Washington, D.C. - Yesterday, Congressman Joe Donnelly joined a bipartisan majority in the House of Representatives in passing legislation to increase the domestic energy supply and create American jobs through expanded drilling for oil and natural gas and investment in alternative energy development.
“I am pleased that Congress was able to incorporate solutions from all sides of this important energy debate to come up with a much-needed comprehensive policy,” Donnelly said. “This legislation would help us achieve energy independence by increasing our domestic oil supplies through expanded drilling and investing in renewable energy sources. It would also create good-paying American jobs while ending subsidies to big oil companies during their time of record profits.”
The Comprehensive American Energy Security and Consumer Protection Act would allow new drilling 100 miles off our coast, and allow all states to opt to drill between 50 and 100 miles off their shores. This deal would open up over 300 million acres for oil and natural gas drilling that are currently off limits due to a moratorium on new offshore development. The bill would also lift a moratorium on oil shale development, allowing states to approve oil shale production on federal lands, and would provide an immediate release of oil from the government’s stockpile to bring down gas prices.
In addition, H.R. 6899 would significantly boost investment in alternative, renewable sources of energy. The bill would create a Strategic Renewable Energy Reserve that would seed projects relating to biofuels development and wind, solar and natural gas alternatives. These investments would be paid for by repealing the tax breaks that currently are benefiting the five largest oil companies during this time of record-high profits.
The bill also includes a provision from Donnelly’s Promoting Use of Mixed Petroleum (PUMP) Act, which would make more generous the tax credits available to gas station owners for the installation of E-85 pumps. Currently, those installing E-85 pumps can take advantage of a tax credit of up to 30 percent, or $30,000, of the total installation costs. Donnelly’s provision would bump that credit up to 50 percent, or $50,000. In addition, the legislation would require gas stations directly owned by big oil companies to install at least one alternative fuel pump.
“This bill moves us toward energy independence and more affordable prices at the pump for Hoosiers. There is more we must do on the energy front, but this bill takes us further down the road. I am committed to developing even more sources of American energy, which will result in America’s energy independence,” added Donnelly.
The legislation passed the House by a vote of 236 to 189, and is now pending before the Senate.
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