Bush Signs Energy Bill to Reduce Dependence on Oil

The bill covers many topics, including reducing the US's dependence on foreign oil, increasing fuel efficiency standards, and increasing the usage of biofuels - all of which should reduce GHG emissions.

The legislation requires automakers to increase fuel efficiency by 40 percent - bringing the industry average to 35 miles per gallon by 2020. It also ramps up production of ethanol use to 36 billion gallons a year by 2022.

Congress on Tuesday gave final approval to the 822-page measure, sending it up Pennsylvania Avenue to the White House in a Toyota Prius hybrid.

The American Council for an Energy-Efficient Economy has projected that the bill will reduce energy use by 7% and carbon dioxide emissions by 9% in 2030. The Washington think tank also has estimated it will save consumers and businesses more than $400 billion between now and 2030, "accounting for both energy cost savings and the moderately higher price of energy-efficient products."