Senate overwhelmingly passes energy bill

[thoughtanarchist]

UN. 28 10:35 A.M. ET The Senate overwhelmingly approved energy legislation Tuesday that was embraced by both Republicans and Democrats, but its chance of becoming law depends on hard bargaining in the coming months with House GOP leaders who favor measures more favorable to industry.

After finishing most work on the bill late last week, the Senate approved the sweeping legislation 85-12. It includes a proposed $18 billion in energy tax breaks, an expansion of ethanol use and measures aimed at increasing natural gas imports to meet growing demand.

...

"We still have many hurdles to overcome," said Sen. Jeff Bingaman, D-N.M., who led the Democrats in fashioning the massive bill. The bill passed by the House in April differs sharply from the Senate legislation over oil production and the degree of emphasis on conservation.

Sen. Pete Domenici, R-N.M., said the Senate bill would usher in "a new policy for the United States ... that energy should be clean, renewable and that we have conservation" to curtail energy demand. He said it would help assure a broad mix of energy sources in the future from nuclear power to wind energy.


http://www.businessweek.com/ap/financialnews/D8B0M0BG2.htm?campaign_id=apn_home_down

(add link on edit)

[shanti]

1. *sigh*

has anyone looked into this bill? i'm sure it's huge. just wondering what they've slipped into it "unnoticed".

[MindPilot]

2. if it was embraced by both democrats and republicans...

you can be sure we the people are in for a good reaming.

[Dr.Phool]

9. If Republicans are true to form

They'll exclude Democrats from the conference committee, and industry will get everything they want, and we'll be screwed again.

[shoelace414]

3. So what's good in it?

[thoughtanarchist]

5. There's some not-so-good in there...

Exponential Enrons Ahead
By Kelpie Wilson, TruthOut.org
Posted on June 28, 2005, Printed on June 28, 2005
http://www.alternet.org/story/23184/

One of the least-discussed provisions in the Bush energy bill that has passed the House and is now fast-tracked in the Senate is PUHCA repeal. "Pooka repeal," you say, "what's that?"

The Public Utilities Holding Company Act (PUHCA) is a cornerstone New Deal financial reform signed into law in 1935. It was the biggest battle in FDR's first term. Utilities had become cash cows for power moguls who created complex holding company pyramids for milking ultra-reliable ratepayer income to feed speculative investments. The crash of 1929 knocked these structures flat and took down millions of small investors who had been sold on the reliability of utilities as an investment.

...

Both the House and Senate versions of the energy bill now contain the PUHCA repeal provision. At the insistence of Democrats, the Senate added in some extra oversight by FERC (Federal Energy Regulatory Commission), but it is a thin reed compared to PUHCA.

[redqueen]

12. Well that's just great...

disassembling the New Deal a bit by bit.

[shoelace414]

14. Just think how much Enron could have

screwed us out of if they ran the nations power grid and not just California.

[redqueen]

15. Better yet... wait and see. n/t

[Roland99]

4. Is this the one that gave breaks and grants to former Enron execs?

[thoughtanarchist]

6. It will turn the entire nation

into the vulnerable Cali during the enron-inspired "energy crisis".

(edit spelling)

[MindPilot]

8. And who are the democrats that signed on to this?

the turncoat bastards who represent corporations over people.

[KoKo]

7. A DU'er posted this about the repeal of PUCHA which is bad news in bill.

AnnInLa (1000+ posts) Tue Jun-28-05 10:12 AM
Original message
Get ready to pay your utility bill to Halliburton


http://www.alternet.org/envirohealth/23184 /

Exponential Enrons Ahead

By Kelpie Wilson, TruthOut.org. Posted June 28, 2005.

A little-discussed section of the Bush energy bill will drive public utilities out of business, letting oil giants like Halliburton control your electricity.


snip

One of the least-discussed provisions in the Bush energy bill that has passed the House and is now fast-tracked in the Senate is PUHCA repeal. "Pooka repeal," you say, "what's that?" The Public Utilities Holding Company Act (PUHCA) is a cornerstone New Deal financial reform signed into law in 1935. It was the biggest battle in FDR's first term. Utilities had become cash cows for power moguls who created complex holding company pyramids for milking ultra-reliable ratepayer income to feed speculative investments. The crash of 1929 knocked these structures flat and took down millions of small investors who had been sold on the reliability of utilities as an investment.


