The Bush Administration is warning of a looming energy crisis not seen since the 1970s, and Iowa Senator Chuck Grassley agrees we’re approaching the brink. The republican says the public perception of the energy problem is just as important as the reality of limited supplies of fossil fuels.President Bush says energy demand has outstripped supply. Bush says his energy plan will zero in on producing more oil and gas, but did not mention corn-based ethanol. Grassley says people have to have confidence that when they flip a light switch or go to a gas pump, there’ll be a response — and that response is now uncertain and in jeopardy. He says increased production of fossil fuels would boost that confidence.Grassley says a boost to the economy could come today in the actions of the Federal Reserve Board. Grassley has urged the Board to lower interest rates a full point, though some analysts believe the expected rate reduction won’t be quite so high.
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