This morning, the Senate failed by one vote to invoke cloture on the energy bill. Instead, the tax title will be dropped (along with RPS). The tax title included incentives for CCS and renewables while raising taxes on oil and gas producers. There appears to be no clear path forward for moving the tax title separately or as part of another bill. Thus, we may have to wait until 2009 for these tax provisions to resurfaced.
Several non-tax provisions of the energy bill are expected to survive, such as national CCS inventory.
It seems likely that President Bush will sign the energy bill that Congress appears poised to pass.