Recent Congressional debate on energy policy:

1. Renewable Fuels Standard (RFS) -
   Sets a modified standard that starts at 9.0 billion gallons in 2008 and rises to 36 billion gallons by 2022. Title emphasis is on production of biofuels, but shifts focus from corn based ethanol to cellulosic biofuels. (see
   Many Limitations Of Ethanol As A Viable Fuel Alternative)
2. Corporate Average Fuel Economy (CAFE).
   Establish new targets in the 35 miles per gallon range for the combined fleet of cars and light trucks by model year 2020.
3. Renewable Energy Portfolio Standard (RPS).
   Each retail supplier that sells more than one billion kilowatt-hours (kwh) per year would have to meet a minimum electricity production requirement from renewable resources. Minimum standard would start at 2.75% in 2010 and rise steadily to a peak of 15% in 2020. (Not included in PL 11-140. Energy Independence and Security Act of 2007)
4. Offshore Oil and Gas Royalties
   Establish royalties, or alternative payments, for certain federal leases established in 1998 and 1999. The leases didn’t include price thresholds that require companies to pay royalties to the Federal Government when the price of oil and gas exceeds a certain level. (Not included in PL 11-140. Energy Independence and Security Act of 2007)
5. Repeal of Oil and Gas Tax Incentives
   Repeal of two tax subsidies in order to offset the estimated cost to implement the CAFE provision. The early efforts attempted to have repeal ~$22 billion of oil and gas subsidies that were designed to offset the cost of supporting a variety of energy efficiency and renewable energy tax incentives, but these efforts were defeated.
6. Renewable Energy Electricity Production Tax Credit (PTC)
   Extend the PTC, for 4 years, and expand to include additional resources.
7. Other Tax Incentives.
   Extension of several investment tax credits covering solar energy and energy efficiency in residential and commercial sectors.
8. Energy Efficiency Equipment Standards
   Standards for residential refrigerators, freezers, refrigerator-freezers, metal halide lamps, and commercial walk-in coolers and freezers.
9. Loan Guarantees
   New loan authority to a wide variety of projects.

Source: CRS Report for Congress: Energy Independence and Security Act of 2007

Other items of interest in the law, Titles VI, subtitles B and D:

• Geothermal Energy
  DOE is directed to support programs of R&D, demonstration, and commercial
  application to expand the use of geothermal energy (i.e develop advanced prospecting tools to locate and develop hidden geothermal resources; demonstrate advanced exploratory drilling technologies and techniques with industry partners) . Authorizes sum of $100 million.
• Energy Storage for Transportation and Electric Power
  Directs DOE to conduct a cost-shared RD&D program to support energy storage systems for electric drive vehicles, stationary applications, and electricity transmission and distribution. An Energy Storage Advisory Council will be created, with responsibility for preparing a five-year research plan, and DOE will establish four energy storage research centers managed by the Office of Science. DOE is required to conduct energy storage demonstration projects. Authorizes sum of $3 billion.