Re: Corporate Socialism Energy Bill Includes $8.5B welfare for Companies


"Zootwoman" <zootwoman@xxxxxxxxx> wrote in message
news:1122521498.585118.34640@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
> Biddness as usual on capitol hill.
>
>
http://news.yahoo.com/news?tmpl=story&cid=536&e=3&u=/ap/20050727/ap_on_go_co/energy_bill
>
> WASHINGTON - A wide-ranging energy bill expected
to move through
> Congress this week includes more than $8.5
billion in tax incentives
> and billions of dollars more in loan guarantees
and other subsidies for
> the electricity, coal, nuclear, natural gas and
oil industries.
>
>
> The White House said Wednesday that President
Bush intends to sign the
> bill soon.
>
> Efficiency and conservation programs would get
about $1.3 billion of
> the more than $14.1 billion in total tax breaks
over 10 years,
> according to lawmakers who have been briefed on
the legislation worked
> out in negotiations between the House and
Senate. About $3 billion in
> tax breaks would go for renewable energy source,
mostly to subsidize
> wind energy.
>
> Sen. Jeff Bingaman (news, bio, voting record) of
New Mexico, the
> ranking Senate Democrat participating in the
energy negotiations,
> bemoaned the reduction in support for energy
efficiency and
> conservation programs in the tax package. The
Senate had approved more
> than $3 billion in tax breaks.
>
> But he said he will support the bill when it
comes before the Senate,
> possibly as early as Thursday. The House could
take up the measure late
> Wednesday.
>
> "Given the makeup of the Congress today and
given the policies of the
> administration this is as good a bill as I think
we could hope to get,"
> Bingaman said in a conference call with
reporters.
>
> Sen. Pete Domenici (news, bio, voting record),
R-N.M., who led Senate
> negotiators, said the measure would help
diversify the nation's energy
> portfolio by spurring development of new
technologies to help put in
> service the next generation of nuclear reactors
and find ways to burn
> coal with less pollution.
>
> "We mandate more conservation and higher
efficiency," said Domenici,
> citing among other things new efficiency
standards for 14 commercial
> appliances such as large refrigerators and
cooling systems.
>
> Still, the bill was criticized by some Democrats
in Congress, as well
> as outside watchdog groups, for funneling
billions of dollars to mature
> energy companies that are cash rich because of
soaring oil prices and
> gasoline that is averaging $2.29 a gallon
nationwide.
>
> "The energy bill does little to nothing to
reduce our dependence on
> Middle East oil," said Sen. Bill Nelson (news,
bio, voting record),
> D-Fla., who criticized the bill's failure to
seriously address
> automobile fuel efficiency.
>
> The nuclear industry, corn farmers and the coal
industry did
> particularly well with the legislation.
>
> The bill would require refiners to double the
use of ethanol, mostly
> from corn, as an additive to gasoline to 7.5
billion gallons a year by
> 2012.
>
> A boon to farmers, it also would cost the
taxpayer because ethanol gets
> a substantial tax break compared to gasoline,
said Myron Ebel, an
> energy analyst for the Competitive Enterprise
Institute.
>
> A last-minute proposal added to the tax package
late Wednesday by House
> Speaker Dennis Hastert, R-Ill., also would
provide a 30 percent tax
> credit, up to $30,000, for the installation of
equipment to sell
> gasoline consisting of 85 percent ethanol. There
are only about 400
> such retail outlets, mainly in the farm belt
region, and the tax
> incentive is designed to spur construction of
more, according to a
> Hastert aide.
>
> The nuclear industry hailed the legislation. It
reaped major benefits,
> including "risk insurance" totaling $2 billion
if there are permitting
> or regulatory delays in construction of the
first six new nuclear power
> reactors.
>
> The bill also provides loan guarantees for
future reactors and a green
> light for building a $1.25 billion
next-generation nuclear plant that
> could produce hydrogen as well as electricity.
>
> The legislation also boosts the coal industry
with loan guarantees and
> $2.9 billion in tax breaks mostly for
development of technology to make
> coal more environmentally friendly and develop
ways to capture
> climate-changing carbon emissions.
>
> Oil and gas producers would get $1.5 billion in
tax breaks as well as
> royalty relief for certain deep-well drilling. A
$500 million program,
> paid for by royalty relief, would help oil
companies drill for oil in
> extremely deep waters of the Gulf of Mexico.
Another $1 billion is
> earmarked for coastal restoration in five states
with offshore oil
> production.
>
> As House-Senate conferees worked late into the
night this week on the
> final paragraphs of the legislation, a proposal
was made, and approved,
> to provide $250,000 for a study of "irradiated
fuel" - although many
> of the conference participants acknowledged they
had no idea what that
> was.
>
> "Lawmakers let go any financial inhibitions and
started spending like a
> bunch of drunken sailors," said Jill Lancelot,
president of the
> watchdog organization Taxpayers for Common
Sense. "This energy bill is
> filled to the brim with massive giveaways for
mega-rich energy
> companies."

Hmmm, one has to wonder why are all the
conservative whiners who constantly bitched
and moaned about government welfare being
silent about this.

BTW, you thought the Dominionist Theocrats
and the neocons of the Project for a New American
Century were insidious, check out the Federalist
Society: http://www.fed-soc.org/
This bunch seems to be a combination of the
two above. And if you read the latest Molly
Ivins article, you'll see even more details about
these fascists. And I wouldn't be surprised
to find out Willy Lard is one of their agent
provocateurs. But if he isn't one of their
provocateurs, it's obvious he has the same
warped and perverse mentality as the Federalists.
Yep, the braindead walk among us.


.

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