Oil Update

From al-Reuters:

Under pressure over high energy prices, President Bush on Wednesday will propose tackling the root causes of the problem by encouraging new oil refineries be built at closed military bases and jumpstarting construction of new nuclear power plants.

In a speech, Bush will also propose giving federal regulators the lead authority to decide where to locate terminals for processing imported natural gas. States have increasingly been taking the lead on this issue.

And the president will propose adding vehicles that use clean-burning diesel fuel to the list of automobiles eligible for $2.5 billion in tax credits over 10 years to encourage further use of this technology. Other eligible vehicles are hybrids powered by gasoline and electricity and fuel-cell vehicles.

Senior Bush administration officials unveiled details of the president's proposals on Tuesday night. It will be his second energy speech in a week.

I really like this idea. It would give the communities who are losing bases a new source of jobs and does something about the energy crisis. This is a great plan and I support it 100%.