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Energy Independence and Security Act passes

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Energy Independence and Security Act passes
Topic: Economics 6:58 pm EST, Dec 16, 2007

Congress and the Senate have passed the bill. Thats great!

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* CAFE Standard: Increase fuel economy standards to 35 miles per gallon by 2020 for new cars and trucks
* Renewable Fuels Standard: Multiple-source domestic biofuels mandate with environmental safeguards
* Plug-in hybrid/electric vehicle tax credit and advanced vehicle incentives
* Repeal of $21 billion in tax subsidies for gas and oil companies (H.R. 6), international tax loophole closed, rollback of 2005 Energy Act tax breaks
* Renewable Electricity Standard: 15% by 2020 (4% may be efficiency)
* Efficiency Standards: new appliance and building standards
* Renewable Production Tax Credit and other incentives: extends existing PTC, funds renewable research, provides renewable energy bonds for power providers
* Energy Efficiency and Renewable Energy Worker Training Program
* Incentives for small business development of renewable energy technology
* Carbon Capture and Sequestration: R&D and clean coal incentives

Energy Independence and Security Act passes



 
 
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