Commentary from Dallas Morning News:
The legislation would impose a "conservation fee" on oil and gas taken from deep waters of the Gulf of Mexico; scrap nearly $6 billion worth of oil industry tax breaks enacted by Congress in recent years; and seek to recoup royalties lost to the government because of an Interior Department error in leases issued in the late 1990s.
Democrats said the legislation could produce as much as $15 billion in revenue. Most of that money would pay to promote renewable fuels such as solar and wind power, alternative fuels including ethanol and biodiesel and incentives for conservation...
...Austin Democrat Lloyd Doggett praised the conservation provisions of the
legislation, calling them a "breath of fresh air."
"What we do in this particular bill is not just end an unreasonable tax break — tax breaks that I think even most of my Republican colleagues would have to admit were unjustified — but we use the proceeds of those tax breaks to focus on renewable energy, on energy independence," he said.