Saturday, November 18, 2006
House Dems will try to pay for Li'l Georgies War
And who can really argue with the thrust of their efforts?
House Democrats are targeting billions of dollars in oil company tax breaks for quick repeal next year. A broader energy proposal that would boost alternative energy sources and conservation is expected to be put off until later.Given the realities of DC, this may be more difficult than it should be but the targets are easy and the rewards should be substantial. Some of the targets are:
--Tax breaks for refinery expansion and for geological studies to help oil exploration.All worthy objectives, so give your congressmoops a call and let them know where you stand.
--A measure passed two years ago primarily to promote domestic manufacturing. It allows oil companies to take a tax credit if they chose to drill in this country instead of going abroad.
--Alleged price gouging. Proposals to create a federal price gouging law for gasoline and other fuels probably will move quickly.
--More incentives and mandates to expand the use of ethanol and biodiesel as a substitute for gasoline. Requiring oil companies to phase in retail pumps that deliver fuel that is 85 percent ethanol.
--Requiring power companies to produce a percentage of their electricity from renewable energy sources such as wind and solar power. Such a measure is a priority of Sen. Jeff Bingaman, D-N.M., incoming chairman of the Senate Energy and Natural Resources Committee.
--Extending energy efficiency tax credits approved by Congress last year. Most are scheduled to expire at the end of next year.
--Expanding a tax break for buyers of gas-electric hybrid cars and offering more incentives for automakers to build greater numbers of the vehicles.
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