July 23, 2008
Washington, D.C. -- In another effort to reduce dependence on foreign oil and lower gasoline prices, Congressman Steve Chabot (R-OH) is cosponsoring comprehensive legislation that will facilitate the production of more American-made energy. The American Energy Act will increase the supply of domestic energy, promote energy efficiency, spur investment and advances in renewable energy, and work to drive down energy costs for consumers.
“Our nation needs a comprehensive strategy to reduce our dependence on foreign oil,” Chabot stated. “We must act now to put these measures into place to create more American-made energy and lower prices for hard working families in Cincinnati and across the nation.”
The American Energy Act seeks to open the deep waters of the Outer Continental Shelf and portions of the Arctic National Wildlife Refuge to environmentally friendly exploration that could produce millions of barrels of oil and large amounts of natural gas each day. Royalties from these leases will be used to create a renewable energy trust fund to finance further research into renewable energy technology.
The legislation also allows for further oil shale exploration, increased nuclear energy production, provides tax incentives for improving home and business energy efficiency and purchasing of fuel efficient vehicles, and permanently extends tax credits for alternative energy production such as wind, solar and hydrogen.
Congressman Chabot believes that a comprehensive approach is needed to address rising energy costs and to reduce our nation’s dependence on foreign oil. In the House, Chabot has supported measures to increase domestic energy production, increase energy efficiency, make renewable energy more prevalent and cost-effective, and make price gouging a federal crime.
He has also introduced a number of legislative initiatives to help bring down gas prices and provide relief to consumers. Congressman Chabot is the sponsor of the Gasoline Price Relief Act to give individuals a $1,000 tax credit and families a $2,000 tax credit to offset the high price of gasoline and diesel fuel. The legislation directs the President to withhold foreign assistance and arms exports to those oil-exporting countries, such as OPEC, engaged in international price fixing arrangements. Chabot has also recently introduced the Oil Speculation Reduction Act aimed at curbing excessive speculation in the foreign oil market.