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However, it is surely a landmark moment when the world’s second largest oil field begins to run dry. For Burgan has been pumping oil for almost 60 years and accounts for more than half of Kuwait’s proven oil reserves. This is also not what forecasters are currently assuming. (AMEinfo)
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Provides retooling tax credits for manufacturers and suppliers of advanced diesels and hybrids (Nearly identical to Levin-Bayh amendment to the energy bill);
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Creates a tire efficiency program for tires used on light duty vehicles;
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Creates a fuel economy testing program and the implementation of efficiency standards for heavy duty vehicles (trucks, buses, etc);
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Lifts the per manufacturer cap on consumer tax credits for the purchase of hybrids and advanced diesels;
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Provides a tax credit for large private fleets for purchasing more efficient vehicles for their fleets;
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Creates an R&D program for electric drive transportation and light-weight materials;
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Encourages local educational agencies to develop a policy to reduce the incidence of school bus idling; and
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Closes the SUV tax loophole which adversely encourages small businesses to purchase SUVs over other vehicles.
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Increases the ethanol infrastructure tax credit to 50%;
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Uses CAFE penalties to fund DOE ethanol infrastructure grants program;
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Changes the authorization for production incentives for cellulosic ethanol to $200 million for five years;
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Sets an additional near-term benchmark for the use of cellulosic ethanol as part of the renewable fuels standard included in the 2005 Energy Policy Act; and
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Creates a grant program to encourage new mass transit facilities and to build commercial developments around them.
Our addiction to oil is most acute in the U.S. transportation sector where a stunning ninety-seven percent of our fuel comes from petroleum—97 percent. In the electricity sector we have largely turned away from oil but not so in transportation.
In Brazil, all new vehicles on the road are expected to be flex-fuel-ready by 2008—meaning every new vehicle owner will have the choice to fill up with gasoline, ethanol, or a combination of the two. If the Brazilians can do it, why can't we?