The U . S . House of Representatives on Saturday passed a Democratic rewrite of U . S . energy policy that strips $ 16 billion in tax incentives away from Big Oil and puts it toward renewable energy sources like wind and solar power , reported Reuters . Republicans called it a " no - energy bill " because it lacks new drilling incentives , and they derided the new emphasis on renewables as " green pork . " The White House threatened to veto the bill on concerns that it could boost energy prices . The bill , the New Direction for Energy Independence , National Security , and Consumer Protection Act and the related tax title would spur a massive redistribution of federal incentives to wind , solar , geothermal and away from producing energy from oil , natural gas and coal . The bill sets new standards for appliances and building efficiency codes , and spurs possible renegotiation of faulty Gulf of Mexico drilling leases signed by the Clinton administration that left about $ 2 billion on the table . Notably absent from the bill is a hike in automobile fuel efficiency standards , which Pelosi put off until the fall to avoid a bruising fight with fellow Democrats including Energy and Commerce Committee Chairman John Dingell of Michigan , the staunch auto industry ally who says he wants to deal with fuel standards in global warming legislation later this year . The House bill must be reconciled with the Senate version , which is markedly different . Republicans and oil - state Democrats criticized provisions in the tax portion of the House bill that would repeal reduced tax rates for major integrated oil companies , and drop foreign income tax deductions for companies that produce oil and natural gas overseas . Those two measures alone would impose about $ 16 billion in new industry taxes from 2007 - 2017 on big U . S oil companies like Exxon Mobil Corp . , ConocoPhillips and Chevron Corp . , according to the Congressional Budget Office . [ KHS ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]