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The U.S. House of Representatives has approved legislation that would eliminate two tax breaks for the oil and gas industry that would amount to $18 billion over the next ten years. Under the legislation the money collected would provide tax breaks for wind power, solar power, other alternative energy sources, and energy conservation.

According to an Associated Press article posted by the Kansas City Star, the oil industry has lobbied strongly against the bill. The bill will face stiff opposition from Republican Senators and President Bush is expected to veto the bill if it is passed by the U.S. Senate.

The AP reports that during debate, Representative Jim McDermott of Washington urged lawmakers to "stop the madness of subsidizing oil companies" when just the five largest oil companies earned net profits of more than $120 billion last year.

Republicans said the measure unfairly punishes the oil and gas industry and pointed to statistics indicating that oil companies pay more taxes than many other industries.

If you’d like to read the Associated Press article cited above go to: House OKs new taxes on big oil companies