Ways and Means sets hearing on energy taxes

Ways and Means Chairman Sandy Levin (D-Mich.) on Wednesday announced he will hold a hearing on energy tax incentives on April 14. The hearing will focus on ways to create jobs in the energy sector.

"This hearing will examine benefits currently in place and discuss potential for new incentives to further drive job creation, economic growth and reduce our dependence on foriegn oil," Levin said in prepared remarks.

How the chairman intends to pay for these new incentives remains to be seen. President Obama has advocated ending several tax breaks aimed at the oil industry, which could be used to offset a job-energy package.

Since the economic crisis began, approximately $39 billion in energy tax incentives have been enacted. Many of them were focused on stimulating demand for renewable fuels and energy efficient alternatives.