Oil subsidies drop

Adelaide Advertiser
Saturday 20/1/2007 Page: 86

The US. House of Representatives has rolled back billions of dollars in oil industry subsidies yesterday in what supporters praised as a new direction in energy policy toward more renewable fuels.

Critics said the action would reduce domestic oil production and increase reliance on imports. Democrats said it could produce as much as $US15 billion in revenue, most of which would be funnelled into a fund to promote renewable energy such as solar and wind power and alternative fuels.