Consumer-First Energy Act of 2008 Lacks Support
Six Democratic Senators joined together on Wednesday to announce a comprehensive energy bill that would tax windfall profits and “force” investment in renewable energy.
Among other things, the Consumer-First Energy Act of 2008 would roll back tax breaks for oil companies and invest the money in renewable energy development and energy efficiency technology. It also would create a windfall profit tax on oil companies failing to invest in increased capacity and renewable energy resources.
According to one of the bill’s co-sponsors, Sen. Bernie Sanders (Ind.-VT):
“The bottom line is that at a time when this country faces a major crisis in terms of the price of oil, when many working families in our state and all over this country are hurting, I think we have brought forth a comprehensive piece of legislation, which begins to attack that problem with the result of lowering the price of oil.”
