A look at where the money in the US energy bill would go

Nov 21, 2003 01:00 AM

Here's a breakdown of where the money would go in the Republican-crafted energy bill that the Senate may vote. It already passed the House of Representatives. The Congressional Budget Office puts the 10-year cost at $ 31.12 bn, with $ 5.43 bn in direct spending and $ 25.69 bn in tax cuts. Independent watchdog groups put the cost much higher because the CBO doesn't include certain types of spending, nor more than $ 20 bn in loan guarantees.
Taxpayers for Common Sense, a liberal watchdog group, and the National Taxpayers Union, a conservative watchdog group, agree on a price tag of $ 95.99 bn. That comprises $ 72.48 bn in spending and $ 23.51 bn in tax cuts, with tax figures coming from Congress' Joint Committee on Taxation.

The breakdown:
-- Science, research and development: $ 24 bn, according to the watchdogs. The CBO didn't count any of it.
-- Oil and gas industry: $ 21.84 bn, according to watchdogs. That comprises $ 12.97 bn in spending and $ 8.87 bn in tax cuts. The CBO puts oiland gas spending at $ 3.78 bn.
-- Energy efficiency aid to low-income residents: $ 16.36 bn, according to watchdogs. The CBO said $ 3.06 bn.
-- Renewable energy and conservation: $ 9.08 bn, according to watchdogs. That comprises about $ 4.16 bn in spending and about $ 4.91 bn in tax cuts. The CBO puts spending at $ 190 mm.
-- Coal industry: $ 7.95 bn, according to watchdogs. That comprises $ 5.43 bn in spending and $ 2.52 bn in tax cuts. The CBO puts spending at $ 5 mm.
-- Nuclear industry: $ 7.37 bn, according to watchdogs. That comprises $ 5.73 bn in spending and $ 1.64 bn in tax cuts. The CBO puts spending at $ 94 mm.
-- Car and fuel efficiency: $ 4.2 bn, according to watchdogs. That comprises $ 1.7 bn in spending and $ 2.5 bn in tax cuts. The CBO figures the government will save $ 2.89 bn.
-- Utilities: $ 2.69 bn, according to watchdogs. That comprises $ 1.36 bn in spending and $ 1.33 bn in tax cuts. The CBO puts spending at $ 1.19 bn.
-- Miscellaneous: $ 2.51 bn, according to watchdogs. That comprises $ 760 mm in spending and $ 1.75 bn in tax cuts. The CBO didn't count any of it.

Some specific "pork projects," according to Taxpayers for Common Sense:
-- $ 18 bn in loan guarantees for an Alaska-Chicago natural gas pipeline.
-- $ 2 bn to makers of the gasoline additive MTBE to help them switch to a chemical that doesn't taint drinking water.
-- $ 2 bn to help build so-called clean-coal power plants. Plus a $ 125 mm loan guarantee to switch a failed Alaska clean-coal power plant to traditional technology and an $ 800 mm loan guarantee to build a clean-coal plant in Minnesota.
-- $ 1.14 bn for a nuclear/hydrogen test project in Idaho.
-- $ 1.1 bn to restore the Louisiana coastline.
-- $ 550 mm to remove chopped-down trees from forests to burn for energy.
-- $ 48 mm to remove tariffs on imported Chinese ceiling fans.

Source: Knight Ridder Newspapers
Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« June 2019 »
June
MoTuWeThFrSaSu
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events