Renewable Energy and Energy Conservation Tax Act of 2008

Floor Speech

SPEECH OF
HON. BETTY McCOLLUM
OF MINNESOTA
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, MARCH 11, 2008

* Ms. McCOLLUM of Minnesota. Madam Speaker, I rise today to urge my colleagues to join me in supporting the long overdue Renewable Energy and Energy Conservation Tax Act. The American people have demanded that Congress change our national energy policy; we must prioritize clean energy over greenhouse gas emitting fuels, and support entrepreneurial American energy producers over oil companies posting record profits.

* H.R. 5351 extends tax credits for renewable energy production and pays for them by repealing large subsidies for oil and gas corporations. The domestic green energy sector creates thousands of high-paying jobs each year and has seen tremendous growth recently except when Congress has let these incentives expire. Congress must provide this industry the support and consistency it needs to become a major supplier of both energy and jobs.

* This legislation also gives a tax break to consumers who purchase a hybrid vehicle and ends the perverse incentive to purchase gas-guzzling SUVs. If our Nation's automakers are to remain competitive, we must end the policies that encourage production of the cars of yesterday--cars that cost more to own and take a higher toll on our planet.

* Many on the other side of the aisle have decried this legislation under the false assumption that it will raise gas prices at the pump, that it will discourage domestic exploration and production. They say this even though President Bush--at a time when the cost of oil was half of what it is today--asserted that such subsidies were not necessary to spur domestic oil and gas exploration and production. The record oil prices of over $100 per barrel--leading to gas prices headed toward $4 per gallon--are more than enough of an incentive. In fact, these tax breaks for big-oil take money, even failed to lower gas prices when they were implemented, and today serve only to redistribute billions of dollars from hard-working American families to literally five corporations, including Exxon, which recently reported higher profits than any other company in history.

* In a time of an uncertain economic outlook, it is more critical than ever that we invest in the energy sources and industries of tomorrow, and address the realities of climate change, rather than continue down the misguided path of President Bush and the previous Republican Congresses--a path that has led us to an unprecedented dependence on foreign oil, skyrocketing gas prices, and economic recession.

* Once again, I urge passage of this legislation--legislation with broad support from industry, the environmental community, and even power companies--and I thank Speaker Pelosi and Chairman Rangel for making energy security a priority for the 110th Congress.

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