this week the House Democrats will build upon our economic stimulus package by passing an energy bill that is designed to lower prices at the gas pump, which are currently over $3 a gallon. The price of oil is hovering around $100 a barrel and many predict that if we don't act now, it's going much higher. The Renewable Energy and Energy Conservation Tax Act extends and expands tax incentives for renewable energies including renewable electricity and fuel, hybrid cars and energy-efficient homes and appliances. By investing in renewable energy, we can take another critical step in reducing our Nation's dependence on foreign oil. And at a time when our economy is struggling to produce new high-paying jobs, this legislation will help create hundreds of thousands of new green jobs in renewable energy that will help us provide a cleaner environment for the next generation. Mr. Speaker, our legislation is also fully paid for by repealing $18 billion in tax subsidies that big oil companies continue to receive despite record earnings. It's time Congress modernizes our Nation's energy policy by passing this important bill regardless of President Bush's opposition.
Editor's note · Context
Discussing an energy bill aimed at reducing gas prices and promoting renewable energy.
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