On the recordAugust 4, 2007
the work of this Congress will not be complete until we act to tackle our greatest hurdle in this area, climate change. While this energy bill moves us closer to a cleaner and more sustainable energy future for the 21st century, we must not stop short of enacting a comprehensive global warming plan that places mandatory limits on harmful global warming pollution. At a time when the oil and gas industry continues to see record profit, the tax package, H.R. 2776, which includes provisions similar to those that passed the House in January, would repeal oil and gas tax breaks and use the revenue to promote the renewable energy production and use; energy efficiency in residential property; and bonds for state and local governments to fund energy conservation efforts, among many other new incentives. I am pleased the legislation includes a long-term extension of the renewable production tax credit, however, I oppose the cap placed on the credit for wind, and hope that agreement on a straight extension of the current credit will be reached during negotiations with the Senate. H.R. 3221 takes preliminary steps toward a more secure, diverse, and domestic energy portfolio that will help spur investment in new technology. The legislation repeals royalty relief for oil and gas producers on leased federal land and takes preliminary steps to address climate change.
Source
govinfo.gov




