No synergy
The fate of President George Bush's energy bill hangs between the House of Representatives and the Senate. While the House has passed the bill in almost its entirety, the Senate has passed it with several changes. The House and Senate conference committee needs to work out the differences. This is not likely to happen before the end of 2002.
After an agreement is reached, the bill would go to the president, who will have the right to veto it. "It is imperative that America increase its energy independence, and I look forward to working with the conferees to ensure that we enact a balanced and comprehensive energy policy this year," Bush said. Here are some main differences:
• The House allowed oil and gas drilling on parts of Alaska's Arctic National Wildlife Refuge (ANWR). The Senate retained the ban on it.
• The House offered subsidies to encourage development of oil and gas resources. The Senate subsidised development of renewable fuels and energy conservation.
• The House offered $33 billion in tax exemptions and incentives to energy businesses (with more of it for producers of fossil fuels). The Senate offered $14 billion.
• The House did not offer tax credits to people who undertake energy efficiency measures like installing solar panels. The Senate did.
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