House votes to end $18 billion of tax breaks for oil and gas producers

Thursday, February 28, 2008

From the a story by Siobhan Hughes, Dow Jones Newswires, as posted on CNN Money:
WASHINGTON -(Dow Jones)- The U.S. House of Representatives on Wednesday voted to repeal $18 billion of tax breaks for oil and gas producers and use the savings to finance tax incentives for wind-power projects, solar panels, and more energy-efficient cars.

The bill passed by 236-182, but faces long odds amid opposition in the Senate and a White House veto threat. But it allowed House Democrats to promote renewable energy as an alternative to high-priced oil and to take aim at the oil industry, which is in the midst of a profit boom as prices keep rising.

"We have the opportunity to invest in clean, renewable energy and energy efficiency and grow our economy, creating new jobs," said House Speaker Nancy Pelosi, D-Calif.
Grist, the site for envrionmental news and commentary, had its own spin on the action:
Good Luck, Little Buddy
Renewable-energy bill passes House, likely to be short-lived

By a vote of 236-182, the House of Representatives has approved legislation that would boost renewable-energy tax incentives by repealing $18 billion in tax breaks currently enjoyed by oil and gas companies. Take a moment to enjoy that small victory, because the bill faces steep odds in the Senate, and President Bush has promised to veto it.