President Signs Energy Bill; Will Sign Highway Bill Wednesday

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resident Bush signed the recently passed energy bill into law Monday in New Mexico, news services reported.

The president plans to travel to Illinois on Wednesday to sign the federal highway bill into law, the Associated Press reported.

Bush signed the bill Monday morning local time in New Mexico, home of Sen. Pete Domenici (R-N.M.), who was one of the leaders in getting the measure passed with bipartisan support in July, AP said.

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

The measure contains mandates to increase the use of biofuels, including ethanol and biodiesel, and also contains incentives designed to encourage users to retrofit commercial vehicles with clean diesel technology.

American Trucking Associations President Bill Graves said in a statement Monday the bill will ease the industry’s financial burden of buying and modernizing equipment to reduce emissions.

At the same time, the push for renewable fuels and increased oil refining capacity will help to keep fuel supplies more in-line with demand, he said.

But even the bill's sponsors acknowledged the legislation will have little, if any, impact on current energy prices or wean the nation from heavy oil consumption, AP reported.

Domenici, who chairs the Senate Energy and Natural Resources Committee, said the bill would provide financial incentives and federal policies “that we as a nation will benefit from, not tomorrow but for the next five or 10 years,” AP said.

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