Pelosi Statement on Senate Passage of Historic Energy Legislation
'The vote by the Senate to overwhelmingly pass historic and sweeping energy security legislation is great news for American consumers worried about the price of gas at the pump. It sends a message to world leaders meeting in Bali that the United States is serious about addressing global warming. And it meets our moral obligation to build a better future for our children.
'This legislation includes an historic increase in fuel efficiency standards to 35 miles per gallon by 2020 - the first such action in 32 years. It makes a major commitment to homegrown biofuels, sending our energy dollars to the Midwest, not the Middle East. It sets our nation on a new course - a new direction for energy security.
'The House will pass this remarkable legislation next week; I am hopeful that President Bush will sign it.'
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FACT SHEET
December 13, 2007
The Energy Independence and
Security Act
The New Direction Congress has finalized 'The Energy Independence and Security Act' -- an historic bill to make America energy independent and respond to the global warming crisis. Congress has moved swiftly to respond to record high prices for oil; prices at the pump are more than double the price in 2001, with heating oil costs triple that of 2001. The new law will:
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Reduce our dependence on foreign oil
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Strengthen national security
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Lower energy costs for consumers
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Create hundreds of thousands of new jobs and strengthen our economy
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Reduce global warming
The Energy Independence and Security Act:
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Increases the fuel efficiency of vehicles to 35 miles per gallon by 2020 (CAFE), the first congressional increase in 32 years. These provisions will:
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Save American families $700 to $1,000 per year at the pump
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Produce $22 billion in net annual consumer savings in 2020
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Reduce greenhouse gas emissions equal to taking 28 million cars and trucks off the road
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Expands American-grown biofuels (Renewable Fuels Standard) to 36 billion gallons in 2022, as recommended by the House Rural Working Group
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Slashes U.S. oil consumption by more than 4 million barrels per day by 2030- more than twice our daily imports from the Persian Gulf
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Produces up to 24 percent of the cut in greenhouse gas emissions needed by 2030
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Saves consumers more than $400 billion through new energy efficiency standards for appliances, lighting and buildings through 2030
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Creates hundreds of thousands of jobs:
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Promotes massive development of biofuels
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Spurs cutting-edge energy research
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Prepares workers for 3 million new 'green' jobs over the next 10 years
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Promotes small businesses as renewable energy leaders.
Energy Independence and Security Act has won broad bipartisan support from a broad coalition of environmental, labor, faith, and business communities -- because all Americans have a stake in our fight for energy independence, greater national security, expanded economic growth and jobs, and lower energy costs.