Energy

I firmly believe that a strong, balanced national energy policy is a key to strong economic and environmental policies as well. We need a policy that promotes the use of energy efficient technologies and alternative and renewable sources and increases energy production without disturbing precious natural resources, such as the Arctic National Wildlife Refuge. Our energy policy must also improve the reliability of our electricity transmission grid, protect the public's health from harmful air emissions, and create jobs.

That's why I have proposed a "Strategic Energy Fund" to jumpstart our transition to clean energy sources. It’s a $50 billion "Apollo Project" for energy. The bill eliminates oil company tax breaks and ensures that they pay their fair share of royalties for drilling on public lands. It also gives oil companies a choice: invest in alternative energy technologies or pay a temporary fee into the fund. The Strategic Energy Fund would raise $50 billion to fund research, development and deployment of energy technologies that will reduce America's oil dependence and greenhouse gas emissions. The Strategic Energy Fund will:

• Invest in Renewable Energy. Move America towards the goal of producing 25 percent of electricity from renewable sources by extending the production tax credit for generating electricity from wind and other renewable sources for five years.
• Transform America's Vehicles. Put more efficient vehicles on the road by quadrupling consumer tax breaks for hybrids, clean diesel, and other advanced vehicles, creating incentives for auto manufacturers to retool their facilities, and putting $500 million towards advanced battery research to speed development of "plug-in" hybrid vehicles.
• Accelerate Homegrown Biofuels. Extend the ethanol tax credit until 2012, and speed the development of cellulosic ethanol by providing loan guarantees for the first billion gallons of commercial production capacity, and providing $2 billion for research.
• Unleash American Ingenuity. Accelerate energy research by creating a $9 billion "Advanced Research Projects Agency" for energy.