House passes energy bill

November 13, 2007

BY Michael Shirek

Web exclusive posted Dec. 6, 2007, at 5:28 p.m. CST

The U.S. House of Representatives passed an energy bill Thursday that would increase the RFS to 36 billion gallons by 2022 while reducing the ethanol tax credit by 5 cents per gallon by 2009. Although the bill faces a threatened veto by President Bush and the Senate has yet to pass a companion bill, the House passed the bill by a 235-181 margin. The Senate is set to vote on similar legislation Saturday.

Other provisions in the bill include an increase in the corporate average fuel economy standard to 35 miles per gallon by 2020, a 15 percent renewable energy standard by 2020 and would repeal some tax incentives to oil and natural gas producers. The $21 billion tax incentive reduction would help fund the bill.

Advertisement

Advertisement

Advertisement

Advertisement

Upcoming Events

Sign up for our e-newsletter!

Advertisement

Advertisement