| DeFazio Votes To Invest in Renewable Energy, Stop Giveaways to Big Oil | | Print | |
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January 18, 2007 WASHINGTON, DC—U.S. Congressman Peter DeFazio voted today in support of a new energy policy that will increase investment in renewable energy and put the U.S. on the path to energy independence. Today's legislation will repeal $14 billion in subsidies and tax breaks for big oil companies in order to invest in clean, renewable energy, alternative fuels and energy efficiency. The House passed the CLEAN Energy Act of 2007, HR 6, by a vote of 264 to 123. "It's outrageous that taxpayer subsidies to oil companies have increased in recent years while companies like Exxon Mobil have reported the highest corporate profits in history," DeFazio said. "Oil companies have become corporate welfare queens. Today's legislation will repeal these unnecessary subsidies and make sure oil companies pay the royalties they owe for drilling in public lands. It will also spur the development of clean, renewable energy and alternative fuels by investing in American ingenuity, which will create jobs and make the U.S. more energy secure. "For too long, our nation's energy policies have been stuck in the 1950s. We need to commit to a sustainable, clean energy future in the same way President Kennedy committed to landing a man on the moon. Today's bill was an important step in that direction. A clean energy future can sound like a science fiction dream, but it is entirely doable. We just need to break the hold that big energy companies have on federal policies." The bill would ensure oil companies that were awarded the 1998 and 1999 leases for drilling pay their fair share in royalties, and would close loopholes, ending multiple giveaways for big oil in the tax code and in the 2005 Energy bill. Further, the bill would create a Strategic Renewable Energy Reserve to invest in clean, renewable energy resources and alternative fuels, promote new energy technologies, develop greater efficiency and improve energy conservation. To access video of DeFazio speaking on the House floor about this bill, please go to the Videos section of the website, located in the lower left hand corner of the website. The video is entitled "01.18.07: Floor speech on Energy Bill." |