From: Subject: Stop that Energy Bill! Date: Fri, 18 Mar 2005 22:11:52 -0500 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C52C07.7D3FBED0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C52C07.7D3FBED0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.cato.org/pub_display.php?pub_id=3295 Stop that Energy = Bill!

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November 3, 2003

Stop that Energy Bill!

by Jerry Taylor

Jerry=20 Taylor is director of natural = resource=20 studies at the Cato Institute. Dan Becker is director for the = Sierra=20 Club's global warming and energy program.

A House/Senate energy conference committee is = preparing to=20 disgorge a 1,700-page legislative abomination that should cause = both the=20 Left and Right to choke. Although the bill has yet to be released, = enough=20 is known to conclude that it will be three parts corporate welfare = to one=20 part cynical politics. It is so wholly without merit that even we = --=20 policy analysts from the Cato Institute and the Sierra Club = respectively,=20 who rarely agree about anything -- can agree that the bill is a = shocking=20 abdication of our leaders' responsibility.

The centerpiece of the bill is a nearly $20 billion package of = tax=20 breaks and production subsidies designed to further rig the market = to=20 favor well-connected energy producers (almost all of which already = enjoy=20 plenty of federal handouts) at the expense of others. The biggest = winners=20 will include nuclear power (a technology investors have shunned = for over=20 20 years), small domestic oil producers (source of the among the=20 highest-cost oil in the world market today), "clean coal" = technology=20 (which has yet to produce a commercially operable plant despite = billions=20 in public subsidies over the past couple of decades), and various = exotic=20 energy technologies that can't attract much private capital from = skeptical=20 investors.

In an unrigged market, a technology with economic merit needs = no=20 subsidy. Likewise, if a technology were without economic merit, no = public=20 subsidy -- no matter how large -- would turn an ugly market = duckling into=20 a beautiful economic swan.

Ethanol producers are another bunch that will make out like = thieves.=20 Apparently, the lavish subsidies bestowed on that industry over = the past=20 couple of decades haven't been enough to placate farmers given = that the=20 price of corn has dropped by nearly 50 percent since 1985 even = while=20 ethanol production has doubled. So Congress and the administration = are=20 preparing to put the hammer down to further artificially increase = demand=20 for corn with a combination of new ethanol subsidies and = preferences.

Make no mistake -- the ethanol program is about nothing other = than=20 fattening ADM and other ethanol producers at the expense of = others. And=20 ADM counts on the farmers who grow the corn to provide the = political=20 muscle. Ethanol does nothing to improve air quality and only uses = slightly=20 less oil to manufacture than it displaces upon use. Still, the = Midwest is=20 a region that throws its presidential and congressional votes to = those=20 that promise farmers the biggest sack of federal loot -- so = ethanol we=20 shall have regardless of its merit as a fuel source.

Various energy fads also find their way to the federal trough. = The=20 highest profile example is President Bush's $1.7 billion "Freedom = Car"=20 initiative, which promises commercially viable hydrogen powered = fuel cells=20 in a couple of decades, though it fails to require that Detroit = actually=20 make any vehicles with these new engines.

A bold new idea? Hardly. The same initiative -- accompanied by = the same=20 promises -- was part of President Nixon's "Project Independence."=20 Unfortunately, hydrogen-powered fuel cells are only marginally = closer to=20 commercial viability today than they were 30 years ago.

It's hard to dismiss the suspicion that the "Freedom Car" = initiative=20 would be more aptly titled the "Symbolic Diversion" initiative,=20 particularly because an article in Science reported last July that = we=20 could secure the same degree of pollution abatement promised by = the=20 Symbolic Diversion Car at 1/100^th the price by adopting = conventional, off-the-shelf technologies -- all of which the = president=20 (oddly enough given his enthusiasm for hydrogen powered fuel = cells)=20 opposes if secured through regulation.

Finally, the bill slows down but ultimately forces the = restructuring of=20 the electricity sector along increasingly dubious lines. This, = despite the=20 fact that the deterioration of the transmission system is directly = related=20 to the brave new world of managed competition endorsed by this = bill. So,=20 at the end of the day, the bill establishes a new regulatory = scheme that=20 won't solve the system's problems and won't prevent blackouts.

In sum, for those who are concerned about such things, this = bill will=20 not substantially increase energy supplies, will not reduce = dependence on=20 foreign oil, and will not accelerate the development of viable new = technologies. It will, however, provide a politically useful but=20 ultimately dishonest symbol of action while dispensing a stunning = amount=20 of pork for the well connected at taxpayer expense.

A good energy bill would remove subsidies and market = distortions -- not=20 add to them -- so that energy technologies could compete based on = their=20 merits, not their political merit. Unfortunately, that's asking = more than=20 either political party seems willing to deliver. That's what leads = these=20 two odd bedfellows to call for Congress and the White House to = start over.=20 Come up with an energy plan that actually takes us forward. And = the=20 current energy bill? Put that in the only place it belongs: the = recycling=20 bin.

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March 18, 2005

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