• 8/4/2008

    McIntyre Supports Bi-Partisan Gas and Energy Bill
         

    Washington, D.C. - U.S. Congressman Mike McIntyre has joined forces in the U.S. House with both Democrats and Republicans to introduce a comprehensive gas and energy bill to help our nation become energy independent.

    Congressman McIntyre stated, “The time for finger pointing about high gas prices has got to stop!  We need action and we need it now!  American should not be dependant on foreign countries for our energy needs.  This is a matter of both economic and national security!

    McIntyre continued, “Citizens, communities, and businesses all over the United States are suffering.  This legislation represents the first bi-partisan approach to solving this complex issue, and I will do all I can to help pass it.”

    The National Conservation, Environment and Energy Independence Act will:

    •    Take a major step toward U.S. energy independence by opening the Outer Continental Shelf at least 50 miles or more from the coastline to “Over the Horizon” oil and natural gas production for domestic use only (Prohibits leasing within25 miles of the coastline of a State and allows states to opt-out of production from 25 to 50 miles offshore within one year of passage of the act);

    •    Mandate the release of oil from the Strategic Petroleum Reserve, which can slightly reduce the current price of oil;

    •    Extend tax incentives for renewable energy production from wind, solar and geothermal and other sources, and creates a new incentive for plug-in hybrid automobile;

    •    Reduce the $700 billion per year the U.S. is exporting to other countries to buy oil; and

    •    Provide the first stable, designated funding source for the development of alternative fuels, renewable energy and environmental restoration by allocating the estimated $2.6 trillion in oil royalties from oil and gas production in the Outer Continental

    Shelf as follows:
        o    30% to the U.S. Treasury;
        o    30% to the adjacent State;
        o    8% to the Conservation Reserve created by this Act;
        o    10% to the Environment Restoration Reserve Fund created by this Act;
        o    15 % to the Renewable Energy Reserve Fund created by this Act;
        o    5% to the Carbon Capture/Sequestration and Nuclear Waste Reserve Fund created by this Act;
        o    2% to the Lower Income Home Energy Assistance Program (LIHEAP).