Bush Signs Energy Bill

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President Bush has signed into law a bipartisan energy bill that he admits won't solve the nation's energy problems "overnight."

Supporters say the new law will refocus national energy priorities and promote cleaner alternative sources of energy. But even the bill's sponsors acknowledge the measure will have little impact, if any, on today's energy prices or reduce dependence on oil imports.

Speaking at a bill-signing ceremony in New Mexico, Bush said it will "take years of focused efforts" to solve such national energy challenges.

Passage of the nearly 2,000 page measure ended a yearlong standoff in Congress over a national energy policy.

The measure provides billions of dollars in tax subsidies to energy companies. It also requires utilities to follow federal regulation, as opposed to self-regulation. It's an effort to reduce the chances of power blackouts, such as the one that struck the Midwest and Northeast two summers ago.