Congressman Dennis Cardoza
18th Congressional District of California

“America’s dependence on foreign oil is one the most serious challenges facing our country. The high price of oil has emboldened our enemies and financed their cause. The disturbing truth is that America is funding both sides of the war on terror. That needs to stop. 

“To make matters worse, greenhouse gas emissions directly contribute to global warming, threatening the future health of our planet.

”With so much at stake, real action on energy independence is long overdue.

“The CLEAN Energy Act, which passed the House today, is a good start. It will close loopholes and repeal subsidies for big oil companies – who are raking in record profits - and invest the savings in clean, renewable energy.

“In California, we have seen first-hand how support for renewable energy, such as solar power, can pay real dividends. In fact, with the aid of state tax incentives, I recently installed solar panels on my own house.

“The CLEAN Energy Act is a strong first step on America’s path to energy independence.  It is the calling of this Congress, the President, and leaders across the country to rise to the challenge and join in this effort. The time for talk is over. Let us move forward with strong and decisive action to meet this historic challenge.”

About the Clean Energy Act

This bill would repeal $14 billion in subsidies given to Big Oil companies that are raking in record profits over 10 years and invest those funds in clean, renewable energy and energy efficiency. [CBO, 1/07]  The measure would ensure oil companies that were awarded the 1998 and 1999 leases for drilling paid their fair share in royalties.  It would also close loopholes and end giveaways for Big Oil in the tax code and in the 2005 Energy bill.  Finally, the bill would create a Strategic Renewable Energy Reserve to invest in clean, renewable energy resources and alternative fuels, promote new energy technologies, develop greater efficiency and improve energy conservation.

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