Senate Passes Energy Bill

Last night the Senate passed an energy bill that requires automakers to achieve a fleet-wide fuel economy average of 35 miles per gallon by 2020, versus the 27.5 mpg (for cars) and 22.2 mpg (for light trucks) in place right now. The bill also stipulates that production of ethanol grow to a minimum of 36 billion gallons per year by 2022, about seven times more than was produced in 2006. That goal might have been easier to meet if the clause to generate $32 billion in taxes to help fund alternative and renewable energy programs had stayed in place, but Republicans blocked that portion of the bill, arguing that tax hikes would be passed on to consumers. The legislation does give the federal government more authority to investigate the oil industry for price gouging and market manipulation. The Senate's energy bill is headed to the House of Representatives, where it may be debated next week. Is this bill too little, too late -- or does it send us on a better path to the future?

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