The White House just released a statement saying that the president will sign the just-passed energy bill into law:

Last January, President Bush called on Congress to reduce our nation’s consumption of gasoline by 20 percent in 10 years by modernizing CAFE standards and greatly expanding the use of alternative fuels. We congratulate the United States Senate for their effort to address the challenge of the President’s bold “20 in 10″ initiative. The Senate energy plan will update CAFE standards and enhance the use of renewable fuels. By addressing the concerns of the Administration and moving forward with a bipartisan approach, senators have taken steps to improve our economic and energy security. If this legislation makes it to the President’s desk, he will sign it into law.

I’ll put up a link when I can find one.

UPDATE: To be clear: the bill has to go back and be voted through the House in its present form before it goes to the president, but as far as I know that’s pretty much a sure thing. (It would be pretty ballsy if Pelosi organized a massive protest vote and rejected it, though, huh?) So it’s fairly certain this will become law.

The bill in its present form contains the CAFE boost, the Renewable Fuel Standard, and some boosted efficiency standards for appliances and buildings. It does not contain the Renewable Portfolio Standard or the tax package that would have rescinded tax breaks for oil companies in order to fund renewable energy. The resulting bill is, in my humble opinion, no longer a net positive, but I know plenty of people disagree with that in good faith.