House OKs Alternative Energy Incentives, $16B in Taxes on Oil Industry 38 comments
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The House of Representatives on Saturday approved billions of dollars in tax breaks and incentives for alternative energy and energy efficiency, while imposing $16B in taxes on big oil. They did not, however call on automakers to make vehicles more fuel-efficient; some such measures may be included in the final version of the bill. The legislation would repeal tax breaks given to oil companies and end tax breaks for fuel-guzzling SUVs. Massachusetts Democrat Rep. Ed Markey called it "an historic turn away from a fossil fuel agenda and toward a renewable energy agenda for America." Republicans, however, claimed the bills ignored the need to produce more domestic oil, natural gas and coal. Included in the bills was the requirement that investor-owned electric utilities generate at least 15% of their electricity from renewable sources such as wind or biofuels. That had been a hotly contested issue, with utilities and business interests arguing that it would raise electricity prices in areas that do not have abundant wind energy, while environmentalists claimed it would encourage investments in renewable fuels and help address global warming. The bill also calls for stricter energy efficiency standards for appliances and lighting and incentives for building more energy-efficient "green" buildings. They extend renewable energy production tax credits to 2012. The provisions will be merged with legislation passed by the Senate in June. The White House said it might veto the bill because it made "no serious attempts to increase our energy security or address high energy costs."
Sources: MarketWatch, Reuters, AP
Commentary: Book Review: A Thousand Barrels a Second • Rising Crude Oil Is Driving the Dollar Down • Oil Demand to Overtake Supply by 2030 -- Report
Stocks/ETFs to watch: USO, OIL, PBW
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This article has 38 comments:
Translation: it doesn't reward his corrupt, pea-brained, worse-than-useless, evil, porcine, coal or oil buddies enough. Oink!
W is right...this bill will do nothing to increase our supply of energy. In fact, when you single out one industry for additional taxation (above the already excessive rates) there will be a predictable outcome...they will stop investing in the U.S. Instead, oil companies will spend their investment capital in other parts of the world and secure other countries' energy futures, putting ours at additional risk. The 1970's windfall profit tax was the same way...once it hit, oil companies started diverting money to other countries where the taxation policies weren't discriminatory and confiscatory.
Thankfully, this bill will never see the light of day. Even if the Senate approves it, which I doubt, W will veto it. He really doesn't care what you think. He does what is right. That's what ticks you guys off.
Why don't some of these big money guys start solar/nuclear/wind energy companies?? Buffett, that crook Soros, Michael Moore and John Edwards (snicker), etc. Bill GAtes? Why hasn't Gates invested his BILLIONS into wind/solar/nuclear?
Everyday the oil companies have huge numbers of missleading advertizing to defeat this bill.
The faster we become oil independent the better we are able to compete in the world market
Get over it folks there is a finite reserve of world oil.
The point were your logic fails you is your clinging to the past and your lack of investment patterns of the Gates, Soros's and Buffets of the world. A perfect example is Gates investment in Ethanol. Soros invested $US 300MM in ethanol. Warren Buffet has a very large investment in wind energy. The Walton family (as in Wal-Mart) was one of the original investors in First Solar which just announced over $US 700MM in contracts. So they ARE investing, you need to come up to speed. Your analysis of energy production and security is akin to driving 70 MPH in your car while using your rear view mirror to see where you are going.
WHO WILL JOIN ME!