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New House Compromise Energy Bill
Thursday, September 11, 2008(National Wildlife Federation)
BREAKING NEWS: We have been
informed by the speaker’s office that an
agreement has been reached on the House
compromise energy legislation. Most elements
(other than drilling) have already passed the
House. While drilling is not the answer and is
the wrong direction, the bill does include a
number of positive steps towards conservation
and clean
energy (things we'd like to see in
a Senate Bill), including:
- Clean Energy Incentives: Extends the clean energy tax incentives Cuts subsidies for oil and gas and uses the revenues to fund efficiency, conservation, and low-income energy assistance; also increases royalty rates for new drilling RES: 15% Renewable Electricity Standard (with 4% from conservation)
- Efficient Buildings: codes for new buildings would require a 30% efficiency improvement by 2010 and 50% by 2020; a new incentive for efficient homes;
- Transit: funding for mass transit
- Other provisions include:
- Carbon Capture (CCS) RD&D funded by a charge on electricity from coal, oil, and gas based on CO2 content;
- Oil release from Strategic Petroleum Reserve
- DRILL Act (Use it or Lose it, possibly without the lose it)
And does not include liquid coal, oil shale, or drilling in the Arctic Refuge, or new drilling in Rock Mtn West. The offshore drilling provisions needless to say are not good given the political reality.
Expected Timing: Not
likely until early next week; possibly Tuesday;
Lobby Day on
Tuesday
Expected
Opposition: Understand the
speaker has the votes to pass the
bill under
a regular majority vote. Will need to
avoid a "motion to
recommit" to the Boehner
bill (R-OH).
From the Speaker's office:
- Comprehensive American Energy Security & Taxpayer Protection Act
- Lowers Costs to Consumers & Protects Taxpayers
- Royalty Reform: Making Oil Companies Pay
Their Fair Share for Drilling
on Public Lands and Repeal of Tax Subsidies (H.R. 6, 98/99 Leases, Sec.
199) - Releasing Oil from the Strategic Petroleum
Reserve (SPR Swap) (H.R.
6578) - Renewable Energy Future, Creating American Jobs
- Renewable Energy and Efficiency Tax
Incentives, paid for with
compromise repealing an oil and gas tax incentive for Big Five (sec 199)
and delaying worldwide interest allocation (H.R. 6049) - Investing in Renewable Energy, Energy
Efficiency and Home Heating
Assistance (LIHEAP), Paid for by Making Oil Companies Pay their Fair
Share for Drilling on Public Lands (98/99 leases) (H.R.6) - Renewable Electricity Standard (H.R. 3221)
- Expanding Domestic Energy Supply
- Responsible Compromise on Drilling on the Outer Continental Shelf. The ending of the current moratorium allows drilling 3 miles offshore. The compromise would permit leasing between 50 and 100 miles offshore if a State ‘opts-in’ to allow leasing off its coastline by enacting state law. The remaining Outer Continental Shelf from 100 miles out would be open to oil and gas leasing.
- Environmental Protections: National
marine monuments and national marine
sanctuaries are permanently withdrawn from oil
and gas leasing. All leasing activities
must protect the coastal, marine and human environment of the State coastal zones and OCS. - DOD authority to designate national defense areas remains in force and leasing must also take place in accordance with a Memorandum of Agreement between the Defense and Interior Departments.
- Adhere to 2006 law protecting the Eastern Gulf of Mexico until 2022.
- Require Oil Companies to Drill on the 68
million acres of Federal Lands
They Already Control (DRILL Act, H.R. 6515) - Increase Domestic Oil Production in Alaska
-- NPR-A (DRILL Act, H.R.
6515) - Promote Natural Gas, E-85 Infrastructure* (Emanuel provisions)
- Carbon Capture & Sequestration* (HR 6258, Rep. Boucher)
- Greater Energy Efficiency and Conservation
- Strengthen Energy Efficiency in Buildings (H.R. 3221)
- Incentives for Energy Efficient Homes* (H.R. 6078, Rep. Perlmutter)
- Saving Energy Through Public Transportation Act (H.R. 6052)
*Not been voted on before in the House.