WASHINGTON (Reuters) – The U.S. House of Representatives on Saturday passed a Democratic rewrite of U.S. energy policy that strips $16 billion in tax incentives away from Big Oil and puts it toward renewable energy sources like wind and solar power.
The 786-page bill, passed in a rare Saturday vote, was a top priority for House Speaker Nancy Pelosi, and is an amalgam of bills assembled by about a dozen of the chamber’s committees in recent months.
Republicans called it a “no-energy bill” because it lacks new drilling incentives, and they derided the new emphasis on renewables as “green pork.” The White House threatened to veto the bill on concerns that it could boost energy prices.
OPINION: It’s time for Washington to get green. Here’s a proposal – cut military spending in half, then redistribute the money to clean power, health and education initiatives worldwide.