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Serving: United States

Dems Want to Shift Oil Money to Alternative Energy

House Democrats say they will make a renewable fuels fund a top priority.

Democrats and Republicans tend to agree that the federal government should increase support for renewable energy in order to improve the environment and lessen U.S. dependency on foreign oil. House Democrats say they want to fund the push for renewable fuels using money from oil companies.

"What we'll do is roll back the subsidies to Big Oil and use the resources to invest in a reserve for research in alternative energy," House Speaker Nancy Pelosi, D-Cal., told reporters recently.

Congress approved tax breaks for oil companies just last year, but Democrats are expected to target those and other big tax breaks for oil companies in order to fund renewable fuels, including support for research aimed at finding alternative sources for ethanol beyond corn.

President Bush agrees that some of the oil industry's subsidies are unnecessary, and the administration is not opposed to eliminating some tax breaks.

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