From the WSJ's Morning Report by Joseph Schuman:
House and Senate negotiators approved the nontax provisions of a sweeping compromise energy bill early this morning but are awaiting completion of an $11.5 billion tax-incentive package for energy companies before giving final approval. They still hope to send it to President Bush before the weekend. Working furiously to strike a deal, the negotiators killed two major provisions aimed at curbing consumption of traditional fossil fuels like oil, natural gas and coal, the New York Times reports. And despite repeated calls by Mr. Bush and members of Congress to decrease U.S. dependence on oil imports, the bill wouldn't significantly reduce the country's need for foreign oil, the Washington Post says. One thing it would do is help the U.S. ethanol industry and corn farmers, The Wall Street Journal reports. The bill includes language that would require the use of 7.5 billion gallons of the corn-based gasoline additive annually by 2012, up from four billion gallons used this year.
Update: I actually read the links (well, just the first one). This energy bill should provide mucho fodder for env-econ. Stay tuned!
