Energy bill passes US Senate
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Manufacturing News, Source : TheManufacturer.com
Published : 28 Jun 2005 16:34
The US Senate approved its massive energy bill on a 85-12 vote today, and the manufacturer-friendly bill now heads back to the US House of Representatives for debate.
The bill includes a proposed $18 billion in energy tax breaks, an expansion of the use of ethanol and increases in natural gas imports to meet growing demand.
The version of the bill passed by the House last April differs largely over its amount of emphasis on conservation. Republican House leaders will aim for a bill more favorable toward the oil industry in particular.
Several manufacturers have lately cited skyrocketing energy costs as a major stumbling block to sales and economic success. Many manufacturers welcomed the Senate version of the energy bill.
"Energy is a significant manufacturing cost for the forest products industry—sometimes as much as 22 percent," said W. Henson Moore, president and CEO of the American Forest and Paper Association. "Energy costs can be the deciding factor as to whether or not a company is going to remain competitive and in business or not. Our country's energy policies have not kept up with developments in science and technology and with the new world Americans find themselves living in. Soaring energy prices are putting our industry at a competitive disadvantage in the global marketplace where our international competitors have access to substantially lower cost energy, and this directly threatens American jobs."
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