Energy Bill Gets Better

In what, quite frankly, is a bizarre turn of events, the energy bill going to the House floor today will be even stronger [1] than reported earlier. [2]

The bill now includes $21 billion in tax credits for renewable energy [1], paid for by ending handouts to fossil fuel companies [3].

According to the AP: [3]

The new tax revenues would be used to spur development of renewable fuels including multiyear extensions of solar and wind energy tax credits; tax credits for conservation and energy efficiency, and to recoup lost gasoline tax revenues because of the increased auto fuel efficiency.

Providing long-term credits to renewable energy is critical to attract further private investment and build the clean energy economy.

Congressional leaders upped the ante after President Bush threatened to veto the less ambitious version. Perhaps leaders recognized that the failed oilman cannot be reasoned with when it comes to energy policy, and can only be confronted with bold legislation.

The dramatic move by congressional leaders now puts considerable pressure on conservative obstructionists.

With skyrocketing oil prices and little access to renewable alternatives, anyone arguing that we should keep helping Big Oil get bigger instead of investing in clean affordable alternatives [4], will have a lot of 'splaining to do to constituents clamoring for a shift in energy policy.

According to Congressional Quarterly (sub. req'd) [5], Sen. Max Baucus, D-Mont. is confident the tax package has the 60 votes needed to overcome any filibuster attempt, while Senate Majority Leader Harry Reid says: “I don’t know if it will get 60 votes or not. I think it’s going to be a very tough vote for Republicans to oppose.”

Head counts aside, Reid is correct.

The issue before the Senate will also be crystal clear to voters. They installed a new Congress in part to change energy policy, and anyone getting in their way may pay a steep price next year.