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New House Compromise Energy Bill

(National Wildlife Federation)

BREAKING NEWS: We have been informed by the speaker’s office that an agreement has been reached on the House compromise energy legislation. Most elements (other than drilling) have already passed the House. While drilling is not the answer and is the wrong direction, the bill does include a number of positive steps towards conservation and clean
energy (things we'd like to see in a Senate Bill), including:

• Clean Energy Incentives: Extends the clean energy tax incentives Cuts subsidies for oil and gas and uses the revenues to fund efficiency, conservation, and low-income energy assistance; also increases royalty rates for new drilling RES: 15% Renewable Electricity Standard (with 4% from conservation)
• Efficient Buildings: codes for new buildings would require a 30% efficiency improvement  by 2010 and 50% by 2020; a new incentive for efficient homes;
• Transit: funding for mass transit
• Other provisions include:
  -  Carbon Capture (CCS) RD&D funded by a charge on electricity from coal, oil, and gas based on CO2 content;
  - Oil release from Strategic Petroleum Reserve
  - DRILL Act (Use it or Lose it, possibly without the lose it)

And does not include liquid coal, oil shale, or drilling in the Arctic Refuge, or new drilling in Rock Mtn West.  The offshore drilling provisions needless to say are not good given the political reality.  

Expected Timing:  Not likely until early next week; possibly Tuesday;
Lobby Day on Tuesday
 
Expected Opposition:  Understand the speaker has the votes to pass the
bill under a regular majority vote.  Will need to avoid a "motion to
recommit" to the Boehner bill (R-OH).  

• Comprehensive American Energy Security & Taxpayer Protection Act
• Lowers Costs to Consumers & Protects Taxpayers
• Royalty Reform: Making Oil Companies Pay Their Fair Share for Drilling
  on Public Lands and Repeal of Tax Subsidies (H.R. 6, 98/99 Leases, Sec.
  199)
• Releasing Oil from the Strategic Petroleum Reserve (SPR Swap) (H.R.
  6578)
• Renewable Energy Future, Creating American Jobs
• Renewable Energy and Efficiency Tax Incentives, paid for with
  compromise repealing an oil and gas tax incentive for Big Five (sec 199)
  and delaying worldwide interest allocation (H.R. 6049)
• Investing in Renewable Energy, Energy Efficiency and Home Heating
  Assistance (LIHEAP), Paid for by Making Oil Companies Pay their Fair
  Share for Drilling on Public Lands (98/99 leases) (H.R.6)
• Renewable Electricity Standard (H.R. 3221)
• Expanding Domestic Energy Supply
• Responsible Compromise on Drilling on the Outer Continental Shelf. The ending of the current moratorium allows drilling 3 miles offshore. The compromise would permit leasing between 50 and 100 miles offshore if a State ‘opts-in’ to allow leasing off its coastline by enacting state law. The remaining Outer Continental Shelf from 100 miles out would be open to oil and gas leasing.
• Environmental Protections:  National marine monuments and national marine sanctuaries are permanently withdrawn from oil and gas leasing. All leasing activities
  must protect the coastal, marine and human environment of the State coastal zones and OCS.
• DOD authority to designate national defense areas remains in force and leasing must also take place in accordance with a Memorandum of Agreement between the Defense and Interior Departments.
• Adhere to 2006 law protecting the Eastern Gulf of Mexico until 2022.
• Require Oil Companies to Drill on the 68 million acres of Federal Lands
  They Already Control (DRILL Act, H.R. 6515)
• Increase Domestic Oil Production in Alaska -- NPR-A (DRILL Act, H.R.
  6515)
• Promote Natural Gas, E-85 Infrastructure* (Emanuel provisions)
• Carbon Capture & Sequestration* (HR 6258, Rep. Boucher)
• Greater Energy Efficiency and Conservation
• Strengthen Energy Efficiency in Buildings (H.R. 3221)
• Incentives for Energy Efficient Homes* (H.R. 6078, Rep. Perlmutter)
• Saving Energy Through Public Transportation Act (H.R. 6052)

*Not been voted on before in the House.