Energy Deal Has Tax Breaks for Companies

[Eugene]

http://www.guardian.co.uk/worldlatest/story/0,1280,-5169194,00.html

Energy Deal Has Tax Breaks for Companies


Wednesday July 27, 2005 12:31 AM

AP Photo DCLJ105

By H. JOSEF HEBERT

Associated Press Writer

WASHINGTON (AP) - Lawmakers scaled back support for energy
conservation and efficiency programs as part of a $11.5 billion tax
package expected to be added Wednesday to a sweeping energy bill that
Congress hopes to complete this week.

The agreement, worked out in closed meetings of House and Senate
negotiators, funnels about 60 percent of the tax breaks, about $8.5
billion, to traditional energy industries including coal, natural gas
and electric companies. Many of the incentives are aimed at promoting
new energy technologies.

Efficiency and conservation programs would get $1.3 billion, about a
third of what the Senate had approved for such programs when it
passed its energy legislation in June. In many cases the savings
were achieved by shortening the duration that tax breaks will be
available. About $3 billion goes to renewables, mostly tax breaks
for wind turbines.

Sen. Jeff Bingaman of New Mexico, the ranking Senate Democrat on the
panel that forged the energy compromise with the House and also
involved in the tax negotiations, said the reductions in tax breaks
for energy efficiency "is greater than I had wanted."

more...

[ClintonTyree]

1. I'M SHOCKED!

shocked that this administration's energy bill would favor large, corporate donors! Shocked, I tell you! :wow:

[Judi Lynn]

2. Energy Deal Has Tax Breaks for Companies

Energy Deal Has Tax Breaks for Companies

Wednesday July 27, 2005 10:31 AM

By H. JOSEF HEBERT
Associated Press Writer

WASHINGTON (AP) - A wide-ranging energy bill expected to move through Congress this week includes more than $8.5 billion in tax incentives and billions of dollars more in loan guarantees and other subsidies for the electricity, coal, nuclear, natural gas and oil industries.

Efficiency and conservation programs would get about $1.3 billion of the more than $14.1 billion in total tax breaks over 10 years, according to lawmakers who have been briefed on the legislation worked out in negotiations between the House and Senate. About $3 billion in tax breaks would go for renewable energy source, mostly to subsidize wind energy.

Sen. Jeff Bingaman of New Mexico, the ranking Senate Democrat participating in the energy negotiations, bemoaned the reduction in support for energy efficiency and conservation programs in the tax package. The Senate had approved more than $3 billion in tax breaks.

But he said he will support the bill when it comes before the Senate, possibly as early as Thursday. The House could take up the measure late Wednesday.
(snip/...)

http://www.guardian.co.uk/worldlatest/story/0,1280,-5169950,00.html




BEMOANING.

[RedEarth]

3. (WP)...Negotiators Agree on Tax Breaks in Energy Bill

Negotiators Agree on Tax Breaks in Energy Bill

By Justin Blum
Washington Post Staff Writer
Wednesday, July 27, 2005; A04



House and Senate negotiators raced yesterday to complete work on $14.5 billion in tax breaks, the final element of a major energy bill Congress wants to send to President Bush this week.

Negotiations took place behind closed doors, with lawmakers divvying up tax breaks to encourage domestic production of oil and natural gas, development of cleaner-burning sources of electricity, and conservation measures, among other things.

.....

"This is a darned good bill, and this is going to help this country," said Rep. Joe Barton (R-Tex.), chairman of the conference committee. "The sooner we get it implemented, the better."

Some Democrats and environmentalists said the bill would shower subsidies on the energy industry, including many companies that have reaped record profits because of high oil prices. "This is a huge giveaway for the oil and gas industry," said Rep. Edward J. Markey (D-Mass.). "The bill just tips the American consumer and taxpayer upside down and shakes money out of their pockets. The bill is an historic failure."

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/26/AR2005072601679_pf.html

[whosinpower]

4. Grr.....

The energy companies are up to their necks in cash-ola...and they need tax breaks???!!!????

[yurbud]

5. we should be charging them more for the use of our military

Hillbilly Hitler art:



Blog:

[yurbud]

6. dumb question: after they do this compromise do they vote on it again?

Hillbilly Hitler art:



Blog:

[yurbud]

7. letter to senators & congressman on this:

I was disheartened to hear that the compromise energy bill this includes the bulk of it's tax breaks going to big oil, coal, and other traditional energy sources that are rapidly running out or do permanent damage to our environment. Given the record profits of companies like ExxonMobile, and the fact the US is the biggest consumer of oil in the world, tax breaks are hardly necessary to get them to provide their product.

Instead, you should be thinking of ways to switch over as much as possible of our generating capacity to wind and solar, and cars to biofuels, electric, and fuel cells. Not just the token moves you have made in the past couple of decades, but a third to a half coming from renewables in the next five to ten years.

We cannot rely on energy companies to do this. As we have seen with auto companies, they have whined , complained and dragged their feet on the the very modest CAFE standards Congress has passed, while Japanese companies have developed hybrid and other technology without government coercion. On electricity generation, Europe is well ahead of us and buys most of the solar cells produced in the US.

Worst of all, oil companies are clearly having an impact not only on bad decisions at home, but on our disastrous foreign policy abroad that will cost the hatred of the Muslim world and much of the rest of the world for decades to come if not centuries.

Given that economically recoverable oil will be gone within the next couple of decades, that dividend of hatred will last long after the donors who greased palms have died of old age, and the oil industry itself is a footnote in history books, like whale oil for lamps.

We need our Congressmen and Senators to act in the best interest of the American people, not a handful of wealthy individuals whose interests are diametrically opposed to the rest of us.


Even if you don't have the votes to defeat this, vote against it and condemn this as corrupt and counterproductive.

Hillbilly Hitler art:



Blog:

[Mr. Peanut]

9. I Took The Liberty

of sending your letter to Nancy Pelosi and to the Democrat Party, since it was such a good one. I added that extending Daylight Saving Time is like putting a band-aid on a volcano compared to what we should be doing about the energy crisis.

[yurbud]

11. we should do daylight savings time year round--

most people are either asleep or in their cars in the morning, so they don't use much electricity then. Better to have the daylight when we are all out and about.

Hillbilly Hitler art:



Blog:

[Mr. Peanut]

8. They Can't...

create a bill to save fuel and encourage conservation, but they CAN change our clocks and extend DST, which Nixon tried in the 1970s during the embargo.

[depakid]

10. DINO's and sellouts at it again

Just another day at the office- and yet another bit of evidence as to why the Dems are (and look to remain) irrelevant at best.