Monday, June 18, 2007
Democrats Press Plan to Channel Billions in Oil Subsidies to Renewable Fuels
by Edmund L. Andrews, NY Times, Posted on Commondreams
WASHINGTON - Senate Democrats are seeking a major reversal of energy tax policies that would take billions of dollars in tax breaks and other benefits from the oil industry to underwrite renewable fuels.
The tax increases would reverse incentives passed as recently as three years ago to increase domestic exploration and production of oil and gas. The change reflects a shift from the Republican focus on expanding oil production to the Democratic concern about reducing global warming.