Montgomery County GOP

 
Oil prices have jumped by more than 50% just since the first of the year, and with them the price of gasoline at the pump.  Raising prices are hurting consumers already contending with a struggling economy.

Despite this, the House Energy and Commerce Committee recently passed the Waxman-Markey Cap-and-Trade (& Tax) bill which is estimated to increase energy costs by $1,500 annually for the typical family of four and cost over a million American jobs.  While Nancy Pelosi had hoped to bring the bill to the House floor before the end of June, it is currently facing stiff opposition from Republicans and moderate and farm belt Democrats.
 
The Congressional Budget Office calculates the Waxman-Markey bill will increase taxes by $846 billion.  Some other projections, relying on the CBO projections translate the cost into an additional 77 cents/gal for gasoline.[1]  Despite the costs, the CBO concludes that the legislation will cut cumulative emissions in supposedly capped sectors of the economy by just 0.5% through 2020. Economy-wide emissions would fall just 4%.[2] 
 
Last week House Republicans offered a clear alternative with their "All-of-the-Above" Approach to energy, the American Energy Act.  The Republican bill would encourage the production of American-made energy in an environmentally sound manner. The American Energy Act offers more affordable energy, more well-paying jobs, energy independence, and a cleaner environment.
 
The House Republican bill would promote new, clean and renewable sources of energy such as nuclear, clean-coal-technology, wind and solar energy by providing tax incentives for businesses and homeowners who improve their energy efficiency.
·         Nuclear: The bill establishes a national goal to bring 100 new nuclear reactors online over the next 20 years to strengthen America's commitment to clean, reliable energy.
·         New and Expanded Technologies: The bill creates a Renewable and Alternative Energy Trust Fund to provide funding for energy programs authorized by federal law, such as biomass, hydroelectric, clean coal, solar, wind, geothermal and other forms of renewable energy.
·         Alternative Fuels: The bill spurs the development of America's alternative fuels by repealing restriction against government purchasing of fuels from sources such as oil shale, tar sands and coal-to liquid technology.
·         Tax Provisions for New and Expanding Technology: The bill encourages new and expanding energy technologies by making permanent tax credits for the production of renewable electricity, like wind, solar, and biomass and makes permanent investment tax credits for solar energy and for fuel cell properties and extends the biodiesel and renewable diesel tax credits.
·         Outer Continental Shelf: The OCS holds up to 86 billion barrels of oil, as well as an estimated to provide a 19 year energy supply of natural gas for the country.  Significant portions of the OCS remain unavailable because the current Administration continues to delay leasing activities.  
·         Arctic Coastal Plain: The bill increases American energy by opening the Arctic Coastal Plain to exploration in an environmentally-sound manner, which could provide an additional 1 million barrels of oil per day.
·         Oil Shale: It is estimated that more than 70 percent of American oil shale lies on federal lands which contain an estimated 1.23 trillion barrels of oil, more than 50 times the nation's proven conventional oil reserves.
·         Legal Reform: The bill curtails dilatory lawsuits designed to obstruct American energy exploration.
·         Refineries: The bill increases American supplies of gasoline and diesel by encouraging greater refinery capacity by streamlining and accelerating the refinery permitting process.
·         Environmental Review: The bill reduces red-tape and cost to the Environmental Protection Agency arising from having to needlessly identify alternative locations for renewable energy projects, while ensuring a proper environmental review for the proposed action and no-action.
·         Tax Incentives and Prizes: The bill encourages American ingenuity by providing for competitive award cash prizes to advance the research, development, demonstration and commercial application of innovative energy technologies and new energy sources.
 
The Republican energy approach could not provide a clearer contrast to the energy ideas of  liberal Democrats such as Waxman and Markey.