The House of Representatives has approved a plan to limit U.S. gas prorationing by the states but rejected a move to require petroleum refiners and importers to place 1% of their oil or products volumes into the Strategic Petroleum Reserve. The oil industry lobbied heavily against the SPR provision, which went down 263-135. The House then passed its omnibus energy bill 381-37. It is designed to facilitate all types of energy production while promoting conservation. The legislation also imposes bans on offshore leasing but gives independent producers limited relief from the alternative minimum tax (AMT) and does not incl...

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