POLITICS
House Set to Vote on New Energy Bill
2007-12-06 09:05am
House Speaker Nancy Pelosi said she wants a vote this week on a new tax and incentive energy bill that would repeal billions in tax breaks for U.S. oil companies and provide incentives for alternative energy research.
The tax package totals about $21 billion - two-thirds of it coming from big oil companies. It was completed late Wednesday.
Ms. Pelosi, a Democrat from California, personally put a lot of time into the crafting of the bill. She said she wants to see action on it in the House this week so it can go to the Senate before lawmakers leave on their holiday break.
Included in the measure are the first major fuel efficiency requirements in more than three decades. It would require cars and trucks to get 40 percent better gas mileage over the next 13 years to an overall industry average of 35 miles per gallon.
Also, for the first time, Congress would require electric utilities nationwide to produce 15 percent of their electricity from renewable energy such as wind, solar or biomass.
Oil company experts say the increase in taxes would mean companies would spend less on investment or refinery expansion.
(c) 2007 Newsroom.