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Energy bill passes, includes tax breaks for oil companies
Associated Press
Published July 29, 2005
WASHINGTON - A national energy plan that would send billions of dollars in tax subsidies to energy companies passed the House on Thursday, despite criticism from some lawmakers that it would do nothing to dampen high prices or lessen dependence on Middle East oil.
Supporters said the legislation would establish a framework for developing a wider mix of energy sources in coming years, including wind turbines, lower-pollution coal plants and new nuclear reactors.
Lawmakers avoided a certain fight in the Senate by leaving out one of President's Bush's top energy goals: opening the Arctic National Wildlife Refuge in Alaska to oil drilling. House Republicans promised to pursue that issue separately.
Sponsors said the legislation would improve the nation's electricity grid and foster energy conservation as well as production. It calls for doubling the use of corn-produced ethanol in gasoline to 7.5-billion gallons a year by 2012, and extends daylight saving time by a month to save energy. It would also provide $14.5-billion in tax breaks, including $2.6-billion for oil and gas industries.
[Last modified July 29, 2005, 00:52:10]
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