The Happy Arab News Service

Friday, January 19, 2007

One Inch Closer

Jan 18, 2006

The House of Representatives voted to take back billions of dollars in tax breaks for big oil and gas companies, and channel the funds instead into alternative energy investments.

By 264 to 163, the House voted to shift some 14 billion dollars from the fossil fuel industry into a fund for alternative and renewable energies.

If it passes the Senate it's a huge step and the Arabs should bettet start checking in advance if they still remember how to ride their camels. Yet the democrats' initiative is lacking a crucial element without which this program will hardly deliver a thing. A tax, even a symbolic one, should be imposed on gasoline to signal to everybody that regardless of the situation on the world market, inside the US it will always be as if the price of oil continues to hover around $50 per barrel. Until the democrats take a concrete step to ensure that at the domestic market oil remains expensive forever, the move to low carbon economy won't start in serious.

Nevertheless it's a step forward. Curiously it comes almost at the same time as the recently proposed European energy program. We are now one inch closer to the world free from the oil of the Arabs, Chavez and Ahmadinejad.

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