Zeev's Turnips Patch-No Politics (ZEEV)

[Dr Stoxx]

16:32 House votes to repeal oil tax breaks, finance renewables - DJ

DJ reports the U.S. House of Representatives voted to repeal $18 bln of tax breaks for oil and gas producers and use the savings to finance tax incentives for wind-power projects, solar panels, and more energy-efficient cars. The bill passed by 236-182, but faces long odds amid opposition in the Senate and a White House veto threat. But it allowed House Democrats to promote renewable energy as an alternative to high-priced oil and to take aim at the oil industry, which is in the midst of a profit boom as prices keep rising. "We have the opportunity to invest in clean, renewable energy and energy efficiency and grow our economy, creating new jobs," said House Speaker Nancy Pelosi, D-Calif.