[Congressional Record Volume 154, Number 41 (Tuesday, March 11, 2008)]
[Extensions of Remarks]
[Pages E355-E356]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT (H.R. 5351)

                                 ______
                                 

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                        Tuesday, March 11, 2008

  Ms. McCOLLUM of Minnesota. Madam Speaker, I rise today to urge my 
colleagues to join me in supporting the long overdue Renewable Energy 
and Energy Conservation Tax Act. The American people have demanded that 
Congress change our national energy policy; we must prioritize clean 
energy over greenhouse gas emitting fuels, and support entrepreneurial 
American energy producers over oil companies posting record profits.
  H.R. 5351 extends tax credits for renewable energy production and 
pays for them by repealing large subsidies for oil and gas 
corporations. The domestic green energy sector creates thousands of 
high-paying jobs each year and has seen tremendous growth recently 
except when Congress has let these incentives expire. Congress must 
provide this industry the support and consistency it needs to become a 
major supplier of both energy and jobs.
  This legislation also gives a tax break to consumers who purchase a 
hybrid vehicle and ends the perverse incentive to purchase gas-guzzling 
SUVs. If our Nation's automakers are to remain competitive, we must end 
the policies that encourage production of the cars of yesterday--cars 
that cost more to own and take a higher toll on our planet.
  Many on the other side of the aisle have decried this legislation 
under the false assumption that it will raise gas prices at the pump, 
that it will discourage domestic exploration and production. They say 
this even though President Bush--at a time when the cost of oil was 
half of what it is today--asserted that such subsidies were not 
necessary to spur domestic oil and gas exploration and production. The 
record oil prices of over $100 per barrel--leading to gas prices headed 
toward $4 per gallon--are more than enough of an incentive. In fact, 
these tax breaks for big-oil take money, even failed to lower gas 
prices when they were implemented, and today serve only to redistribute 
billions of dollars from hard-working American families to literally 
five corporations, including Exxon, which recently reported higher 
profits than any other company in history.
  In a time of an uncertain economic outlook, it is more critical than 
ever that we invest in

[[Page E356]]

the energy sources and industries of tomorrow, and address the 
realities of climate change, rather than continue down the misguided 
path of President Bush and the previous Republican Congresses--a path 
that has led us to an unprecedented dependence on foreign oil, 
skyrocketing gas prices, and economic recession.
  Once again, I urge passage of this legislation--legislation with 
broad support from industry, the environmental community, and even 
power companies--and I thank Speaker Pelosi and Chairman Rangel for 
making energy security a priority for the 110th Congress.

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