Editorial: Energy bill wasn’t enough

Saturday, Aug. 5, 2006 | 8:10 a.m.

Next week marks the one-year anniversary of the Energy Policy Act. At a bill-signing in New Mexico last August, lawmakers flanked President Bush, who said the legislation finally gave the nation a strategy to lower gasoline prices and alleviate dependence on foreign oil.

The politicians congratulated themselves on a job well done. "This economy is strong, and it's growing stronger," Bush said then. "And what this energy bill is going to do, it's just going to help keep momentum in the right direction so people can realize their dreams." But one year later, Americans face a nightmare: The cost of gasoline is still soaring and it will never be cheap again.

It is painfully obvious that the president is unwilling or unable to lower pump prices. Bush in April lamely outlined a few short-term strategies, including a temporary stop to deposits in the strategic petroleum reserve and an investigation of price gouging. He gave lip service to rolling back oil company tax breaks. It was forgotten, useless rhetoric.

Bush also laid out more energy goals in his State of the Union speech in January. But he has mentioned the proposals just once in the last two months - as oil futures hit a record $78.40 a barrel, according to Bloomberg News. During this long hot summer of soaring energy prices, the president has been coolly distant. Last year, Bush said it would "take years of focused effort" to lower gasoline prices and dependence on foreign oil. He should get focused again.

Meanwhile, Congress should act. Lawmakers should develop a truly visionary new energy strategy that plans for a day when oil hits $100 a barrel - or worse, when it is not available in sufficient quantity at any cost.

Specifically, Congress should make a real commitment to renewable energy. Investors say Bush's interest in renewables and alternative fuels has dwindled to mere lip service, Bloomberg reported. Congress should force his hand by sending him a bill that provides capital to companies on the verge of renewable energy breakthroughs.

It may seem like science fiction to imagine a fast-dimming world that has sucked its oil dry. But that is the future Washington policymakers should begin preparing for now.