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SENATE FINANCE COMMITTEE
ADOPTS WYDEN’S HYDROGEN PROVISIONS INTO ENERGY BILL

Senator says legislation still has a “long way to go” to benefit Americans

 

June 16, 2005

Washington, DC – The U.S. Senate Finance Committee today adopted provisions championed by U.S. Senator Ron Wyden (D-Ore.) to promote the use of hydrogen fuel-cell vehicles in Congress’ comprehensive energy legislation. Wyden, a member of the Committee, has urged his colleagues to produce a balanced energy bill that replaces giveaways to oil and gas interests with incentives for the production and use of renewable fuels. His hydrogen provisions, in particular, are designed to push Congress’ support for hydrogen fuel cells past the research phase and begin creating infrastructure to get the vehicles on the roads. The provisions adopted today will provide tax credits to retailers who sell hydrogen fuel, a 10-year Federal tax exemption for the use of hydrogen fuel, and a tax credit to individuals who eventually install hydrogen refueling equipment in their homes.

“Congress needs to forge boldly forward on energy policy, and these hydrogen provisions will help bring clean, renewable energy technologies out of the lab and into the American marketplace that much faster,” said Wyden. “Shifting away from the old fossil fuel technologies that keep us dependent on foreign oil is a prerequisite for real energy security.”

Wyden said today that the Finance Committee’s tax-related portion of the Senate energy legislation strikes a promising balance between fossil and renewable fuels. Wyden is also a member of the Committee on Energy and Natural Resources and last week cast the lone vote against the energy bill produced by that Committee, saying it offered too many breaks to the traditional special interests of “cars, carbon and corn” – failing to raise fuel efficiency standards, to shift America’s energy policy away from the use of fossil fuels, or to reduce the massive subsidies afforded to the ethanol industry. The overall energy legislation also does little to lower energy prices or to reduce America’s dependence on foreign oil.

“I’m encouraged by the Finance Committee’s contribution today, but the overall energy bill still has a long way to go before it will even resemble a good deal for the American people,” said Wyden. “I’m going to work with my colleagues on the Senate floor to move toward a truly sound energy policy that better protects Americans’ pocketbooks and our long-term national security.”

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