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Foxx cosponsors ANWR energy bill that taps 10.4 billion barrels of oil
05/23/08Contact: 202-225-2071
Bill protects environment and uses oil revenue for alternative energy R&D
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Under H.R. 6107, ANWR oil lease revenue would fund existing, congressionally authorized programs that have been not yet fully funded. These programs include solar, wind, hydropower, geothermal, biomass, cellulosic biofuel and marine energy programs.
“The Energy Independence and Price Reduction Act is a comprehensive, problem-solving bill. It intentionally addresses energy supply and energy demand,” Foxx said. “Adding a million barrels a day of
H.R. 6107 also requires the strictest environmental regulations and restrictions ever to be applied to a major oil development project, ensuring that
Once oil production begins, this oil field is expected to produce one million barrels a day for more than 30 years--equivalent to the production of the entire state of Texas. According to the Congressional Research Service, ANWR oil development would result in $191.1 billion in new federal revenues.
H.R. 6107 Energy Provisions
· Opens ANWR and brings an additional one million barrels per day online in less than five years;
· Limits the footprint of oil and natural gas development to 2,000 acres;
· Requires the most advanced, commercially-available technology;
· Puts in place the strictest environmental regulations and restrictions ever to be applied to a development project;
· Establishes a Coastal Impact Aid fund to address the concerns of/impact on local Native Communities;
Alternative Energy Trust Fund
H.R. 6107 establishes the ANWR Alternative Energy Trust Fund. Rents, bonus bids, and royalties revenue resulting from ANWR lease sales would be directed into the Fund to pay for the following renewable and alternative energy provisions authorized - but not funded - under the Energy Policy Act of 2005 (EPACT) and the Energy Independence and Security Act of 2007 (EISA):
EPAct2005 Section 210 – Biomass grants
Section 242—Hydroelectric Production Incentives
Section 369—Strategic Unconventional Fuels
Section 401—Clean Coal Power
Section 812—Solar and Wind Technologies
Section 931—Renewable Energy Grants
Section 942—Cellulosic Biofuels
Section 962—Coal & Related Technologies
Section 968—Methane Hydrates Research
Section 1704—Incentives for Innovative Technologies
EISAct2007 Section 207—Advanced Biofuels Production Grants
Section 607—Photovoltaic Cell Demonstration Program
Title VI, Subtitle B—Geothermal Energy
Title VI, Subtitle C—Marine and Hydrokinetic Energy
Section 641—Energy Storage Competitiveness
Title VII, Subtitle A—CCS R, D&D
Section 1112—Capital Grants for Class II & III RRs
Section 1304—Smart Grid Technology R, D&D