Even with some of the improvements that have been made during negotiations, the energy bill being hashed out by U.S. Senate and House negotiators is running on empty.

Thankfully, provisions to give the makers of MTBE, a fuel additive which has caused billions in damage to affected communities, liability from an estimated $30 billion in cleanup costs has been removed. Even so, the legislation is a gift to the energy industry, already flush with cash from near record prices.

As it stood Tuesday, the bill would provide more than $11 billion in tax breaks – mostly to energy companies – and make it easier to build new nuclear power plants. The bill would also help oil companies with deep-water exploration, a particularly sensitive area for the Northeast and its fragile fisheries, and give more control over the location of liquefied natural gas terminals to federal authorities, undermining local and state authority.

The bill also fails to increase mileage standards for automobiles. Despite improving technology and a legitimate demand for more fuel-efficient vehicles, the standard for passenger cars has remained locked at 27.5 mph for three decades. Given the high price of gasoline, the country’s dependence on foreign oil and the effect of auto emissions on the environment, even modest improvements in the standards could have made a big difference.

Other details of the deal are still trickling out. Lawmakers met behind closed doors to cut a deal and neither the public nor other members of Congress have seen the entire package. There will be little time for informed discussion if leaders force a vote this week and, of course, individual elements of the bill could still change.

About the best thing that can be said about the energy bill is that it could be worse. That’s hardly an endorsement. The legislation promises big benefits for the energy sector, but does little to reduce energy costs. The bill appears to be better, but still not good enough.