Nation Must Invest In Renewable Energy Technology

WASHINGTON – As energy prices continue to rise, oil approaching $102per barrel and gasoline costing $3.15 at the pump, Energy and CommerceCommittee Vice Chair Diana DeGette (D-CO) today supported the RenewableEnergy and Energy Conservation Tax Act, which ends unnecessarysubsidies to big oil companies and invests in clean, renewable energyand energy efficiency. The measure passed on a vote of 236 to 182.

"American families are currently suffering under high energy priceswhile big oil companies are raking in record profits. It is time toinvest in renewable energy technologies that will reduce our dependenceon foreign oil, create more green collar jobs for Americans, increaserenewable electricity production, and encourage greater energyefficiency," said DeGette.

The Renewable Energy and Energy Conservation Act extends and expandstax incentives for renewable electricity, energy and fuel, as well asfor plug-in hybrid cars, and energy efficient homes, buildings, andappliances. It is fiscally responsible by offsetting renewable energyincentives with repeal of unnecessary tax subsidies and loopholes onlyfor the large integrated oil companies.

"Colorado is at the forefront of creating a new energy economyutilizing our boundless sun, wind, and diverse energy resources. Thislegislation will ensure that Colorado's investments in renewabletechnology will continue to thrive by putting our nation on a pathtoward energy independence—to lower energy costs, grow our economy andcreate new jobs, strengthen national security, and reduce globalwarming."