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Statement of Dr. W. David Montgomery Economist, Congressional Budget Office, before the Subcommittee on Economic Stabilization, House Committee on Banking, Currency, and Housing 1 (May 1976)

handle is hein.congrec/cbo8761 and id is 1 raw text is: STATEMENT OF DR. W. DAVID MONTGOMERY ECONOMIST, CONGRESSIONAL BUDGET OFFICE BEFORE THE SUBCOMMITTEE ON ECONOMIC STABILIZATION HOUSE COMMITTEE ON BANKING, CURRENCY, AND HOUSING MAY 24, 1976 Mr. Chairman, I appreciate the opportunity to testify on the subject of loan guarantees for synthetic fuels. Late in 1975, at the request of the Senate Budget Committee, the Congressional Budget Office (CBO) undertook an analysis of synthetic fuels commercialization. That analysis is reported in a CBO background paper entitled, Commercialization of Synthetic Fuels: Alternative Loan Guarantee and Price Support Programs, which I would like to submit for the record, as much of my testimony is based on it. Since the CBO is required to provide non-partisan analysis of policy options, our report contains no recommendations. I will make none today. I am, however, pleased to be able to provide the committee with a perspective on the complex synthetic fuels issues, and, perhaps, to show how those issues--and H.R. 12112--0 relate to the context of larger energy policy, financing, and budget questions. Synthetic Fuels Perhaps I should begin with a description of what synthetic fuels are and what is known about producing them.

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