Energy Bill -- Round 2 of 4 Won? 2007-08-10

CLOates
10 August 2007
Norman, Oklahoma, USA

Energy Bill -- Round 2 of 4 Won?

Here's some detail on the recently-passed House version of the energy bill. The really dirty dealing is, of course, yet to come in the form of the House-Senate conference committee (Round 3). Whatever emerges from that donnybrook will then need to be signed by the President, advised by his mentor, Dick Halliburton--er, ah--Cheney (Round 4).

Stay tuned, and stay concerned. Unless you're a Baby Boomer or older, you'll probably be around to see the effects of this a lot longer than I will.

Prof. Oates

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From a MoveOn.Org email:

Dear MoveOn member,

Last Saturday, a historic House vote moved America closer to a green energy policy. Thank you—you helped make it possible.

In crafting and passing the energy bill, our champions in Congress fought hard and won concrete steps to curb global warming and boost wind, solar and other renewable energy sources. Congress also voted to revoke some of the perks that the energy industry enjoyed under a Republican Congress—over industry's strenuous objections (see below for details on the bill).

. . .

The House and Senate have each passed their own version of the energy bill. The conference committee will try to work out the differences. Here's what's in the bills right now (courtesy of the Houston Chronicle):

• SOLAR AND WIND POWER: House requires electric utilities to produce 15 percent of electricity from renewable energy sources. Senate has no such requirement.

• ENERGY CONSERVATION: House has new efficiency standards for appliances, lighting and buildings, and creates bonds to be used by cities and counties for energy conservation. Senate has appliance and lighting efficiency standards.

• FUEL ECONOMY: House bill has nothing on automobile fuel economy. Senate bill increases auto mileage requirement to 35 mpg by 2020 for cars, SUVs and small trucks, about a 40 percent increase.

• ETHANOL: House bill has no mandate on ethanol use as a replacement for gasoline. Senate requires a sevenfold increase in ethanol use to 36 billion gallons a year by 2022. House provides tax credits for installing E-85 pumps. Senate requires half of new cars manufactured by 2015 be capable of running on E-85.

• HYBRID CARS: House provides tax breaks, subsidies for research into better batteries for plug-in hybrid cars and up to $4,000 tax credit for purchasing such cars. Senate provides loan guarantees and other assistance for advanced diesel and hybrid battery technology.

• CARBON DIOXIDE: House calls for an assessment of areas for underground carbon dioxide storage and calls for developing large-scale storage demonstration projects. Senate has similar provision.

• PRICE GOUGING: House bill has no provision. Senate makes it unlawful to charge an "unconscionably excessive'' [now there's a piece of obfuscation, if ever I saw one! --CLO] price for oil products, including gasoline.

Source: "House OK's $16 Billion in Oil Company Taxes." Houston Chronicle, August 5, 2007. http://www.chron.com/disp/story.mpl/front/5027513.html.

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