The American Energy Act, H.R. 6566
I believe we have unveiled an energy plan that offers meaningful solutions for American families to increase the supply of American energy, improve energy efficiency, and encourage investment in alternative and renewable energy technologies. Only through our comprehensive "All of the Above" energy strategy can we stabilize the price at the pump and reduce America’s increasingly costly
and dangerous dependence on foreign sources of energy.
How the American Energy Act Will Keep Gas Prices Down:
1. Increase the supply of American-made energy in environmentally sound ways
2. Improve energy conservation and efficiency
3. Promote alternative and renewable energy technologies
1. To increase the supply of American-made energy in environmentally sound ways, the legislation will:
- Open our deep water ocean resources, which could provide an additional 3 million barrels of oil per day, as well as 76
trillion cubic feet of natural gas
- Open the Arctic coastal plain, which could provide an additional 1 million barrels of oil per day
- Allow development of our nation’s shale oil resources, which could provide an additional 2.5 million barrels of oil per day
- Increase the supply of gas at the pump by cutting bureaucratic red tape that hinders the construction of new
refineries.
2. To improve energy conservation and efficiency, the legislation will:
- Provide tax incentives for businesses and families that purchase more fuel efficient vehicles;
- Provide a monetary prize for being the first to develop an economically feasible, super-fuel-efficient vehicle (reaching
100 miles-per-gallon)
- Provide tax incentives for businesses and homeowners who improve their energy efficiency.
3. To promote alternative and renewable energy technologies, the legislation will:
- Spur the development of alternative fuels through government contracting, the repeal of the "Section 526" prohibition
on government purchasing of alternative energy and promotion of coal-to-liquids technology
- Establish a renewable energy trust fund using revenues generated by exploration in the deep ocean and on the Arctic
coastal plain
- Permanently extend the tax credit for alternative energy production, including wind, solar and hydrogen
- Eliminate barriers to the expansion of emission-free nuclear power production.