WASHINGTON — After weeks of intense deal-making, the House of Representatives on Thursday approved a landmark energy bill boosting subsidized biofuel production and raising vehicle fuel economy standards by 40%. Now only two things that stand to prevent it from becoming law: the Senate and President Bush. The House’s energy bill, passed by a vote of 235-181, is an extremely ambitious effort to boost clean energy production and reduce the nation’s dependence on foreign oil. That ambition may be its downfall. ‘Unfortunately, the bill contains several highly objectionable provisions that would impose higher costs on American taxpayers, electricity consumers and businesses,’ the White House said in a statement threatening a veto. ‘Specifically, the bill raises taxes in a way that will increase energy costs facing consumers.’ The House measure has four main components. First, it increases vehicle fuel efficiency to a fleetwide average of 35 miles per gallon by 2020, up from the current level of 25 mpg. Second, it dramatically boosts production of ethanol and other biofuels, which the president has encouraged. Third, it requires utilities to obtain at least 15% of their electricity from renewable resources, such as wind and solar power. Finally, it includes […]