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With a razor-thin margin of just seven votes, the House of Representatives on Friday evening passed the American Clean Energy and Security Act - the first bill to put a fixed and declining cap on U.S. greenhouse-gas emissions. Republicans and Democrats in the House spent much of the day sparring in sharp language over the bill, which will reduce U.S. carbon emissions 17% below 2005 levels by 2020 and 83% below by 2050. In the end, the vote of 219 to 212 included more than 40 Democrats who broke ranks with their party's leadership to vote against...
...change bill does and doesn't do. The bill includes a raft of energy-efficiency provisions and a renewable-energy standard that will require 20% of all U.S. electricity to come from alternative sources by 2020. Chiefly, though, Waxman-Markey puts a cap on almost all of the greenhouse-gas emissions produced by the U.S. economy - everything from utilities to industry to transportation - setting a limit on how much carbon the country can produce. Industries are issued allowances each year that give them the right to emit a certain amount of carbon; they have to reduce their emissions to meet...
...oversee a potentially lucrative program to create technology to save energy for farmers (Peterson allowed that the Obama Administration could weigh in on the EPA's role in the issue, if any). And Waxman agreed to bar the EPA for five years from calculating how much greenhouse-gas emissions are generated when forests are converted to crop fields for the production of ethanol and biofuels, which many environmentalists believe do more harm than good. The move helps get these controversial sources of energy counted as renewable, and therefore eligible for the Renewable Energy Standard, which obliges large electricity providers...
...Petroleum experts believe the war-torn country is underexplored and could potentially rival Saudi Arabia in oil reserves. And so the biggest names in the industry will put in bids for 20-year contracts on six of Iraq's largest oil fields and two of its largest gas fields, with the Iraqi Oil Ministry scheduled to announce the winning bidders on June 29 and 30. In the running are Exxon Mobil, Shell and BP as well as smaller Chinese, Russian and other state companies. Winners will have a 75% stake in the project - with 25% to the partnering Iraqi...
Politicians back up the complaints. Says Ali Belo, chairman of the oil and gas committee of the Iraqi parliament: "Work on the field is negatively affecting their land and homes as well as the environment. The company has to either satisfy the residents by offering them jobs in, specially, guarding the facility and things like that, or expect that they won't be able to work safely...