AND THE WINNER IS....BIG BUSINESS!
On Thursday the U.S. House of Representatives easily approved an energy bill by a vote of 275 to 156. The bill, which is loaded with $14.5 billion in tax breaks and incentives, was hailed by Republicans as a major change in U.S. energy policy.
With crude oil prices near $60 a barrel, environmental and consumer groups criticized the legislation as nothing more than a giveaway to an industry enjoying record profits, while doing little to curb demand or encourage renewable energy.
Of the bill's $14.5 billion in tax breaks and incentives over 10 years, almost $9 billion is exclusively for oil and gas, electricity and coal companies. Less than $5 billion will be spent on energy efficiency and renewable energy programs.
Democrats rightly claimed that U.S. energy companies generous profits should allow them to fund new projects on their own without subsidies funded by taxpayers. On Thursday, Exxon Mobil Corp. reported a 32 percent jump in its quarterly profits to $7.64 billion.
The final version of the House bill dropped some pro-environment measures, such as the Senate's requirement that the federal government find ways to cut U.S. oil demand and improve fuel mileage for autos, trucks and SUVs.
"As long as we're consuming 21 million barrels (a day) and we're only producing 8 million, we're going to be importing oil," said Texas Republican Joe Barton. Which is exactly why finding ways to cut demand and increase car mileage would be such a wise idea.
Republicans admitted the bill won't cut oil imports in the near term, which total about 60 percent of the U.S. supply. In truth, it's hard to say if it will cut demand in the long term either.
The Senate is expected to approve the bill on Friday, just before Congress goes on its summer recess. President Bush will sign the energy bill, which he called one of his top priorities, next week.
"This legislation will help us reduce our dependence on foreign sources of energy. It will help address the root causes that have led to high energy prices," said White House spokesman Scott McClellan. Of course he didn't say just how it would reduce our dependence without reducing our demand.
The next major energy concern that Congress will debate is a Republican plan to open Alaska's Arctic National Wildlife Refuge to oil drilling. Republicans were crafty enough to separate that controversial plan from the energy bill and instead make it part of an enormous budget bill to fund the government. That bill cannot be filibustered.
Just another example of Big Industry first, the American people second.
Copyright © 2005 The Independent Report. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without the author's consent.
On Thursday the U.S. House of Representatives easily approved an energy bill by a vote of 275 to 156. The bill, which is loaded with $14.5 billion in tax breaks and incentives, was hailed by Republicans as a major change in U.S. energy policy.
With crude oil prices near $60 a barrel, environmental and consumer groups criticized the legislation as nothing more than a giveaway to an industry enjoying record profits, while doing little to curb demand or encourage renewable energy.
Of the bill's $14.5 billion in tax breaks and incentives over 10 years, almost $9 billion is exclusively for oil and gas, electricity and coal companies. Less than $5 billion will be spent on energy efficiency and renewable energy programs.
Democrats rightly claimed that U.S. energy companies generous profits should allow them to fund new projects on their own without subsidies funded by taxpayers. On Thursday, Exxon Mobil Corp. reported a 32 percent jump in its quarterly profits to $7.64 billion.
The final version of the House bill dropped some pro-environment measures, such as the Senate's requirement that the federal government find ways to cut U.S. oil demand and improve fuel mileage for autos, trucks and SUVs.
"As long as we're consuming 21 million barrels (a day) and we're only producing 8 million, we're going to be importing oil," said Texas Republican Joe Barton. Which is exactly why finding ways to cut demand and increase car mileage would be such a wise idea.
Republicans admitted the bill won't cut oil imports in the near term, which total about 60 percent of the U.S. supply. In truth, it's hard to say if it will cut demand in the long term either.
The Senate is expected to approve the bill on Friday, just before Congress goes on its summer recess. President Bush will sign the energy bill, which he called one of his top priorities, next week.
"This legislation will help us reduce our dependence on foreign sources of energy. It will help address the root causes that have led to high energy prices," said White House spokesman Scott McClellan. Of course he didn't say just how it would reduce our dependence without reducing our demand.
The next major energy concern that Congress will debate is a Republican plan to open Alaska's Arctic National Wildlife Refuge to oil drilling. Republicans were crafty enough to separate that controversial plan from the energy bill and instead make it part of an enormous budget bill to fund the government. That bill cannot be filibustered.
Just another example of Big Industry first, the American people second.
Copyright © 2005 The Independent Report. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without the author's consent.
posted by Sean M. Kennedy | 1:46 PM
0 Comments:
Post a Comment
<< Home