Tuesday, May 27, 2008

Foxx Cosponsors Energy Bill

The following is a press release from Congresswoman Virginia Foxx.

Foxx cosponsors ANWR energy bill that taps 10.4 billion barrels of oil
Bill protects environment and uses oil revenue for alternative energy R&D

WASHINGTON – U.S. Representative Virginia Foxx today cosponsored The American Energy Independence and Price Reduction Act (H.R. 6107), a bill that would allow for the production of oil on 2,000 acres of northern Alaska. This legislation would reduce oil prices by allowing the U.S. to tap an estimated 10.4 billion barrels of oil and use the resulting revenue windfall to fund a wide array of existing renewable energy initiatives.

“America has been held hostage by Middle Eastern oil for too long,” Foxx said. “This bill allows us to develop America’s largest untapped oil field and cut our dependence on foreign oil. But more importantly it creates a bridge to the future by dedicating the federal oil revenue to research in 18 different renewable and alternative energy programs.”

Under H.R. 6107, ANWR oil lease revenue would fund existing, congressionally authorized programs that have been not yet fully funded. These programs include solar, wind, hydropower, geothermal, biomass, cellulosic biofuel and marine energy programs.

“The Energy Independence and Price Reduction Act is a comprehensive, problem-solving bill. It intentionally addresses energy supply and energy demand,” Foxx said. “Adding a million barrels a day of U.S. oil will reduce our nation’s demand for foreign oil by increasing American oil supply. And by using the revenues from more than 10 billion barrels of oil to research renewable and alternative energy we can permanently reduce our need for foreign oil and slash our overall oil consumption—without raising taxes on hardworking Americans.”

H.R. 6107 also requires the strictest environmental regulations and restrictions ever to be applied to a major oil development project, ensuring that Alaska’s oil resources are tapped in the most environmentally safe manner possible. By using today’s most advanced technology and by employing strict environmental safeguards the U.S. could have oil production in ANWR and the resulting lower prices at the pump within five years.

Once oil production begins, this oil field is expected to produce one million barrels a day for more than 30 years. According to the Congressional Research Service, ANWR oil development would result in $191.1 billion in new federal revenues.

H.R. 6107 Energy Provisions
· Opens ANWR and brings an additional one million barrels per day online in less than five years;
· Limits the footprint of oil and natural gas development to 2,000 acres;
· Requires the most advanced, commercially-available technology;
· Puts in place the strictest environmental regulations and restrictions ever to be applied to a development project;
· Establishes a Coastal Impact Aid fund to address the concerns of/impact on local Native Communities;

Alternative Energy Trust Fund
H.R. 6107 establishes the ANWR Alternative Energy Trust Fund. Rents, bonus bids, and royalties revenue resulting from ANWR lease sales would be directed into the Fund to pay for the following renewable and alternative energy provisions authorized - but not funded - under the Energy Policy Act of 2005 (EPACT) and the Energy Independence and Security Act of 2007 (EISA):

EPAct2005 Section 210 – Biomass grants
Section 242—Hydroelectric Production Incentives
Section 369—Strategic Unconventional Fuels
Section 401—Clean Coal Power
Section 812—Solar and Wind Technologies
Section 931—Renewable Energy Grants
Section 942—Cellulosic Biofuels
Section 962—Coal & Related Technologies
Section 968—Methane Hydrates Research
Section 1704—Incentives for Innovative Technologies

EISAct2007 Section 207—Advanced Biofuels Production Grants
Section 607—Photovoltaic Cell Demonstration Program
Title VI, Subtitle B—Geothermal Energy
Title VI, Subtitle C—Marine and Hydrokinetic Energy
Section 641—Energy Storage Competitiveness
Title VII, Subtitle A—CCS R, D&D
Section 1112—Capital Grants for Class II & III RRs
Section 1304—Smart Grid Technology R, D&D

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