Of words and deeds: the administration makes its case. (Editorial).

Our third goal is to promote energy independence for our country, while dramatically improving the environment," said President George W. Bush in the annual State of the Union Address on January 28th. I heard little else of the President's speech live, as I soon boarded my flight home from (ironically) Houston, TX. Naturally, I was elated that the President continues to emphasize the importance of energy independence.

When I came home and read the speech, I found that the President made promoting energy independence and improving the environment our third national goal for the coming year and that he dedicated 269 words of a 5500-word speech to energy. During the speech, the President proposed $1.2 billion in research funding for clean, hydrogen-powered automobiles and promoted his Clear Skies and Healthy Forests legislation.

Fuel cell stocks jumped as much as $1 or more per share in the immediate aftermath of the speech, as investors poured capital into the sector largely on the strength of the President's remarks. I'm probably not the only person working in the energy sector who learned about the importance of investors and their capital in the last year, so I was pleased to see the positive market response.

Today Secretary of State Colin Powell addresses the United Nations: a speech I will hear from a television in the other room. Soon a decision will be made to attack Iraq--or not. I can't predict the future, and I certainly don't know how the President's decision to proceed will affect the ...