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Washington, D.C., January 18th - Congressman Jim Moran, Virginia Democrat, announces his continued support for bringing an end to government handouts for oil companies who are earning record profits while the American people pay more at the pump.
The "CLEAN Energy Act" considered today on the House floor would eliminate government subsidies for Big Oil and invest those funds in the research and development of clean, renewable energy and energy efficient practices. This bill is the 6th and final piece of the Democrats 100 hour's legislation. It is expected to pass with bipartisan support later this afternoon.
"Oil companies are hitting pay-dirt while consumers are getting hijacked at the pump," said Moran. "Last year, the big five oil companies made $97 billion - nearly five times their profits in 2002 - while prices at the pump topped $3 a gallon."
"Ending our country's addiction to oil is critical to bolstering our national security. We will never truly be secure until our energy needs are independent of foreign sources and we become less reliant on fossil fuels."
The "CLEAN Energy Act" would repeal approximately $14 billion in subsidies to big oil companies and in turn, invest those funds in research and development of clean renewable energy and energy efficiency practices. The subsidies slated for elimination include closing a tax loophole that has allowed big oil to qualify for a tax provision intended to encourage domestic manufacturing, ending tax breaks for oil exploration studies, and discontinuing royalty relief for oil and gas companies operating in the Gulf of Mexico.
With the $14 billion in funding, a "Strategic Energy Efficiency and Renewables Reserve"will be created to reduce our dependence on oil. This reserve would be used to accelerate the use of clean domestic renewable fuels, promote energy-efficient products and practices and increase R&D for clean renewable energy.
Moran went on to say, "Oil and gas reserves are depleting rapidly world-wide. The public has been ahead of the Congress in acknowledging that global warming is a serious threat to humanity's survival. If we don't take action now to bolster our use of clean, renewable fuels, the U.S. and, in fact, the world, faces a crisis of epic proportions. We have the foresight to avoid these doomsday scenarios. But the question is do we have the will?
"With passage of the CLEAN Energy Act, the 110th Congress is showing that it does have the will to tackle these serious concerns. Today, we are taking the first steps necessary to reach energy independence in the U.S. by promoting clean, renewable energy to protect our economy, our long-term security and our planet's habitat." |
