US Dems Reveal Package to Reduce Big-Oil Tax Breaks

Reduces subsidies to Big Oil to support Renewable Alternatives

By Ian Talley Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- U.S. House and Senate Democrats on Wednesday unveiled a $21 billion energy tax package that in large part repeals tax breaks for the biggest oil and gas companies to fund long-term extension of renewable-energy tax credits and encourages biofuels and energy efficiency.

Inclusion of the controversial tax provision into House Speaker Nancy Pelosi's broad energy bill, along with another embattled provision that would mandate utilities to produce more renewable energy, may delay passage of the comprehensive legislation. The House is expected to vote on the energy bill this week, possibly as soon as later Wednesday.

"This legislation will help America to use more carefully the resources we have today, and to balance our energy incentives toward the fuels of tomorrow," said Senate Finance Committee Chairman Max Baucus, D-Mt.

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