Because it’s about to become a whole lot more expensive. Maybe.
The House passed a new energy bill today by a vote of 221-189 to encourage development of alternative fuel sources. Also on today, the House approved, 241-172, a bill geared towards expanding use of biofuels, wind power and other renewable energy sources.
While some Congressional officials, like Rep. Tom Udall of New Mexico, lauded the bill as saving money for consumers, many bemoaned what they saw to be corporate-unfriendly provisions. “There’s a war going on against energy from fossil fuels,” said Rep. Ralph Hall, R-Texas. “I can’t understand the pure venom felt against the oil and gas industry.” Several key Republicans predicted a Bush administration veto.
And why might a veto actually happen? The bill would 2004 tax breaks given to oil companies including those to “help domestic manufacturers compete against foreign companies” just before those same domestic manufacturers saw record breaking profits for several years in a row.
The bill would also end a tax break meant to assist small business owners in purchasing work vehicles, but what came to be viewed as the “Hummer tax loophole” because the language allowed folks to essentially get tax breaks for buying giant SUVs.
Nonetheless, it didn’t go all Democratic green. Compromises were made – well, if by compromises I mean, ignoring the elephant in the room. Congress avoided what promised to be an ugly fight to make cars more efficient by not bringing the issue to the table at all.
The House promises more energy efficient (?) bills to come.
