- http://georgemiller.house.gov/news/2008/02/house_votes_to_invest_in_rene w.htmlMessage 1 of 1 , Feb 28, 2008View Source
House Votes to Invest in Renewable Energy, Cut Subsidies to Largest Oil Companies
WASHINGTON, D.C. -- 2/27/08 -- The House of Representatives approved legislation today to cut billions of dollars worth of unjustified taxpayer subsidies to the largest oil companies and invest that money instead in clean, renewable energy and energy efficiency efforts.
Congressman George Miller (D-CA), former chairman of the House Natural Resources Committee and a long-time proponent of energy efficiency and clean fuels, praised the bill and called on the Senate to follow the House's action.
"Skyrocketing oil and gas prices are squeezing hard working Americans and small businesses." said Rep. Miller, an architect of the Democratic energy policy. "And our unrestrained dependence on fossil fuels is killing the environment. At a time when our economy is struggling, this bill will provide savings to consumers, protect the environment, create jobs and make our nation stronger by ending our dependence on foreign oil."
Details on the Bill
The legislation, The Renewable Energy and Energy Conservation Tax Act of 2008, was approved by a vote of 236-182. It would require key investments in energy sources of the future such as wind, solar, geothermal and fuel cell technology that will help reduce our dependence on foreign oil, increase renewable electricity production, create thousands of jobs and protect our environment. The Geothermal Energy Association estimates that the geothermal provisions alone could create tens of thousands of new jobs and stimulate tens of billions of dollars of new investment in geothermal energy production.
It also includes important tax credits to promote renewable energy production from wind, solar, geothermal, cellulosic ethanol and biofuels and other sources, many of which are set to expire at the end of the year. It extends and expands tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Additionally, the bill includes solar energy tax credits that could reduce carbon dioxide pollution by 240 million tons.
The legislation approved today is fiscally responsible. It pays for energy incentives by repealing $18 billion in unnecessary tax payer financed subsidies for big, multinational oil and gas companies. This vote comes shortly after the big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history.
"Since President Bush took office, gas prices are up 109%, and home heating prices are up 222%. Over the same time period, oil company profits are up 313%," said Miller. "While oil companies have profited, consumers have felt the pinch. This bill will roll back the unconscionable oil subsidies provided by the Republican Congress and President Bush to the domestic oil industry in 2005, and instead direct the sizable savings to alternative energy programs. It is bad economics and public policy to subsidize the record profits oil companies. This bill is good for our environment, good for consumers and the economy and good for our national security."
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