From our houses and cars to our factories and airlines, America needs energy – lots of it. But recent events are a searing reminder that by importing 60 percent of our oil, we are entirely too dependent on foreign fossil fuels. Every American feels the sting of soaring home energy costs and $3-a-gallon gas – prices that go soaring even higher every time there is a political ripple in the highly unstable Middle East. Our economy, environment, and national security all demand that we step away from the gas pump and toward new and innovative solutions to our energy needs.
That is why Congressman Weller supports the president’s call for technological advancement and a move to domestic energy sources in the January 2006 State of the Union speech, and has introduced the Biofuels Act of 2006. While the right answer for America, a new emphasis on biofuels is particularly good for Illinois – the nation’s #2 producer of ethanol. Among the key provisions of Weller’s bill:
- requires the federal government to use ethanol and biodiesel in its vehicle fleet; and creates a tax credit for purchasing a hybrid/flexible-fuels vehicle
- increases the renewable fuel content of U.S. gasoline from the current 4 billion gallons to 25 billion gallons by 2025 (the “25 by 25” provision)
- creates a 20 percent tax credit for the purchase price of a hybrid/flexible-fuels vehicle
- adjusts the depreciation schedule for the installation of ethanol/biodiesel refining equipment, bringing it into line with that of refining components for other fuels
- expands and extends the tax credit for the installation of ethanol/biodiesel refueling pumps (only about 1,000 fuel stations in the U.S. are now appropriately equipped)
