WASHINGTON –  As energy prices continue to rise, oil approaching $102 per barrel and gasoline costing $3.15 at the pump, Energy and Commerce Committee Vice Chair Diana DeGette (D-CO) today supported the Renewable Energy and Energy Conservation Tax Act, which ends unnecessary subsidies to big oil companies and invests in clean, renewable energy and energy efficiency. The measure passed on a vote of 236 to 182.

"American families are currently suffering under high energy prices while big oil companies are raking in record profits.   It is time to invest in renewable energy technologies that will reduce our dependence on foreign oil, create more green collar jobs for Americans, increase renewable electricity production, and encourage greater energy efficiency," said DeGette.

The Renewable Energy and Energy Conservation Act 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. It is fiscally responsible by offsetting renewable energy incentives with repeal of unnecessary tax subsidies and loopholes only for the large integrated oil companies.

"Colorado is at the forefront of creating a new energy economy utilizing our boundless sun, wind, and diverse energy resources.   This legislation will ensure that Colorado’s investments in renewable technology will continue to thrive by putting our nation on a path toward energy independence—to lower energy costs, grow our economy and create new jobs, strengthen national security, and reduce global warming."