House moves tax bill on oil firms

Two bills impose $16B tax on oil companies, provide tax breaks, incentives for renewable energy, conservation; opponents say bills ignore need for more U.S. oil, gas, coal production

H. Josef Hebert

Associated Press Writer

Declaring a new direction in energy policy, the U.S. House of Representatives approved US$16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts. Republican opponents said the legislation ignored the need....

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