A key legislation aimed at extension of tax credits to the renewable energy sector failed to garner key support in the US senate. In a double whammy , another bill aimed at limiting excessive speculation in the oil industry was also not approved.President Bush has repeatedly favored development of oil reserves , and adds that there is enough available to fuel demand for the next 10 years( ………and what after that ??? ).Democrats oppose encroaching of protected ecosystems (ANWR), and support development of renewable energy.
The recent fall of crude price/ barrel highlights that speculation does indeed contribute to high oil prices.However , there is no denying the fact that oil reserves are limited and alternate energy sources need to be developed, for which financial and policy support is essential.
