“With oil prices reaching another record high of $102 per barrel, the time for action on renewable energy and American energy independence is now. This bill is good for our environment, good for our economy and good for our national security,” said Solis. “Ending our dependence on foreign oil and using renewable energy to help fight global warming will make our nation stronger. And at a time when our economy is struggling, these investments will help create hundreds of thousands of new jobs. ”

The Renewable Energy and Energy Conservation Tax Act makes new investments that will help reduce our dependence on foreign oil, increase renewable electricity production, and protect our environment. The bill 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 new investments in wind, solar, geothermal and fuel cell technology will also create hundreds of thousands of new jobs and help strengthen the American economy. 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.

Additionally, the legislation approved today repeals $18 billion in unnecessary tax subsidies for big, multinational oil and gas companies. The 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. While oil companies have profited, consumers have felt the pinch. The cost of a gallon of gasoline in the San Gabriel Valley is as high as $3.49.

“Every day, families in East Los Angeles and the San Gabriel Valley are feeling the pain at the gas pump and home heating oil costs are skyrocketing. All the while, big oil companies are making billions of dollars and receiving handouts from the government. It simply isn’t fair,” added Solis. “I was proud to back legislation that will slash subsidies to oil companies, create jobs and help make our nation energy independent.”

Solis is a member of the House Committee on Energy and Commerce and the House Select Committee on Energy Independence and Global Warming.

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