House OKs Alternative Energy Incentives, $16B in Taxes on Oil Industry

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

Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.

Comments

[UP YOURS FOO!:]

where areth yooouu????????????????...

2008 Oct 05 09:41 PM

[UP YOURS FOO!:]

HI BUDDEH!

2008 Oct 05 09:42 PM

[UP YOURS FOO!:]

POOPPOOPPOOPPOOPPOOPPO...

2008 Oct 05 09:42 PM

[UP YOURS FOO!:]

up yours...

2008 Oct 05 09:42 PM

[UP YOURS FOO!:]

dude...lets talk like stoners

2008 Oct 05 09:42 PM

[UP YOURS FOO!:]

hello????

2008 Oct 05 09:43 PM

[UP YOURS FOO!:]

ohglksghkljdgsdfg

2008 Oct 05 09:43 PM

[UP YOURS FOO!:]

i love poop

2008 Oct 05 09:43 PM

[UP YOURS FOO!:]

WHOOAAAA!!!! how do you blog with all those bugs crawling iinnn and oouutt of your mouth???

2008 Oct 05 09:43 PM

[UP YOURS FOO!:]

ARASAY??? WHERE ARE U?

2008 Oct 05 09:43 PM

[UP YOURS FOO!:]

look, i came here for a semi-logical blog. but hell with that. BRING AOOOWWWNNN TEH STUPIDDIDITYS!!!

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

CAUSE IM MAGIC!

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

I"M HERE DUMBY!

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

YOU"RE FACE IS GAY!

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

poopmonkeys!

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

INSULT!

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

GOOOOSSSHHHDARRRNNITTT...

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

i am having a conversation

2008 Oct 05 09:44 PM

[UP YOURS FOO!:]

hi

2008 Oct 05 09:45 PM

[UP YOURS FOO!:]

AAAARRRRGGGGHHHH!!!!!!...

2008 Oct 05 09:45 PM