2007 Energy Bill
CAFE Standards (Corporate Average Fuel Economy) - Beginning in 2011, standards will increase incrementally for cars and light trucks to 35 mpg by 2020 (previously standard 22.5 since 1975), with penalties for not meeting standards
What is CAFE? - the sales-weighted average fuel economy, expressed in miles per gallon (mpg), of a manufacturer's fleet of current model year passenger cars or light trucks
Biofuels - Mandates 9 Billion Gallons of renewable fuels by 2008 and 36 Billion gallons by 2022, 22 Billions gallons of which must be "advanced biofuels" such as cellusoic ethanol
Light Bulb Efficiency - Increase light bulb efficiency standard by 30% by 2014, phasing out traditional incandescent bulbs
Carbon Capture and Sequestration - Expansion of carbon capture and sequestration research
Green Federal Buildings - All federal buildings must reduce fossil fuel consumption 55% by 2010 and be carbon-neutral 2030
Geothermal Energy - Increase research funding and subisidies for geothermal electricity generation, $95 million annually for R&D
Provisions removed during revision of final bill.
Omissions
Rescinding Oil Subsidies - "Ending Subsidies for Big Oil Act of 2007" - would have rescinded big oil and gas tax breaks,
price thresholds - would have made oil companies renegotiate leases so that they would pay tax when oil prices went above a certain price
Energy Bill 2005 - Taxpayers for Common Sense
Total Tax Breaks - $85.1 Billion
Energy Efficiency - $18.5 Billion
Renewable Energy - $2.4 Billion
Ethanol and Motor Fuels - $5.1 Billion
Oil and Gas - $2.2 Billion
Coal - $5.2 Billion
Nuclear - $3.4 Billion
"The [2005 Energy Bill] exempts oil and gas industries from some clean-water laws, streamlines permits for oil wells and power lines on public lands, and helps the hydropower industry appeal environmental restrictions. One obscure provision would repeal a Depression-era law that has prevented consolidation of public utilities, potentially transforming the nation's electricity markets.
"It also includes an estimated $85 billion worth of subsidies and tax breaks for most forms of energy -- including oil and gas, "clean coal," ethanol, electricity, and solar and wind power. The nuclear industry got subsidies for research, waste reprocessing, construction, operation and even decommission. The petroleum industry got new incentives to drill in the Gulf of Mexico -- as if $60-a-barrel oil wasn't enough of an incentive. The already-subsidized ethanol industry got a federal mandate that will nearly double its output by 2012 -- as well as new subsidies to develop ethanol from other sources." Washington Post, 6/30/05
"The [2005 Energy Bill] provides $14.5 billion in tax breaks and incentives over 10 years to encourage domestic production of oil, coal, natural gas and nuclear energy. Nearly $9 billion is set aside for oil and gas, electricity and coal companies, while about $5 billion will go towards energy efficiency and renewable energy programs." CNN Money, 6/29/05
