White House coddles big oil
The White House is threatening to veto a bill that the us House of Representatives recently cleared to boost renewable energy and energy-efficient projects.
The bill, called the Renewable Energy and Energy Conservation Tax Act of 2008, would be financed by ending us $17- billion tax incentives for oil and natural gas companies. The White House says it will be a mistake to increase tax burden on the nation's oil companies.
Similar legislation has failed to pass the Senate on three occasions last year, including an effort in December when the package of tax credits for renewable energy fell just one vote short of the 60 needed to advance it.
The legislation awaits the Senate's approval.