US House Approves Energy Bill
Posted on: Friday, 29 July 2005, 09:00 CDT
US House approves energy bill
WASHINGTON, July 28 (Xinhua) -- The US House of Representatives on Thursday approved a mammoth energy bill that sends billions of dollars in tax breaks and subsidies to energy companies.
The 1,725-page energy bill, which was approved by a vote of 275 to 156 in the House, is the product of weeks of compromise between widely different versions approved by the two chambers of the US congress earlier this year.
The bill would provide 14.5 billion dollars in energy tax breaks over 10 years, much of it to traditional energy companies. Nearly 9 billion dollars is earmarked for oil and gas, electricity and coal companies. Less than 5 billion dollars will be spent on energy efficiency and renewable energy programs.
"This legislation will help us reduce our dependence on foreign sources of energy. It will help address the root causes that have led to high energy prices," said White House spokesman Scott McClellan.
Industry officials also praised the bill.
However, environmental and consumer groups criticized the legislation as a giveaway to an industry enjoying record profits with crude oil prices near 60-dollar a barrel, while spending little on ways to curb demand or encourage renewable energy.
The bill is expected to pass the US Senate on Friday and President George W. Bush is expected to sign the energy bill next week, which he called one of his top priorities in 2005.
Source: Xinhua News Agency - CEIS
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