snip

Supporters of PUHCA point out that for 50 years, we have had reliable, cheap electric power that has allowed strong economic growth, and that no PUHCA-regulated energy holding company has ever gone bankrupt. Furthermore, it was partial PUHCA repeals in the 1990s that opened the door to Enron, Westar and other energy debacles. To repeal PUHCA now is equivalent to blowing up the barn after the horses have escaped, never mind shutting the barn door.

snip

And get ready to start paying your power bill to Halliburton because some of the companies best positioned to take advantage of this deregulation are oil companies: "The top five oil companies now control 50 percent of US oil production. If they also controlled public utilities, they would be too powerful for any government to regulate," said Hargis. Also, the impact on renewable energy could be devastating. "If GE owns your utility," Hargis told me, "nothing will be able to stop them from shoving a nuclear plant down your throat. This will kill renewables."

must read at http://www.alternet.org/envirohealth/23184 /

Masters of War: "Let me ask you one question, Is your money that good, Will it buy you forgiveness, Do you think that it could? I think you will find, When your death takes its toll, All the money you made Will never buy back your soul. And I hope that you die, And your death'll come soon, I will follow your casket in the pale afternoon, And I'll watch while you're lowered Down to your deathbed, And I'll stand o'er your grave Till I'm sure that you're dead."


DISCUSSION ABOUT PUCHA here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x3964916

[Name removed]

10. Deleted message

Message removed by moderator. Click here to review the message board rules.

[KoKo]

11. Interesting crossovers in the Nay's with Sununu and McCain...and then

Dodd, Lieberman not voting.

[redqueen]

13. Boxer voted for this, but McCain didn't?

:crazy:

[bicentennial_baby]

16. Thanks for nothing MA senators...

:mad:

[Roland99]

17. Here's the House Roll Call Vote

http://clerk.house.gov/evs/2005/roll132.xml

[jasmeel]

18. Senate Overwhelmingly Passes Energy Bill

WASHINGTON - The Senate overwhelmingly approved energy legislation embraced by both Republicans and Democrats Tuesday, but hard bargaining looms with House GOP leaders who favor measures more favorable to industry.

After finishing most work on the bill late last week, the Senate approved the sweeping legislation 85-12. It includes a proposed $18 billion in energy tax breaks, an expansion of ethanol use and measures aimed at increasing natural gas imports to meet growing demand.

But lawmakers acknowledged that the measure would do little, if anything, in the short run to stem the soaring cost of energy including oil that this week has eclipsed $60 a barrel and gasoline that last week averaged $2.22 a gallon at the pump, according to the Energy Department. <snip>

http://news.yahoo.com/s/ap/20050628/ap_on_go_co/congress_energy

Sorry - dupe!

[ixion]

19. why can't these idiots ever do anything worthwhile?

:grr: :argh:

Seriously... 18B in tax breaks for fraudulent energy corporations already sticking it to consumers... not a word about alternative energy or gas price relief. Nothing. Nada.

Just more profits for Big Energy.

[LynnTheDem]

20. Minimum of $18 billion in pork. And still not enough uparmored humvees

for those fighting bush's war of bullshit in Iraq.

USSR all over again.

You're dying, America.

[natrat]

21. hey and that's just the senate version

[TahitiNut]

22. Taxpayer investments without getting equity. It's bullshit.

The energy cabal has been given virtually free access to national resources and public power facilities completely paid for by the taxpayer's dime - on top of subsidies that dwarf any "private investments" made in those companies. Despite this decades-long tsunami of taxpayer capital, the public has even LESS equity ownership in the production assets. It's long past time to reverse this privatization (giveaway) course and NATIONALIZE this industry completely!

[Patty Diana]

23. just more tax cuts for the filthy rich_outrageous!!

[Patty Diana]

24. looks like there wasn't enough pork for the AZ fascists

[Pastiche423]

25. "...measures aimed at increasing natural gas imports

to meet growing demand."

Know what this means, guys?

Google "LNG". This is/will affect coastal states. Many coastal communities all over this country are already protesting Liquefied Natural Gas proposals.

The LNG tankers and the LNG sites pose a HUGE security risk to citizens of these communities. The security of who can get aboard these tankers, sailing from other countries is close to nil. They are a perfect target for terrorists.

Furthermore, if one were to catch fire in port, everything in at least a mile radius would be burned to a crisp.

Very unfortunately, this bill states that the feds have the ultimate decision as to where these sites will be. This bill takes the decision away from the states.

Once again, WTF happened to state's rights?