House Passes Oil Industry Taxes But Avoids Addressing Vehicle Fuel Efficiency Issue
August 5, 2007
• by Staff
WASHINGTON, D.C. --- The House of Representatives on Saturday passed $16 billion in taxes on oil companies and approved billions of dollars in tax breaks and incentives for renewable energy. However, the two energy bills passed just before summer recess didn't address raising Corporate Average Fuel Economy (CAFE) standards.
The CAFE issue, and the question of whether to mandate greater use of corn-based ethanol as a substitute for gasoline, will likely be addressed in a conference committee when the House energy bill is merged with the Senate bill.
Originally posted on Fleet Financials