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Oil & Gas

House shifts $16 billion toward renewable energy

August 06, 2007
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Reuters reports that U.S. House of Representatives recently passed a Democratic rewrite of U.S. energy policy that strips $16 billion in tax incentives away from Big Oil and puts it toward renewable energy sources like wind and solar power. The 786-page bill passed in a rare Saturday vote. The bill, the New Direction for Energy Independence, National Security, and Consumer Protection Act and the related tax title would spur a massive redistribution of federal incentives to wind, solar, geothermal and away from producing energy from oil, natural gas and coal.

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