How Oil Company Contributions Weakened the Energy Bill

Yesterday the Senate passed an energy bill that helps reduce America’s oil dependency and takes an important step toward reducing global warming pollution. Unfortunately, the bill does not close $13 billion worth of tax loopholes and subsidies for the oil industry and reinvest the money in clean and renewable energy technologies. Earlier in the day, 40 senators blocked the bill, forcing Senate leaders to jettison the tax provisions.

Oil companies have given $8 million to senators over the past four years. Yesterday's action by 40 Senators proved they have gotten their money’s worth: $1,600 in tax breaks for every dollar the oil industry has spent in campaign contributions. Here is a breakdown (pdf) of oil and gas company contributions to the 40 senators who blocked a measure to rollback oil company giveaways (source:  Center for Responsive Politics).

Despite this, the bill passed yesterday increases vehicle fuel economy standards by 40 percent and will save consumers $40 billion a year at the pump and help spur innovation and new American jobs. Its improved energy efficiency standards covering a wide range of products, lighting and buildings will also benefit American consumers.

The energy bill also improves provisions that boost homegrown biofuels and reduce our dependency on oil. The improvements include performance-based standards to ensure biofuels significantly curb global warming pollution and help to ease some of the impacts of biofuels production on wildlife and native habitats.

Learn more about the energy bill:http://online.nwf.org/...

•  Bush will NOT veto this bill

  STATEMENT BY THE PRESS SECRETARY

  Last January, President Bush called on Congress to reduce our nation's consumption of gasoline by 20 percent in 10 years by modernizing CAFE standards and greatly expanding the use of alternative fuels.  We congratulate the United States Senate for their effort to address the challenge of the President's bold "20 in 10" initiative.  The Senate energy plan will update CAFE standards and enhance the use of renewable fuels.  By addressing the concerns of the Administration and moving forward with a bipartisan approach, senators have taken steps to improve our economic and energy security. If this legislation makes it to the President's desk, he will sign it into law.

  by Target Global Warming on Fri Dec 14, 2007 at 10:00:30 AM PDT

  •  So the Dems gave enough

    actual progress away that Bush felt it was ok to sign it.

    Thanks Dems...

    This means the bill is probably pretty worthless with a ton of loopholes in it.

    by Chaoslillith on Fri Dec 14, 2007 at 10:03:25 AM PDT

    •  no - it is good as far as we got it

      we got 3 things
      CAFE, average of 35 means some cars have to get much more to balance the 22 mpg's the idiots demand..
      Energy efficiency in buildings and appliances(what halved California's CO2 emissions over last 30 years)
      Ethanol...ok for transition till Shrub is out.

      by dotcommodity on Fri Dec 14, 2007 at 10:37:12 AM PDT

•  Important diary, recommended, I'll check in later

  after more coffee and work.

  by Agathena on Fri Dec 14, 2007 at 10:17:46 AM PDT

•  So we need to form a Renewables lobby.

  that pays more than the oil lobby, and use it to pay Republicans more than the oil companies do for their votes. So its just $8 million needed to get their votes to go pro human race. (I was about to start checking just how much it would be) I bet among the 6 billion interested parties we could raise $8.5 million. Soros...?

  by dotcommodity on Fri Dec 14, 2007 at 10:33:50 AM PDT

•  Wow, Arlen Specter: 120 Large. Jumbo Jockey!!

  I always thought Arlen would sell for lots less. Guess the dollar don't go as far as it used to. Say, how much is $120,000 in real money? You know, Euros or Yuan?

  by Private Keepout on Fri Dec 14, 2007 at 10:34:16 AM PDT

•  Wow, $25 million to Repubs in 2000

  Wasn't that the year Bush stole the election? Then Cheney organized those secret energy meetings with his oil & gas cabal.

  Canada's Harper government is so deeply indebted to oil and gas that they are making fools of us in Bali. Two thirds of Canadians are highly concerned over global warming but our Prime Minister is up to his armpits in the Alberta Tar Sands. I understand the Tar Sands are competing with China's Three Gorges Dam as the world's number one man made environmental disaster.

  by Agathena on Fri Dec 14, 2007 at 06:35:25 PM PDT