New Energy Legislation Passed by Senate, but Watered Down...

New energy legislation has been cleared through the Senate! It's good news, but the legislation was cut and stripped of many provisions that would cost the oil industry billions and billions of dollars before finally receiving its wide margin of approval.

This legislation includes an increase in fuel-economy standards for motor vehicles and boosts for alternative fuel. However, the 13 billion dollar tax increase on oil companies, and a requirement that 15% of electricity be from renewable sources were cut in order to secure Republican votes in the Senate.

To end debate on the bill, Senator Harry Reid, the Democratic leader, announced the removal of tax provisions, allowing for passage with a vote of 86 to 8.

The oil industry's own voice was clearly heard in their own campaigns to oppose tax increases; they argued that paying the government more money would get in the way of developing new sources of energy in terms of funding.

Do you think that the bill should have been watered down? What does this say about the power of the oil industry in Congress? Do you think the tax provisions should have been passed? Will they ever be able to make it through Congress?

Full Article: http://www.nytimes.com/2007/12/13/washington/13cnd-energy.html?ref=washington