Energy lobby contributes big - and it pays

[Robbien]

BLOOMBERG NEWS

Oil and utility companies spent $367 million over the last two years pushing Congress to pass energy legislation. For many, the money was a good investment: Lawmakers are poised to pass a measure providing $11.6 billion in taxpayer subsidies.

House and Senate negotiators approved compromise legislation Tuesday, and President Bush, who has been seeking an energy bill since the start of his first term, will have it on his desk by July 29, said Sen. Charles Grassley, R-Iowa.

Supporters said the measure, the Energy Policy Act, would help secure energy supplies and ultimately lead to lower fuel prices.

The bill provides for $14.6 billion in tax incentives, partially offset by $3 billion in new revenue. It includes $2.6 billion in subsidies for oil and gas exploration and refining that benefit companies such as Exxon Mobil Corp., which contributed $935,266 to federal candidates for the 2004 elections, more than any other oil company.

Southern Co., which contributed $1.1 million in 2004, more than any other utility, won repeal of a 1935 law prohibiting utility holding companies from using revenue from customers to subsidize non-regulated businesses.

Critics said the measure is a gift to industry that does little to address rising prices or environmental concerns. Lawmakers "assembled wish lists from all of the energy industries, and Congress gave each industry as much of their wish list as possible," said David Hamilton, director of global warming and energy programs for the San Francisco-based Sierra Club, an environmental group.

More givaways:

http://www.dailystar.com/dailystar/business/86104.php



Sign Public Citizen's action to help stop the energy bill:

http://action.citizen.org/campaign.jsp?campaign_KEY=998

just fill out email info and click. done

[Mr. Peanut]

1. Signed and Sent

Thanks, Robbien, for your work to keep this crucial protest going.

I added my own paragraph to the end of the email:

Also, DO NOT EXTEND Daylight Saving Time as this is like putting a band-aid on a volcano with regard to actually doing something about the energy crisis. Oil companies don't need tax breaks to sell to the USA, the world's largest consumer of oil.

[DeepModem Mom]

2. kick