I don’t think I am being pointlessly hyperbolic when I state that there are few issues more important to the future of the country than our energy policy, and I am not sure this bill is going to get it done:
House and Senate negotiators came to agreement on broad energy legislation early today, hoping they have put together an overhaul of national energy policy that can clear Congress after years of stalemate.
“We hope to have the bill on the House floor on Wednesday and I think the Senate is going to put it up on Thursday,” said Representative Joe Barton, Republican of Texas and chairman of the Energy and Commerce Committee, as he concluded negotiations shortly before 3 a.m. Eastern time.
The measure touches on virtually every aspect of American energy production and consumption, including the electrical grid, hybrid cars, traditional oil and gas drilling, and incentives to develop new energy sources. But it does little to immediately lower the price of gasoline at the pump.
As they wound up their talks, lawmakers agreed to a significant new requirement to add corn-based ethanol to the gasoline supply, which will build support for the measure from farm state lawmakers.
Working furiously to try to strike an energy deal, the negotiators killed two major provisions aimed at curbing consumption of traditional fossil fuels like oil, natural gas and coal. They also agreed to slow the potential takeover of Unocal by a Chinese oil company to allow for a study of the national security and economic implications of the acquisition.
In a decision that could cost support for the bill from some coastal state lawmakers, negotiators beat back efforts by Florida and California House members to strip from the measure a provision that would allow an inventory of offshore oil and gas resources. Some lawmakers view the inventory as a precursor to a push to allow drilling off states that have opposed it.
So given how important this is, it is good to know the Republicans have their priorities:
As the nine-hour negotiating session was nearing an end, Representative Edward J. Markey, Democrat of Massachusetts, failed in an effort to eliminate some of the relief from drilling royalties that the industry would receive through the bill, arguing that it was wrong to let oil companies escape fees for drilling on public land. “We might as well be giving tax breaks to Donald Trump and Warren Buffett here tonight,” said Mr. Markey. The Republican-led House majority on the conference committee quickly rejected his proposal.
In a disappointment for environmental advocates, House members on Monday rejected an effort to incorporate a plan passed by the Senate to require utilities to use more renewable energy like wind and solar power to generate electricity. They also defeated a bid to direct the president to find ways to cut the nation’s appetite for oil by one million barrels a day within 10 years.
If anyone has a more comprehensive analysis of the bill to date, pass it on.