Looks like solar power, oil, alternative energy and other green investors should expect continuing volitility in shares as congress (well… Republicans really) failed to renew two bills that would have impacted pretty much everything in the sector. First, they shot down a bill that would have imposed a windfall profit tax on Oil Companies and suspended oil production tax credits. I think its a classic example of legislative paralysis by amendment – something for everyone to hate (or at least every Republican). Too bad as it also had provisions to stop buying oil for the strategic petroleum reserve – which would have likely had a real near term impact on oil prices…

The second was to defeat the tax credits for renewables – which defies all logic. While I think that most expect that these credits will be renewed with a change in President (though I am not certain why as these aren’t even getting out of debate in the house) – the lack of action is going to whipsaw both the companies and wall street investors that own them over the short term because of the critical nature these subsidies play in making these renewable technologies affordable to consumers…