Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : THE VAST RIGHT WING CONSPIRACY -- Ignore unavailable to you. Want to Upgrade?

To: calgal who wrote (4054)	11/15/2003 1:37:26 AM
From: calgal	Read Replies (1) \| Respond to of 6358

Republicans agree on energy package By Brian DeBose THE WASHINGTON TIMES Senate and House Republicans yesterday reached an accord about a sweeping energy package they say will create jobs and boost the nation's energy efficiency. But Democrats are leery because they haven't seen any of the changes in the legislation since September. The Republicans reached consensus after months behind closed doors to craft the energy policy, which calls for improving high-voltage power lines, offers billions in tax incentives to the energy industry and encourages use of renewable energy sources such as the sun and wind. Sen. Pete V. Domenici, New Mexico Republican and chairman of the Senate Energy and Natural Resources Committee, was pleased with the results and hopes the bill will reach both chamber floors by the end of next week. Energy policy hasn't been renewed in more than a decade. "We have completed a most difficult, difficult job, but we have put it together, and ... anything that is going to be in this conference that needs agreement has been agreed upon," Mr. Domenici said. Mr. Domenici and his House counterpart, Rep. Billy Tauzin, Louisiana Republican, laid out some of the details during a news conference yesterday, but wouldn't elaborate on some of the changes made to the bill after the Republicans took it over. The lawmakers said it includes statutes about who will build and pay for new electrical energy transmission lines. It also calls for improved energy efficiency and better fuel economy standards. Tax incentives would be granted to traditional energy industries, such as producers of oil and clean coal, and for a $20 billion natural gas pipeline from Alaska to Chicago. The bill also would add 5 billion gallons of ethanol to current fuel sources and extend production tax credits for alternative fuels. Perhaps the most significant aspect of the bill for Democrats is what's not in it — oil drilling in the Alaska National Wildlife Reserve (ANWR) — an option the Bush administration had insisted on initially. The Democrats will get their hands on the 1,700-page bill today and will have 48 hours to review it. Mr. Domenici intends to have his committee approve the bill by Monday so it can be in Mr. Tauzin's committee by Tuesday morning, the senator said. It is expected to pass easily in the House but face opposition in the Senate. Sen. Jeff Bingaman, New Mexico Democrat and ranking member on the resources committee, said he viewed the chairman's statements as "basically telling us to take it or leave it." "We're going to do the best we can between now and Monday to determine what's in it," Mr. Bingaman said, adding that Senate Democrats will be specifically looking for any changes made to the Clean Air Act. "But at this point I don't know what any of the show-stoppers are." Mr. Bingaman said neither Senate or House Democrats on the relevant committees have seen any of the new language. The Republicans decided several months ago to draft the bill alone to hammer out internal party differences. "Many of the [energy] conferees are on planes right now and will have to be hustled back here to take full advantage of the two days," Mr. Bingaman said. Energy Secretary Spencer Abraham, in an interview with editors and reporters of The Washington Times yesterday, said the bill will "enhance security of our energy establishments, fund the hydrogen alternative energy initiative and deal with the prevailing need for more transmission systems and new standards of conduct." Mr. Abraham said the absence of ANWR drilling will not be a problem for the Bush administration. "We have never threatened to veto this bill. ... Our energy plan has been treated as if it had 105 recommendations and all of them had ANWR in them, and that's not the case," the secretary said. Mr. Tauzin's main focus was on the bill's vast job production potential, estimating that "400,000 direct and indirect jobs" will be created by the Alaska-Chicago pipeline project. "The imperative of the bill ... comes from an economy that's struggling to create jobs when jobs have been lost, in large measure, because the high cost of energy has made it impossible for businesses to turn profits and to hire new workers," he said. Mr. Bingaman disputed whether there were any facts to support the job estimates, and said the Republicans will have to present those facts in conference if they want full Democratic support. He added that the legislation would cost taxpayers between $15 billion and $22 billion in tax incentives alone. What little was revealed about the bill has at least one energy lobby optimistic. The Oxygenated Fuels Association is eager to review a portion of the bill that prohibits defective product litigation against renewable fuels and methyl tertiary-butyl ether (MTBE). "The certainty of the safe harbor ensures that new generations of clean-fuel additives will be available to address future energy and environmental needs," OFA spokesman Frank Maisano said. MTBE is an additive found in petroleum fuels and is commonly stored in underground storage tanks. It has been the subject of lawsuits when buried tanks have leaked the chemical into drinking water. However, the group is not happy that the bill provides for the phasing out of all MTBE by 2015.