by Ronald Cloud [courtesy of Blog for America]

ITC - Investment Tax Credit
RPS - Renewable Portfolio Standard

Speaker Pelosi was interviewed on PBS Newshour tonight.
It sounds like US House is going to approve the Senate Bill and present
it to GWB. Indications are that he will sign the bill.

Getting the mileage CAFE standards established in law seems to be
the decisive factor in the Democratic acceptance of this bill and the gutted
renewable energy mandates and incentives AT THIS POINT.

Ronald

Shortcut to: http://www.washingtonpost.com/wp-dyn/content/article/2007/12/13/AR2007121301036.html

Excerpts: [With Bracketed Commentary]
..The measure was approved with strong bipartisan support 86-8 after
Democrats abandoned efforts to impose billions of dollars in new taxes
on the biggest oil companies, unable by one vote to overcome a
Republican filibuster against the new taxes...

...The car companies will have to achieve an industrywide average
35 mile per gallon for cars, small trucks and SUVs over the next 13
years, an increase of 10 mpg over what the entire fleet averages today....

And it would boost use of ethanol to 36 billion gallons a year by 2022,
a nearly sixfold increase, and impose an array of new requirements to
promote efficiency in appliances, lighting and buildings...

by Julia Rosen [courtesy of Working Californians blogs]

It was just last week that there were rumors floating around that the Democrats were going to strip a roll-back on a tax break for oil companies. Bush is threatening to veto, but they are moving forward with it anyways. SFChron:

Democratic leaders circulated a summary of the legislation that includes the new taxes as well as a requirement for a 40 percent increase in automobile fuel efficiency, a huge increase in the use of ethanol as a motor fuel, and a mandate for utilities to use renewable fuels.

Republicans earlier this year blocked Senate attempts to pass new energy taxes, contending they would hinder domestic oil and gas production. Democratic supporters of the taxes said that with oil hovering near $90 a barrel and the industry making large profits, the tax breaks aren't needed.

The White House has said repeatedly that if the energy legislation singles out the oil companies for new taxes, advisers would recommend that President Bush veto the bill.

Of course restoring an old tax is an increase in the world of Bush. The Democrats are just seeking to repeal the tax breaks given to the major oil companies by the Republicans.