House passes energy reform bill laden with with perks for industry

0 Comments | AFP, April, 2005

WASHINGTON (AFP) — The House of Representatives passed energy reform legislation which aims to stimulate oil and gas production and reduce energy consumption at a time of spiraling fuel costs.

The bill, which passed by a vote of 249 to 183, authorizes over 80 billion dollars in spending and over eight billion dollars in subsidies and tax incentives for oil companies.

Business groups hailed the House legislation, which has yet to be taken up by the US Senate.

"Enactment of comprehensive energy legislation is critical to American livelihoods and to our economy," said William Kovacs, vice president of environmental affairs for the US Chamber of Commerce.

"At a time when everyone feels the pinch from higher gas prices, this plan puts us back on track for...