Representative Paul Ryan’s budget proposal [PDF] would cut approximately 85% of federal investments in energy technology research and deployment within three years, from around $7 billion in 2010 to $1 billion in 2014, while retaining billions in subsidies for the oil and gas industry. As the New York Times reports:
Under the Republican plan, overall discretionary funding for energy programs would fall to about $1 billion per year. President Obama’s 2012 budget, meanwhile, would provide about $8 billion to support clean energy research and deployment.
…Cuts proposed in a short-term spending bill provide further clues as to which specific energy programs are likely to face calls for long-term elimination. The House-passed bill reduces research and development financing for electric car battery technology and charging infrastructure and eliminates loan guarantees meant to encourage clean energy manufacturing.
Production and investment tax credits for wind and solar power, which will lapse in several years, are also probable targets for elimination.
Other energy incentives may go unchallenged, however. Questioned on Fox News on Sunday by Chris Wallace on whether multibillion-dollar subsidies for oil and gas companies would also be eliminated, Mr. Ryan did not give a direct answer.