updated 6/24/2005 10:43:54 AM ET 2005-06-24T14:43:54

Major provisions in the Senate energy bill, compared with a bill the House passed in April.

SENATE BILL:

  • Cost: $16 billion.
  • Tax incentives: $18 billion, offset by $4.3 billion in new energy taxes, tilted toward conservation, alternative fuels and renewable energy sources.
  • Ethanol: Requires use of 8 billion gallons annually in gasoline by 2012.
  • Arctic refuge: Nothing.
  • Loan guarantees: For developing clean coal, new reactors, carbon capturing technologies.
  • Offshore energy: Calls for inventory of Outer Continental Shelf oil and gas resources.
  • LNG: Establishes clear federal authority over siting LNG import terminals.
  • Oil Savings: Calls on president to find ways to reduce oil use by 1 million barrels a day by 2025.
  • Daylight Saving Time: Nothing.
  • Energy efficiency: Tax breaks for purchase of energy efficiency appliances, hybrid automobiles, building energy efficient homes.
  • Electricity grids: Mandatory reliability standards and tax incentives for grid improvements.

HOUSE BILL:

  • Cost: $8 billion (assumes $2.6 billion expected revenue from ANWR oil leases).
  • Tax breaks $8.1 billion over 10 years, almost all for traditional fossil fuels and electric utilities.
  • Ethanol: Requires use of 5 billion gallons annually in gasoline by 2012.
  • Arctic Refuge: Approves oil drilling in Alaska’s Arctic National Wildlife Refuge (ANWR).
  • Loan guarantees: None.
  • Offshore energy: $2 billion in government support for research into ultra-deep water drilling.
  • LNG: Same.
  • Oil saving: Nothing.
  • Daylight Saving Time: Extends it by two months.
  • Energy efficiency: Tax breaks for homeowners making energy-improvements.
  • Electricity grids: Same.

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