Republican presidential nominee Mitt Romney’s energy policy will focus more on research and development as opposed to President Barack Obama’s policy of doling out grants, loan guarantees and tax incentives for politically popular clean energy projects that would likely happen without government intervention, Science.com reported
Romney’s energy policy blueprint released Thursday endorses the expansion of the production and use of fossil fuels such as oil and natural gas.
"Government has a role to play in innovation in the energy industry,” the report says, according to Science.com. "History shows that the United States has moved forward in astonishing ways thanks to national investment in basic research and advanced technology."
But government support for wind and solar power companies are examples of wasting public dollars and the federal government “should not be in the business of steering investment toward particular politically favored approaches,” the report says.
Romney said in his plan that instead of spending on "loan guarantees, cash grants, and tax incentives for projects that might have gone forward anyway," he would "redirect clean energy spending towards basic research. Government funding should be focused on research and development of new energy technologies and on initial demonstration projects that establish the feasibility of discoveries," Science.com reported.
Romney’s 14-page document also attacks the Obama administration for backing the reduction of greenhouse gas emissions without taking into account the economic impact.
Rep. Doc Hastings of West Virginia, chair of the Committee on Natural Resources, told Science.com in a statement that the plan presented "a comprehensive vision … Romney understands robust, all-of-the-above energy production will lead to a new job creation, stronger American manufacturing and less dependence on unstable foreign countries for energy."
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