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US House passes latest oil-tax-for-alternatives bill

03/10/2008
The US House of Representatives passed a bill Feb. 27 that proponents said would shift $18 billion in tax breaks from major oil companies to alternative and renewable energy projects and conservation and energy efficiency programs.HR 5351, which passed by 236 to 182 votes, was approved largely along party lines. Many Democrats tried to emphasize the potential benefits of alternative projects that might be cancelled if funding is not extended. Others in the party said crude oil prices, which closed at $101/b/d earlier, showed that oil companies don’t need tax incentives.‘Energy policy lite’HR 5351 opponents, who were largely Republicans, said the bill actually hurts some ...
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