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The House of Representatives passed a Democrat-sponsored energy bill that would expand U.S. offshore drilling and increase taxes on oil companies by $18 billion, according to Bloomberg News.

White House officials threatened a veto of the measure, which was approved by a 236-189 vote, mostly along party lines.

The new revenue would be used to fund alternative energy development. It would require states to obtain more power from wind and other renewable sources, mandate building efficiency, and offer tax incentives for fuel-efficient vehicles like plug-in hybrids.

Renewable electricity producers would receive $6.9 billion in tax breaks. The break for wind would be extended through the end of 2009 and for geothermal and biomass through 2011. The bill would mandate that 15% of electricity come from renewable resources.

SOURCE: Bloomberg News

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