Bush signs $12.3 billion energy bill into law

updated 2:50 p.m. ET Aug. 8, 2005

ALBUQUERQUE, N.M. - President Bush on Monday signed sweeping legislation that provides billions of dollars in tax subsidies to energy companies, yet does little to quickly ease gas prices or lower America’s reliance on foreign oil.

“This bill is not going to solve our energy challenges overnight,” Bush said just before signing the bill into law. “It’s going to take years of focused efforts to alleviate those problems.”

Bush traveled here from his ranch in Crawford, Texas, to sign the 1,724-page bill, which was passed, with bipartisan support, to end a yearlong standoff in Congress over national energy policy.

The bill-signing ceremony at Sandia National Laboratories in Albuquerque begins a week of events meant to highlight recently passed legislation and underscore economic and national security issues. In coming days, Bush meets at his Texas ranch with his defense and economic advisers and travels to Illinois to sign a highway bill.

Supporters of the energy bill say that in the long run, the new law will refocus the nation’s energy priorities and promote cleaner and alternative sources of energy. Bush has said he believes the nation must find new ways, besides fossil fuels, to power the economy.

‘Strategy for 21st century’
“This economy is moving, and what this energy bill does is that it recognizes that we need more affordable and reliability sources of energy,” Bush said. “This bill launches an energy strategy for the 21^st century, and I’ve really been looking forward to signing it.”

But even the bill’s sponsors acknowledged the legislation will have little, if any impact, on today’s energy prices or less dependence on oil imports.

Crude-oil prices rallied to a new high above $63 a barrel on Monday, reflecting market fears over the U.S. Embassy closure in Saudi Arabia due to security threats and concerns that shutdowns of U.S. oil refineries would reduce supply.

When he arrived, Bush took a tour of the Energy Department’s national solar thermal test facility, which was built in 1976 in response to the oil embargo and energy crisis. Bush walked in a field of mirrored solar panels, wearing shirt sleeves and sunglasses to ward off the bright midday sun.

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