WASHINGTON, D.C. – Congresswoman Lois Capps (D-CA) today helped lead a successful push to pass sensible legislation to cut taxpayer funded giveaways to big oil and gas companies and use the substantial savings to invest in renewable energy and create new “green” jobs.  The support for renewable energy programs would help reduce our dependence on foreign oil while promoting new technology that will create hundreds of thousands of jobs across the country including on the South and Central Coasts. 

The Renewable Energy and Energy Conservation Tax Act of 2008 was approved by a vote of 236 to182.

“For far too long Washington has neglected investments in sensible energy policy, such as renewable energy sources, enhanced efficiency and improved conservation, while giving away the store to the very industries that encourage our country’s addiction to fossil fuels,” said Capps.  “Meanwhile the cost of gas continues to rapidly increase, placing enormous strains on hardworking families and businesses across the country.  It’s high time we stopped trying to drill our way to energy independence and instead make a serious commitment to investing in the renewable energy sources.   This critical shift in our energy policy will help end our reliance on foreign oil, reduce the pollution that contributes to global warming, and will spur the creation of hundreds of thousands of new “green” jobs.”

The Renewable Energy and Energy Conservation Tax Act (H.R. 5351) will repeal excessive giveaways to Big Oil and Gas companies that were included in the 2005 Energy bill at the insistence of the Republican controlled Congress.  Many of these taxpayer funded subsidies were even opposed by President Bush, who noted that the government shouldn’t need to subsidize oil production when the price of oil is so high.  Oil was then $50 per barrel; it is now at approximately $100 per barrel.  The savings generated by repealing these subsidies will be put toward extending the soon-to-expire tax incentives encouraging the production of electricity from renewable energy – including energy derived from wind, solar, biofuels and other clean sources.  Many of these renewable energy tax incentives are set to expire at the end of the year.  The bill also contains incentives for plug-in hybrid cars and energy efficient homes, buildings and appliances.

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Pictured above: (center) Congresswoman Capps meets with Central Coast firefighters to discuss emergency preparedness.