One year ago today, Congress finalized the Energy Policy Act of 2005, which lavished $14.5 billion in tax breaks on energy firms, nearly 60 percent of which went to “oil, natural gas, coal, electric utilities and nuclear power.”
One year ago, the average national gas price was $2.14. Today, it’s $3.00. The country is no closer to ending its addiction to oil, and fuel economy standards are still stuck at 27.5 miles per gallon (where they’ve been for 20 years). Meanwhile, “five of the world’s largest energy companies are expected to report combined second-quarter profits next week of more than $30 billion.”
For most Americans, this is no reason to celebrate. But most Americans aren’t “Representatives of industries who are benefiting from tax incentives available through the Energy Policy Act of 2005.” Those industry reps are holding a “celebration” of the bill on Capitol Hill today with Energy Secretary Bodman, according to a press release obtained by ThinkProgress:
FOR IMMEDIATE RELEASE
Secretary of Energy to Observe One-Year Anniversary of the Energy Policy Act of 2005
WASHINGTON, DC – On Wednesday, July 26, 2006, U.S. Department of Energy (DOE) Secretary Samuel W. Bodman will join Senator Pete Domenici and Congressman Joe Barton to deliver remarks at an “EPAct at One” celebration. Secretary Bodman and Chairmen Domenici and Hobson are expected to discuss the importance of the Energy Policy Act of 2005, America’s first comprehensive energy legislation in over a decade. They will also highlight progress towards implementing the Act intended to increase the United States energy security and reduce its dependence on sources of energy from unstable regions of the world.
WHO: Secretary of Energy Samuel W. Bodman
U.S. Senator Pete Domenici (NM)
U.S. Congressman Joe Barton (TX-6th)
Representatives of industries who are benefiting from tax incentives available through the Energy Policy Act of 2005.