By The Associated Press
September 17, 2008
Key provisions of House energy bill:
- Opens federal waters beyond 50 miles from shore along the
Atlantic and Pacific coasts to oil and gas drilling, ending
drilling bans that have been in effect for 26 years. States
would have to agree to drilling for areas between 50 and 100
miles from land.
- Rolls back $18 billion in tax breaks for the five largest
oil companies and requires energy companies to pay billions
of dollars in additional royalties from oil taken from the
deep water areas of the Gulf of Mexico under questionable leases
issued in the late 1990s.
- Requires the release of 70 million barrels of oil from
the government's Strategic Petroleum Reserve to put more oil
on the market and lower gasoline prices.
- Makes it a federal crime for oil companies holding federal
leases to provide gifts to government employees, a response
to a recent sex and drug scandal involving the federal office
that oversees the offshore oil royalty program and energy company
employees.
- Provides tax credits for wind and solar energy industries,
the development of cellulosic ethanol and other biofuels, and
purchase of plug-in gas-electric hybrid cars.
- Requires utilities to generate 15 percent of their electricity
from solar, wind or other alternative energy sources.
- Gives tax breaks for new energy efficiency and conservation
programs, including the use of improved building codes and
low-interest loans for energy-efficient homes, and for companies
that promote their employees use of bicycles for commuting.
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