It’s about time. As reported in the NYT: [1]
The House voted this evening to rescind $14 billion worth of tax breaks and subsidies for oil drillers and channel the money into a fund that would finance renewable energy projects and new technologies for conserving energy.
Despite opposition from the oil industry and the Bush administration, which contended that the bill would unfairly single out oil companies for higher taxes and could increase the nation’s dependence on foreign oil, the measure passed, 264 to 163, with overwhelming support from Democrats and a considerable number of Republicans [2] as well.
There is no long-term promise [3] for energy independence by drilling for the dwindling reserves of petroleum. Also see here [4].
On the other hand, there are numerous approaches for immediately saving energy through conservation and through alternative energy sources. For instance, see here [5], here [6], and here [7].
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