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Politics
: The GavelRenewable Energy Bill Passes House
By Karina
The House has passed the Renewable Energy and Energy Conservation Tax Act of 2008 by a vote of 236-182. The bill 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.
Watch video highlights from the debate:
| Speaker Pelosi:“This bill repeals those subsidies and invests in the clean renewable energy that will put us on a path toward energy security and energy independence in a fiscally responsible way ? by repealing subsidies only to Big Oil companies already making record profits.” |
| Chairman Rangel:“One day our children and grandchildren will ask where we stood when we had the opportunity to chart a new course for America?s energy policy and this bill takes an important first step in that direction.” |
| Leader Hoyer:“Even President Bush ? a former oil company executive ? stated in 2005: ?I will tell you, with $55 [a barrel] oil, we don?t need incentives to oil and gas companies to explore.? With the price of a barrel of oil hovering around $100, do we really believe that this incentive is justified?” |
| Rep. Emanuel:“The American people are being asked to pay twice - once at the pump, and once on tax day in supporting big oil companies. There are record prices at the pump and now we have record subsidies for the big oil companies. As my mother used to say, such a deal.” |
| Chairman Markey:“For nearly eight years, this administration’s backwards energy policy lined the pockets of oil company executives while hurting American consumers, the economy, and the planet. Since President Bush took office, the price of oil has gone from $30 dollars a barrel to a new record high price of $101 dollars a barrel yesterday. As a result of this Administration’s failed energy policy, our dependence on foreign oil is now over 60%.” |
| Rep. Neal:“This morning’s headlines tell part of the story: Gas prices soar posing a threat to the family budget.” |
| Rep. Welch:“Are we going to turn the page on a fossil-fuel-based energy policy that needs to change? Are we going to embrace an alternative energy policy that will allow us A) to protect our environment, B) to create jobs, and C) to give us much more flexibility and independence in foreign policy?” |
| Rep. Pomeroy:“Poor, poor oil companies. Oil priced globally at over $100 dollars a barrel. Prices at the pump approaching record levels…oil companies recording record profits. And not just record profits relative to their earnings and profits in years past. I mean with ExxonMobil the biggest profit ever posted by a corporation in history.” |
Full post as published by The Gavel on February 27, 2008 (boomark / email).
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