White House Holds One-Year ‘Celebration’ of Energy Bill With Industry Rep

[LSK]

" White House Holds One-Year ‘Celebration’ of Energy Bill With Industry Reps

One year ago today, Congress finalized the Energy Policy Act of 2005, which lavished $14.5 billion in tax breaks on energy firms, nearly 60 percent of which went to “oil, natural gas, coal, electric utilities and nuclear power.”

One year ago, the average national gas price was $2.14. Today, it’s $3.00. The country is no closer to ending its addiction to oil, and fuel economy standards are still stuck at 27.5 miles per gallon (where they’ve been for 20 years). Meanwhile, “five of the world’s largest energy companies are expected to report combined second-quarter profits next week of more than $30 billion.”

For most Americans, this is no reason to celebrate. But most Americans aren’t “Representatives of industries who are benefiting from tax incentives available through the Energy Policy Act of 2005.”"

more

http://thinkprogress.org/2006/07/26/energy-anniversary/

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/27/AR2005072702207.html

[ixion]

1. and when BushOilCo took office, gas was about a buck a gallon

and the world was a much safer and happier place. :-(

[fordnut]

2. welfare fo the rich

Does anyone think it would have been better to invest that money in ethanol and bio-diesel production instead of giving the money to the oil companies.