Aug 1, 2005
Under the guise of doing something to lower energy prices and reduce U.S. dependence on "foreign oil," both houses of Congress just passed a so-called "energy bill." President Bush said he would sign it immediately.
The bill actually does nothing that will lower energy prices. What it does is give billions of dollars of tax breaks and subsidies not just to the big oil companies, but also to the big gas, coal, nuclear power and utility companies, as well as big agribusinesses.
Oil and gas companies will get at least 1.6 billion dollars, coal fired power plants at least 2.9 billion and electric power transmission companies more than 1.2 billion.
The bill provides for loan guarantees and insurance worth billions of dollars more to the companies that build the first six new nuclear power plants.
Big agribusinesses will benefit handsomely from a requirement to double the amount of ethanol added to gasoline.
How much will all the tax breaks and subsidies cost the rest of us who pay taxes? Experts say it will total in the tens of billions of dollars. But don't wait for the price of gasoline to drop or your gas and electric bill to go down. The "experts" are also saying that isn't going to happen. And they should know – they speak for big business.