The government needs to provide tax incentives to companies developing alternative fuels.
Arlen Specter: It is the tax incentives which have led to a lot of oil exploration over the years. The depletion allowance and tax breaks. And now we're structuring tax breaks for ethanol, and we are putting requirements saying that electric companies have to have a certain amount of renewables. And we're putting requirements on automobile manufacturers to produce cars which give more miles per gallon. So the government is a tremendous factor.
Recorded on: 7/4/07
Arlen Specter: It is the tax incentives which have led to a lot of oil exploration over the years. The depletion allowance and tax breaks. And now we're structuring tax breaks for ethanol, and we are putting requirements saying that electric companies have to have a certain amount of renewables. And we're putting requirements on automobile manufacturers to produce cars which give more miles per gallon. So the government is a tremendous factor.
Recorded on: 7/4/07
