Energy Bill is Multi-Billion Dollar Payday for Industry, Group Says

["Sandy Perle" <sandyfl@earthlink.net>]

Energy Bill is Multi-Billion Dollar Payday for Industry, Group Says
  
WASHINGTON, Feb. 26 /U.S. Newswire/ -- Friends of the Earth (FoE) 
sharply criticized the Senate Republicans' energy bill today as a 
gigantic payday for fossil fuel and nuclear industries, citing $400 
million in subsidies the first year that would balloon to more than 
$10 billion over 10 years. The bill, introduced by Sen. Frank 
Murkowski of Alaska, also targets the sensitive Arctic National 
Wildlife Refuge (ANWR) for drilling. 

"This is a pollution maximization bill," said FoE president Brent 
Blackwelder. "Opening the Arctic Refuge to drilling is the most 
prominent outrage, but the bill is also a gravy train for the 
dirtiest industries, granting huge subsidies, tax breaks and 
regulatory exemptions." 

"This is just another blank check to add to the $2.6 billion the 
fossil fuel and nuclear energy industries get from American tax 
payers every year," said Blackwelder. "Fifty years and more than $100 
billion of subsidies to fossil fuels and nuclear power have led us to 
where we are now-energy companies with windfall profits and consumers 
out in the cold." 

FoE notes that the tax code is already riddled with special 
exemptions and loopholes, citing the percentage depletion allowance 
of $600 million annually intangible drilling costs for a tidy $480 
million, and a "non-conventional fuels" production credit for $1.4 
billion a year. The group says that tax subsidies for the oil and gas 
industry cost about $2.6 billion each year. 

"The answer to the current energy crisis is the same it has always 
been -- reduce our use of energy through greater efficiency and 
invest in clean, renewable energy sources," said Blackwelder. 

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Sandy Perle					Tel:(714) 545-0100 / (800) 548-5100   				    	
Director, Technical				Extension 2306 				     	
ICN Worldwide Dosimetry Service		Fax:(714) 668-3149 	                   		    
ICN Pharmaceuticals, Inc.			E-Mail: sandyfl@earthlink.net 				                           
ICN Plaza, 3300 Hyland Avenue  		E-Mail: sperle@icnpharm.com          	          
Costa Mesa, CA 92626

Personal Website: http://sandyfl.nukeworker.net
ICN Worldwide Dosimetry Website: http://www.dosimetry.com

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