Senate will see a new energy bill

Senate Majority leader Harry Reid will unveil an energy bill that will make offshore drilling safer and convert trucks to run on domestic natural gas.

The full Senate could begin consideration of Reid’s bill on Tuesday and Democrats would like to pass it by the early part of the following week.

With time running short ahead of a month-long recess starting Aug 6, Democrats abandoned efforts last week to put climate-control measures in the bill. Reid said then that he had no Republican votes for items such as carbon caps and mandates requiring utilities to generate some of their power from alternatives sources such as wind and solar.

Democrats would like to revisit climate control in September, but for now, they will compromise with the hope of passing the bill quickly.

If Republicans pick up seats, as expected, the effort to put a price on carbon and cut emissions could be stalled for years, which would also hamper the Obama Administration’s efforts to take a lead role at the world climate talks.

The natural gas trucks incentives could cost the government $4.1 billion, compared to the $19 billion price tag for an earlier bill. The energy efficiency measure known as Home Star will include $5 billion in incentives for plugging window leaks and insulating attics.

To pay for these measures, lawmakers may consider raising taxes on the oil and gas industry.

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Posted on July 26, 2010, in Energy, Politics & The Economy, Taxes and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

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