The House passed the Energy Bill today (H.R. 6), the Energy Independence & Security Act of 2007 on a vote of 235-181 and now it moves to the Senate for final passage. President Bush has threatened to veto the bill because of provisions included that he opposes (Statement of Administration Policy). President Bush supports the most important provision of the legislation: increasing automobile fuel economy standards to 35 miles per gallon by 2020, 40 percent more than the current 27.5 mpg standard. AAEA supports the legislation (and administration objections).
Update (evening Dec 13): The Senate passed the revised energy bill 86 to 8, which makes it veto proof. President Bush will sign it anyway if the House passes the revised bill, which eliminated the tax package.
Update (morning Dec 13): The Senate voted 53 to 42 (evidently changed to 59 to 40), which fails to get the 60 votes needed to invoke cloture and close debate, effectively killing the measure. The Senate will try to rework the bill for passage before Congress adjourns. The bill failed largely because of the provision to pay for the renewables items with ending about $13 billion in tax breaks for oil companies over 10 years.
Energy Tax Incentives Package: The new $21 billion tax incentives package measured over 10 years includes 1) $2.8 billion in incentives for energy efficient products, 2) a $993 million credit for plug-in vehicles and 3) more than $7 billion in incentives for renewable fuels.
KEY PROVISIONS OF THE ENERGY BILL
1) Fuel Efficiency. The new stardard would be 35 miles a gallon by 2020.
2) Renewable Energy. Electric utilities would be required to use renewable energy sources for at least 15 percent of their power generation.
3) Taxes. A $21 billion package of tax incentives.
4) Efficiency Standards. Incandescent light bulbs would be eliminated by 2015.
5) Renewable Fuels. Ethanol use would be increased to 36 billion gallons a year by 2022.
The Lieberman (I-Conn.) and Warner (R-W.Va.) America's Climate Security Act (S. 2191) passed out of the Senate Environment & Public Works Committee 11-8 on December 5 and will proceed to the Senate Floor (Chairman Boxer's Statement). The bill calls for the U.S. to cut carbon dioxide (CO2) and other greenhouse gas emissions by 70 percent by 2050. The House has not started hearings on a climate bill. AAEA supports the legislation. We do not support auctioning the allowances because it would increase the cost of the program and raise energy prices. (The Washington Post)
* Eliminated
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