The legislation was a big win for the Bush administration, which proposed an overhaul of national energy policy four years ago. The administration's controversial plan to allow oil drilling in Alaska's Arctic National Wildlife Refuge will be taken up by Congress in separate legislation this autumn.
Also big winners were oil, gas, coal and nuclear power companies, which will get a large share of the bill's $14.5 billion in tax credits and financial incentives.
The measure will do little to tackle high energy prices in the short term, but the new policy in the years ahead aims to boost domestic energy supplies.
Environmental groups have slammed the legislation, arguing that instead of reducing U.S. oil consumption and shaving crude imports, the legislation is full of giveaways for energy companies. The House approved the plan Thursday by a 275-156 vote, but many who voted for it admitted it is expected to do little to reduce U.S. oil consumption or dampen high energy prices.
http://www.msnbc.msn.com/id/8739555/
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