by David Sassoon -
Feb 28th, 2008 
Yesterday the House passed a bill to continue and accelerate development of clean, renewable energy in America. Here's what the House Select Committee on Energy Independence and Global Warming had to say about the bill:
The legislation passed today will increase incentives for wind, solar and other renewable energy sources, close a major tax loophole for the largest gas guzzlers on the road, and repeal billions of dollars in taxpayer giveaways to the five most profitable oil companies at a time of record profits from $100 per barrel oil.
The oil industry giveaways amount to $17 billion over the next ten years, and repealing these subsidies frees up the revenue needed to pay for clean energy development. But because of this, the bill faces an uncertain future. In the Senate, the leading Republican on the Energy and Natural Resources Committee, Pete Domenici, said about the bill: "It seems kind of dumb to me." And no surprise, the White House has promised a certain veto.
Bookmark/Search this post with:
