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Lawmakers * USA - Back energy boost
Bipartisan group hopes to fund $20B effort to help automakers develop new alternative fuel technology
Washington,DC,USA -The Detroit News, by David Shepardson -August 4, 2008: -- A bipartisan group of 10 U.S. senators has proposed an $84 billion energy package that would boost oil drilling and allocate $20 billion to help automakers develop the next generation of advanced-technology automobiles... The group, led by Sen. Kent Conrad, D-N.D, said it also would work to convert the nation's automobiles to non-oil fuel sources by funding a $20 billion to "support the goal of transitioning 85 percent of America's new motor vehicles to non-petroleum-based fuels within 20 years."... The latest proposal to aid automakers is the most significant concrete sign that after more than a year of debate, Congress may finally be ready to spend a significant amount of money to help automakers retool and make advanced vehicles a reality -- especially in light of the Big Three's mounting financial woes... Among the program's key components:
• $7.5 billion for research and development to overcome major technological barriers to developing alternative fuel vehicles, such as those what could operate on advanced batteries.
• $7.5 billion to help U.S. automakers and parts makers "re-tool and re-equip to become the world leader in making alternative fuel vehicles."
• Offer revised hybrid tax credits of up to $7,500 per vehicle to encourage Americans to purchase advanced alternative fuel vehicles (those that run primarily on non-petroleum fuels); there would be no cap on the number of vehicles eligible by manufacturer. And up to $2,500 in tax credits to consumers who retrofit existing vehicles with advanced alternative fuel engines.
• Extending and expanding the $2,500 tax credit for hybrid electric vehicles; some popular hybrids, including the Toyota Prius, no longer qualify for federal tax credits.
• $500 million for research and development of new materials and other innovations to improve vehicle fuel efficiency and $2.5 billion to research the next-generation biofuels, such as cellulosic ethanol, and the necessary infrastructure.
• Tax incentives for the installation of alternative fueling stations, pipelines and other infrastructure. One major hurdle for wider use of E85 ethanol has been a lack of gas pumps that sell it and the fact that it must be shipped by truck or rail, rather than through pipelines.
But any financial help would most likely have to wait until a new president is elected. Congress is nearly out of time to do much more before they adjourn to go home and campaign...
Labels: energy boost
posted by Unknown @ 6:48 AM
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