US lawmakers working on an energy bill that will give tax breaks to encourage renewable fuel usage, oil and gas drilling and the construction of power plants were told earlier this week to conclude work on the $15 billion package, according to a Reuters report.
One of the main aims of the proposed legislation is to provide extra incentives for investment in the country's electricity supply grid system which suffered a catastrophic failure in the summer, browning out much of the north eastern United States. The bill will also aim to encourage more electricity generation and provide support for a natural gas pipeline originating in Alaska.
In addition, corn-derived ethanol and other renewable sources of fuel will be guaranteed a 5 billion gallon share of the market by the next decade.
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