Dems push for energy tax change

WASHINGTON, June 17 (UPI) -- U.S. Senate Democrats are pushing for a major change in energy tax policies that would take billions from large oil companies to benefit alternative fuels.

The change represents a major reversal in priorities from the Republican focus on increasing oil production, to the Democratic focus on conservation, The New York Times reported.

The plan would take substantial amounts from tax breaks and other benefits enjoyed by oil companies and use the funds to underwrite alternative fuel programs.

The Senate Finance Committee is scheduled Tuesday to take up a bill that would raise about $14 billion from oil companies over 10 years, the Times reported. The same amount will be diverted to new incentives for solar power and wind power, among other alternative energy sources.

Oil companies are fighting the plan. One executive told the Times the policy will force the United States to depend more heavily on imported foreign oil.

However, with consumers growing angrier about soaring gas prices the oil industry has reason to worry, the Times said.