Congress kills U.S. oil export ban, boosts solar, wind power
Source: Reuters
Congress kills U.S. oil export ban, boosts solar, wind power
Reuters
By Timothy Gardner
2 hours ago
(Reuters) - The U.S. Congress voted on Friday to repeal the 40-year-old ban on exporting U.S. crude oil in an energy policy shift sought by Republicans as part of a bipartisan deal that also provided unprecedented tax incentives for wind and solar power.
The Senate, on a 65-33 vote, approved lifting the ban and providing five-year extensions of tax breaks to boost renewable energy development as part of a $1.8 trillion government spending and tax relief bill that President Barack Obama quickly signed into law.
. . .
Democrats who backed the deal asserted that its provisions encouraging renewable energy were important for combating global climate change.
"This is the biggest deal for addressing climate change that we are going to see," Heinrich said in an interview.
Read more: http://news.yahoo.com/house-passes-bill-freeing-u-oil-exports-senate-161742293.html
jwirr
(39,215 posts)need to export it out of the USA.
elmac
(4,642 posts)the repubs got the gold, we got the shaft.
elmac
(4,642 posts)as gas in the US will go up as supply drops.
Unknown Beatle
(2,672 posts)the consumer, they want to squeeze the last penny out of them.
Sen. Walter Sobchak
(8,692 posts)The problem in the US domestic market today is that refiners prefer heavier crude such as Canadian heavy. A glut of US light crude does them no good other than it applies downward pressure on heavier crude which they will continue to use.
There isn't a terribly strong business case for retooling an existing refinery to exploit this stuff.
mac2766
(658 posts)Good news for those of us considering solar installation. By extending the tax credit an additional 5 years, I/we can breath a little easier. I'm building a new house this year and want to build it with efficiency in mind, but was feeling a bit rushed with my decisions. I can now eliminate the solar panels from the initial cost and I'll be able to add the PV panels in the next year or two.
Just too bad the "sunshine" state doesn't support solar as well. Florida has ended all of their incentive programs.
Sunlei
(22,651 posts)YusufatKerr
(1 post)Judi Lynn
(160,548 posts)karynnj
(59,504 posts)For Europe, both Russia and the Middle East might be cheaper for distribution. With Iran adding oil, there will likely be a glut.