Saturday, July 26, 2008

Foxx Co-Sponsers American Energy Act

The following is from a press release from NC Congresswoman Virginia Foxx.

Foxx co-sponsors groundbreaking American Energy Act
Legislation increases energy supply, improves conservation, promotes new energy technology

Washington, DC—Congresswoman Virginia Foxx (NC-05) today joined House Republicans in introducing a comprehensive energy bill to reduce the price of gas. The legislation, the American Energy Act, aims to increase the supply of American-made energy, improve conservation efforts, and promote new technology that will help bring down the cost of gas.

“High gas prices are hitting North Carolinians hard and we must take bold action to wean America off foreign sources of oil,” Foxx said. “This legislation offers a broad set of solutions, with everything from new drilling to new investment in the fuels of the future.”

The American Energy Act tackles high gas prices in three key areas: increasing supply, reducing demand and investing in alternative energy sources.

It increases supply by opening deep water resources, the Arctic coastal plain and shale oil resources and by reducing the bureaucratic hurdles blocking construction of new refineries. It is estimated that these sources hold the potential to provide an additional 6.5 million barrels of oil per day.

The legislation aims to reduce American demand for oil by improving energy conservation and efficiency. It provides tax credits for the purchase of fuel efficient vehicles, home-based solar power and biomass, energy efficient buildings, and energy efficient appliances. The American Energy Act also offers a cash prize for the development of the first mass-produced car that gets 100 miles-per-gallon.

By way of promoting renewable and alternative energy, the American Energy Act creates a renewable energy trust fund with federal revenues from deep sea and Arctic coastal plain oil exploration. Additionally, it repeals the “Section 526” prohibition on government purchasing of alternative energy and promoting coal-to-liquids technology. It also makes the expiring tax credit for alternative energy production—including wind, solar and hydrogen—permanent.

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