Washington, Jul 27 -  In an effort to combat the skyrocketing price of gasoline due to a heavy reliance on foreign oil, the United States House of Representatives passed the United States-Israel Energy Cooperation Act, authored by Congressman John Shadegg.

The bill enjoys strong bipartisan support as well as the endorsement of the Prime Minister of Israel, Ehud Olmert. Just two months ago, the Prime Minister praised Congressman Shadegg’s bill in his speech before a joint session of Congress on May 24^th. In it he stated:

“Both [Israel and the United States] share a desire for energy security... Therefore, through the United States-Israel Energy Cooperation Act and other joint frameworks, in collaboration with our US counterparts, Israel will increase its efforts to find advanced scientific and technological solutions designed to develop new energy sources and encourage conservation.”

The bill invests up to $20 million to be administered by the Department of Energy. It would provide grants to joint ventures between U.S. and Israeli businesses and academic researchers aimed at developing alternative sources of energy.

“The price of gasoline has risen well above $3 per gallon and it is adversely affecting the pocketbooks of working Americans,” said Shadegg. “That is why the United States and Israel are working together to look for ways we can reduce our dependence on foreign sources of energy. This bill utilizes the critical and close relationship between the U.S. and Israel and addresses the need for energy innovation and security.”

The United States-Israel Energy Cooperation Act is co-authored by Congressman Brad Sherman (D-CA). The legislation builds on existing bi-national efforts which have already made possible many scientific breakthroughs in the fields of life science, medicine, bioengineering, agriculture, biotechnology, and communications.