GOP bill encourages more energy from all sources

Commerce in a modern economy requires energy – and lots of it. Thankfully, we as a nation are blessed with an incredible array of natural resources, as well as an entrepreneurial spirit that provides the power for spectacular innovation.

 

This combination has helped the United States become one of the most dynamic nations in history.  Yet, as we painfully experienced last year, America’s current energy supply is unstable, and our nation is in need of a bold new era of energy policy.

 

Unfortunately, many in Washington take an “out of sight, out of mind” approach to our nation’s many challenges.  Just months ago, Americans were dealing with dreadfully high fuel prices at the pump.

 

The national average peaked on July 17^th at $4.11 per gallon. At that time, finding a solution to bring down energy costs was the stated desire of nearly everyone in Congress.  Today, gas prices have retreated with the global economic slowdown, and not surprisingly, so has the desire of some to increase American energy production.

 

Rather than moving forward with a comprehensive energy solution, congressional Democrats are preparing to pass a “cap-and-trade” climate change plan that is nothing more than a National Energy Tax costing each American family roughly $3,000 in higher energy prices.  It is fantasy to assume this fatally-flawed scheme will impact climate change, but it is a stark reality that it will devastate American family budgets.  

 

Fortunately, a healthy environment and a healthy economy can co-exist.  Harnessed correctly, American ingenuity, a commitment to conservation, and our broad capacity for energy production can help lead us out of economic turmoil and provide a cleaner, more sustainable environment.

 

To achieve these ends, today Rep. Rob Bishop, R-UT, and I are introducing the American Energy Innovation Act, an “All-You-Can-Create” energy plan.  A joint-initiative of the Republican Study Committee and the Congressional Western Caucus, our solution will give the United States more control over its energy future, facilitate private sector job creation to help turn around the economy, and utilize new technologies to leave our children with a cleaner, more sustainable environment.

 

While Democrats want to tax American energy, Republicans are focused on energy innovation, conservation, and responsible production. 

 

First and foremost, the American Energy Innovation Act relies on the shared genius of our people, empowering Americans to create the clean energy options that will define 21^st century innovation. 

 

The bill offers new and extended tax credits to incentivize renewable energy technologies.  It promotes sustained investment in future technologies by making the Research and Experimentation tax credit permanent.  And amongst other items to spur investment, it provides incentives for super fuel efficient vehicles and microturbines for national grid efficiency.

 

The second vital component of a comprehensive energy policy is meaningful conservation.  In addition to supporting energy efficient vehicles, our plan includes enhanced tax deductions and credits for energy efficient homes, appliances, and commercial buildings.

 

The bill also permanently extends the tax credit for non-business energy property and fuels produced from biomass and synthetic processes.  By recognizing that the delivery of energy is a function of both supply and demand, we can move to lower costs for all consumers and ease the burden on our environment.

 

Lastly, our All-You-Can-Create plan allows for the creation of all American sources of energy. It spurs investment in technologies for resources such as nuclear power, clean coal, petroleum, natural gas, and synthetic fuels.

 

It fosters energy exploration deep at sea.  And, as history has shown that investment is not always enough, our plan also takes appropriate measures to expedite the federal licensing, leasing, and judicial review processes with regards to energy production.

 

When Americans are empowered, there is nothing we cannot create or overcome.  With the proper tools, we can create a stronger economy, a cleaner environment, and a more stable energy market here at home.  The American Energy Innovation Act opens the tool box to that creation.  

 

Rep. Tom Price, represents the sixth congressional district of Georgia, and is chairman of the Republican Study Committee.