Congresswoman Hirono Votes to Promote Renewable Energy,
Cut Subsidies to Big Oil
WASHINGTON, D.C.—
Congresswoman Mazie K. Hirono today voted for landmark legislation that will make significant new investments in renewable energy sources, create hundreds of thousands of new jobs, help end America’s dependence on foreign oil and slash taxpayer-funded subsidies to oil companies.
Hawai‘i currently relies on imported petroleum to provide about 90 percent of its energy, but the state has considerable potential to develop local clean, renewable energy sources. This bill will aid efforts to expand renewable energy and create jobs in this emerging field.
The House of Representatives passed the Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351) by a vote of 236-182.
“With oil prices reaching another record high of $102 per barrel today and Hawai‘i families paying $3.54 a gallon for gasoline, we must promote renewable energy and move toward American energy independence. This bill is good for our environment, good for our economy and good for our national security,” said Congresswoman Hirono. “Ending our dependence on foreign oil and using renewable energy to help fight global warming will make our nation stronger. And at a time when the economy is struggling, these investments will help create hundreds of thousands of new jobs.”
The Renewable Energy and Energy Conservation Tax Act makes new investments that will help reduce dependence on foreign oil, increase renewable electricity production, create jobs and protect the environment. The bill extends and expands tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Additionally, the bill includes solar energy tax credits that could reduce carbon dioxide pollution by 240 million tons.
The new investments in wind, solar, marine and fuel cell technology will also create hundreds of thousands of new jobs and help strengthen the American economy.
Additionally, the legislation approved today repeals $18 billion in unnecessary tax subsidies for big, multinational oil and gas companies. The vote comes shortly after the big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion – the largest corporate profit in American history.
While oil companies have profited, consumers have felt the pinch. The average cost of a gallon of regular gasoline in Hawai‘i is $3.54 according to the AAA Daily Fuel Gauge Report. In some areas of the state, prices are nearing $4.00 a gallon.
“Every day, families in Hawai‘i are feeling the pain at the gas pump while big oil companies are making billions of dollars and receiving handouts from the government. It simply isn’t fair,” added Congresswoman Hirono. “I was proud to back legislation that will slash subsidies to oil companies, create jobs and help make our nation energy independent.”
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