WASHINGTON, DC - Rep. Peter DeFazio (D-Springfield) today backed landmark legislation that will make significant new investments in renewable energy sources, create hundreds of thousands of new jobs, help end our dependence on foreign oil and slash taxpayer funded subsidies to oil companies.  The Renewable Energy and Energy Conservation Tax Act of 2008 was approved by a vote of 236 to 182.

"The Bush Administration has failed the American people with regard to energy policy. As a result, oil companies are making record profits while American consumers are paying $18 billion in unnecessary tax subsidies at the pump" DeFazio said. "In Oregon, consumers are paying, on average 114% more per a gallon of gas than they were when President Bush took office."

The Renewable Energy and Energy Conservation Tax Act makes new investments that will help reduce our dependence on foreign oil, increase renewable electricity production, create jobs 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.

DeFazio is a long time supporter of progressive energy policy. Most recently, he introduced H.R. 1500, the Gasoline Price Stabilization Act. This measure imposes a windfall profits tax on oil companies that don’t reinvest their profits in expanding refining capacity or in alternative fuels, mandates an increase in fuel efficiency of cars and trucks, requires a trade complaint at the WTO against OPEC for market manipulation and limits oil industry mergers which have reduced competition and raised prices. He also supported H.R. 1252, legislation to outlaw price gouging at both the retail and the wholesale level. Finally, he was a co-sponsor of H.R. 594, the Prevent Unfair Manipulation of Prices Act of 2007, which subjects all oil trading to the same regulation as other commodities, which experts say could reduce prices by as much as 25 percent at the pump.

"I was pleased to support the Renewable Energy and Energy Conservation Tax Act today" DeFazio said. "It is a first step towards energy independence which will create jobs, help the environment and the economy, lower the price of gas for consumers, and reduce the American dependence on foreign oil."