Fortune Magazine Backs Renewable Energy
: "The cost of the plan is modest, about $7 billion to $9 billion per year, much of which can be offset by eliminating current subsidies and giveaways. "Will it be enough to kick our longtime oil addiction?," asks [editor] Varchaver. "Of course not. Even a far more radical plan is not going to solve this problem in ten years. Progress will be incremental and will take decades. But with the hole we have to climb out of getting deeper every day we wait, this plan at least promises what we need right now--a good start."
Fortune's plan consists of four approaches:
1. Improving fuel economy.
Hybrids... [and] drop the exemption that allows SUVs to be considered light trucks instead of passenger vehicles.
2. More spending on alternative fuels.
Fortune estimates that a $3.5-billion-a-year investment in two key areas.. [hydrogen fuel cells, and] biomass fuel called cellulosic ethanol, which can be blended into gasoline with minimal modifications to current engines and gas stations.
3. Redoubled commitment to efficiency.
4. Getting serious about solar and wind.
For Fortune's plan to work, the government will have to do its part; when it comes to transformation on this scale, Washington needs to jump-start the process. Still, In Fortune's plan, government intervention would be modest.. "That 20 percent [cut] might sound like a modest figure," concludes Varchaver. "But that percentage turns out to be more than the portion of our imports that come from the Persian Gulf. If we do nothing, you can be sure Americans will pay more than just the price at the pump." 9:54:26 PM