AP News, August 5th, 2007
Here is a comparison of highlights in the energy legislation passed Saturday by the House and the bill approved by the Senate in June. The two will have to be merged.
TAXES
_ House calls for $16 billion in new taxes on oil companies over 10 years by removing several of the industry's tax breaks. Senate bill has no tax provisions.
RENEWABLE ENERGY
_ House calls for incentives to build biomass factories and for research into cellulosic ethanol and biodiesel. Senate has similar provisions.
_ House requires electric utilities to produce 15 percent of electricity from renewable energy sources. Senate has no such requirement.
ENERGY CONSERVATION
_ House has new efficiency standards for appliances, lighting and buildings, and creates bonds to be used by cities and counties for energy conservation. Senate has appliance and lighting efficiency standards.
AUTOMOBILE FUEL ECONOMY
_House bill has nothing on automobile fuel economy. Senate bill increases auto mileage requirement to 35 mpg by 2020 for cars, SUVs and small trucks, about a 40 percent increase.
ETHANOL
_ House bill has no mandate on ethanol use as a replacement for gasoline. Senate requires a sevenfold increase in ethanol use to 36 billion gallons a year by 2022.
_ House provides tax credits for installing E-85 pumps. Senate requires half of new cars manufactured by 2015 be capable of running on E-85.
HYBRID CARS
_ House provides tax breaks, subsidies for research into better batteries for plug-in hybrid cars and up to $4,000 tax credit for purchasing such cars. Senate provides loan guarantees and other assistance for advanced diesel and hybrid battery technology.
CARBON DIOXIDE
_ House calls for an assessment of areas for underground carbon dioxide storage and calls for developing large-scale storage demonstration projects. Senate has similar provision.
ENERGY PRICE GOUGING
_ House bill has no provision. Senate makes it unlawful to charge an "unconscionably excessive" price for oil products, including gasoline.
