Too bad Congress produces five or 10 “unintended consequences” for every problem they think they’re solving. “This bill is no exception,” says Dan. “If only the real world were as simple and easy as it is in the fantasyland they call Capitol Hill.”
“The energy return on energy invested of corn-based ethanol is about 1.3:1 -- it transfers the energy contained in the supply chain -- fertilizers, pesticides, planting, harvesting, distilling and transportation -- into a fermented fuel with a much lower Btu content than gasoline.
“Take away the government subsidies and the market would quickly discover that this is a bad direction. It’s hard enough for the free market to help solve our huge long-term energy challenges; the last thing we need is for the government to ruin the adjustment process.”
(Congressman and presidential candidate Ron Paul has been ringing the “small government” bell louder than ever, and a rush of media attention has put him in quite the spotlight. Our colleague and dutiful revisionist Dave Gonigam addressed Paul’s “missed opportunity” during his recent wave of exposure in the latest Whiskey & Gunpowder exposé. Click here for the full story .)
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