harrisonsdream
08-04-2007, 08:28 PM
House moves toward taxing oil companies
By H. JOSEF HEBERT
Associated Press
WASHINGTON — The House approved incentives for renewable energy and conservation today, and edged closer to passing nearly $16 billion in taxes on oil companies.
Republican opponents said the legislation ignores the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned "the pure venom ... against the oil and gas industry."
The House approved the energy measures, including a requirement for electric utilities to use more renewable energy to generate power, by a vote of 241-172. Lawmakers later were to consider a companion tax package, totaling nearly $16 billion, that targets the major oil companies.
"We are turning to the future," said House Speaker Nancy Pelosi, D-Calif.
On one of the most contentious and heavily lobbied issues, the House voted to require investor-owned electric utilities nationwide to generate at least 15 percent of their electricity from renewable energy sources such as wind or biofuels.
The utilities and business interests had argued aggressively against the federal renewables mandate, saying it would raise electricity prices in regions of the country that do not have abundant wind energy. But environmentalists argued the requirement will spur investments in renewable fuels and help address global warming as utilities use less coal.
"This will save consumers money," said Rep. Tom Udall, D-N.M., the provision's co-sponsor, maintaining utilities will have to use less high-priced natural gas. He noted that half the states already have a renewable energy mandate for utilities, and if utilities can't find enough renewables they can meet part of the requirement through power conservation measures.
By H. JOSEF HEBERT
Associated Press
WASHINGTON — The House approved incentives for renewable energy and conservation today, and edged closer to passing nearly $16 billion in taxes on oil companies.
Republican opponents said the legislation ignores the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned "the pure venom ... against the oil and gas industry."
The House approved the energy measures, including a requirement for electric utilities to use more renewable energy to generate power, by a vote of 241-172. Lawmakers later were to consider a companion tax package, totaling nearly $16 billion, that targets the major oil companies.
"We are turning to the future," said House Speaker Nancy Pelosi, D-Calif.
On one of the most contentious and heavily lobbied issues, the House voted to require investor-owned electric utilities nationwide to generate at least 15 percent of their electricity from renewable energy sources such as wind or biofuels.
The utilities and business interests had argued aggressively against the federal renewables mandate, saying it would raise electricity prices in regions of the country that do not have abundant wind energy. But environmentalists argued the requirement will spur investments in renewable fuels and help address global warming as utilities use less coal.
"This will save consumers money," said Rep. Tom Udall, D-N.M., the provision's co-sponsor, maintaining utilities will have to use less high-priced natural gas. He noted that half the states already have a renewable energy mandate for utilities, and if utilities can't find enough renewables they can meet part of the requirement through power conservation measures.