Shreveport.com - Senate passes energy bill, boosting mileage standards

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Senate passes energy bill, boosting mileage standards

http://www.cnn.com/2007/POLITICS/06/....ap/index.html

Quote:

The Senate passed an energy bill late Thursday that includes an increase in automobile fuel economy, new laws against energy price-gouging and a requirement for huge increases in the production of ethanol

Quote:

A requirement to produce 36 billion gallons a year of ethanol, as a substitute for gasoline, by 2022, a sevenfold increase over production in 2006. Ethanol would be made from corn and cellulosic sources such as prairie grass and wood chips.

Do You think the oil giants need to worry. If we don't need oil as much they can't make the big bucks.

Sure they can. Passenger vehicle fuel is only a small percentage of their total consumer base.

Also, most of the "oil giants" make more on refining, transporting, and retailing than they do on material price. The only majors that rely solely on material price are the state oil companies.