Renewable Energy and Energy Conservation Act on the Floor Today

With oil prices reaching another new record high of $102 a barrel today and American families paying $3.13 a gallon at the pump, Congress is taking further action to put us on a path toward energy independence--to lower energy costs, grow our economy and create new jobs, strengthen national security, and reduce global warming.

Today, the House of Representatives will consider the Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351), which 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. These provisions are critical to creating hundreds of thousands of jobs. And the preservation of existing jobs relies on them too: a recent study showed that allowing the renewable energy incentives to expire would lead to about 116,000 jobs being lost in the wind and solar industries through the end of 2009.

The bill is fiscally responsible -- paying for these energy incentives by repealing unnecessary tax subsidies for large integrated oil companies. The big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history. While oil company profits have quadrupled, high energy prices continue to squeeze American families -- gas prices have skyrocketed and home heating oil has jumped along with other household costs. The Administration has threatened to veto the bill.

See what's happened to oil and gas prices during the Bush Administration: