House Democrats Will Go After Oil Companies Again

House Democrats are renewing their fight to use federal tax laws to shift resources from big oil companies and reinvest the money in billions of dollars in tax breaks and credits to spur the development of renewable energy.

The new package, estimated to be worth $17.6 billion over 10 years, closely resembles one that failed in the Senate last year as part of a larger energy bill that raised fuel efficiency standards for automobiles. House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said he had been urged by Speaker Nancy Pelosi to try again, and given the record profits being posted by major petroleum companies, the Democratic leadership feels the time is ripe politically.

Final adjustments were still being made to meet budget rules, but Rangel said that he expected to file the bill soon with the intention of having a floor vote this month.

— David Rogers