Legislation Cuts Handouts for Big Oil Companies & Protects Jobs, Environment
Washington, D.C. – Representative Heath Shuler supported landmark energy legislation today that
makes significant investments in renewable energy technologies to create jobs, reduce our dependence
on foreign oil and strengthen our national security, while ending taxpayer-funded subsidies to big oil
companies.
“As oil prices reach over $100 a barrel and gas prices soar over $3.00 a gallon, our country must invest
in new technologies and renewable energy production. The economy of the 21st Century demands that we
be energy independent, and this legislation takes another step toward that goal,” Rep. Shuler said.
“America has led innovation around the world before, and we must now lead the world in the use,
development, and production of renewable energy.”
The Renewable Energy and Energy Conservation Tax Act makes strategic investments in renewable
energy sources and extends and expands important tax credits to promote renewable energy production
from wind, solar, geothermal, cellulosic ethanol and other biofuels. The legislation also offers incentives
for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Many of these tax credits
were set to expire at the end of the year.
“By ensuring these tax credits are continued we are protecting and promoting jobs in renewable energy
by showing a continuing commitment from Congress to green industries,” Shuler said. “The production
of biofuels provides Western North Carolina with one of our strongest opportunities for economic
development and expansion. We already have several businesses producing and selling biofuels in our
area, and they are growing quickly.”
Additionally, the Renewable Energy and Energy Conservation Tax Act repeals $18 billion in
unnecessary tax subsidies for large multinational oil and gas companies. Today’s vote comes on the heels
of five large oil companies recent reporting of record profits for 2007, including ExxonMobil earning
$40.6 billion - the largest corporate profit in American history.
“America’s energy policy must be focused on securing our long-term energy future. It is not a wise use
of limited taxpayer dollars to give subsidies to industries making record profits,” Shuler said. “By
producing our own energy, we create jobs here, protect the environment, and strengthen our national
security.”
The Renewable Energy and Energy Conservation Tax Act, H.R. 5351, passed the House of
Representatives with bipartisan support, 236-182.
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Download: Rep. Shuler Supports Continued Investment in Renewable Energy
