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RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT



On February 27th, the House of Representatives passed the Renewable Energy and Energy Conservation Tax Act, H.R. 5351, which will end unnecessary subsidies to Big Oil companies and invest in clean, renewable energy and energy efficiency. It will extend and expand tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. These provisions are critical to creating hundreds of thousands of jobs. And the preservation of existing jobs relies on them too: a recent study showed that allowing the renewable energy incentives to expire would lead to about 116,000 jobs being lost in the wind and solar industries through the end of 2009.

The bill is fiscally responsible - paying for these energy incentives by repealing unnecessary tax subsidies for large integrated oil companies. The big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history.  While oil company profits have quadrupled, high energy prices continue to squeeze American families - gas prices have skyrocketed and home heating oil has jumped along with other household costs.

Learn more about the bill>>

ENERGY INDEPENDENCE AND SECURITY ACT

On December 18th, 2007, the House passed the final Energy Independence and Security Act, and on December 19th, the President signed this historic bill into law.

The New Direction Congress has finalized the Energy Independence and Security Act, an historic bill to make America more energy independent, respond to the global warming crisis, and grow our economy.  Record high prices for oil--with prices at the pump more than double the price in 2001, and heating oil costs triple that of 2001--add urgency.  The legislation:

  • Strengthens national security, by lessening our dependence on foreign oil
  • Reduces global warming
  • Lowers energy costs for consumers
  • Creates hundreds of thousands of new jobs and strengthens our economy 

Read a detailed summary of the bill>>

  • The Energy Independence and Security Act will save 5.3 billion metric tons in energy-related CO2 emissions from 2008-2030.  By 2030, the emissions saved every year are equivalent to that of 130 (500 megawatt) coal burning power plants. [EIA, 3/4/08]
    • Under the law, the growth in energy-related emissions of CO2 from 2006-2030 will drop by 10 percent -- from a 35 percent increase to a 25 percent increase.  [EIA, 3/4/08]
  • The bill includes key provisions to create green jobs all across America, from rural towns to big cities.
    • Massive development of biofuels will support the creation of as many as 1.1 million new jobs in all sectors of the economy between 2008 and 2022;
    • Job training will to prepare workers for the up to 3 million new green jobs over 10 years.  Twelve states stand to gain nearly 170,000 new manufacturing jobs in wind turbine manufacturing and almost 93,000 new manufacturing jobs making the parts for solar power equipment [Renewable Energy Policy Project]; and,
    • The new fuel economy standard for cars and trucks will help spur the creation of more than 170,800 new jobs in the year 2020.
  • The historic and bipartisan Energy Independence and Security Act includes key provisions to help consumers lower their energy costs by using less energy.  
    • Increase vehicle fuel efficiency will save American families $700 to $1,000 a year at the pump.
    • Building, appliance and lighting efficiency standards will save consumers $400 billion through 2030.


SUPPORTING EARTH DAY

On Earth Day, April 22nd, the House will consider H.Res. 1117, Declaring Support for the Goals and Ideals of Earth Day.   

This resolution resolves that the House of Representatives:

  • Supports the goals and ideals of Earth Day and thanks the many organizers and participants across the country for their tireless efforts in support of the environment; 
  • Encourages the Department of Energy to step up its efforts in research, development, and demonstration of renewable energy technology and energy conservation techniques; and 
  • Encourages all segments of American society to work together in ensuring that the research and development necessary to uncover solutions to our major environmental problems occurs in a timely manner.

Learn more>>