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House Passes Comprehensive Energy Package
Bill Will Increase Oil Supply on the Market, Speed Renewable Energy Development and Expand Domestic Drilling
(Washington D.C.)- The House of Representatives today passed legislation to lower energy costs for consumers, invest in renewable energy sources, expand domestic energy exploration and create greater energy efficiency and conservation. The Comprehensive American Energy Security & Consumer Protection Act, H.R. 6899, was approved by a vote of 236-189.
“We need a comprehensive approach that includes the development of additional energy resources,” said Rep. Sander Levin. “This legislation provides consumers with relief in the near-term, along with a balanced, responsible and long-term approach to addressing the challenges of energy security.”
Eighty percent of the oil on the outer continental shelf (OCS) is already open for leasing. The Comprehensive American Energy Security & Consumer Protection Act will responsibly open up as much as 80 percent of the remainder of the OCS (up to 404 million additional acres). The bill also rolls back tax breaks for major oil companies, currently earning record profits, and requires the companies to pay royalties already owed to taxpayers. This revenue will in turn be used to invest in twenty-first century, renewable energy industries to create millions of American jobs and help end America’s dependence on oil.
H.R. 6899 will also help ease fuel prices for consumers this year by responsibly releasing ten percent of the oil available in the Strategic Petroleum Reserve, placing more supply on the market.
The legislation also provides tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars and energy efficient homes, buildings and appliances. Over time, these incentives will create jobs and help consumers and businesses save billions of dollars on energy bills.
The package also includes provisions authored by Rep. Levin to expand the tax credit available to gas stations that install E85 fuel pumps, and to provide tax incentives for appliance manufacturers to produce more energy efficient products. Cumulatively, consumers will save $33 million per year in utility costs and $360 million over the life of super-efficient appliances. This provision will also create jobs as manufacturers invest in production of these appliances here in the U.S.
