The House of Representatives recently voted in favor of the Clean Long-Term Energy Alternative for the Nation Act of 2007 (H.R.6), which repeals tax incentives extended to large oil companies.
According to Washington, D.C.-based Apollo Alliance, which supports the bill, the tax incentives that were provided to large oil companies will now be used for alternative energy resources. The act is the first of many proposals planned as part of Congress' push for new energy initiatives, the company adds.
"Passage of the Clean Act is a signal of change and the sign of a Congress that is ready to meet the challenge to end our nation's dependence on foreign oil," says Jerome Ringo, Apollo Alliance's president.
Chairman Jeff Bingaman, D-N.M., supports the bill as well, which promotes new emerging energy technologies and creates a strategic energy efficiency and renewables reserve to invest in alternative energy.
However, the National Association of Manufacturers (NAM) opposes the bill. According to John Engler, NAM's president, "this measure would increase energy costs and discourage investment in domestic energy infrastructure and supply."