-Final piece of Dem’s First 100 Hours repeals billions in subsidies and tax breaks-

WASHINGTON, D.C. - A leading environmental advocate in the House of Representatives, Congresswoman Lynn Woolsey (D-Petaluma) today voted for the CLEAN Energy Act of 2007, the final piece of legislation under the Democrat’s “First 100 Hours.”  The bill, which passed 264 to 163, will repeal $14 billion in subsidies and tax breaks for big-oil companies in order to invest in clean renewable and alternative fuels and energy efficiency.  Woolsey was an original co-sponsor of the legislation.

“Repealing these massive tax giveaways and subsidies to oil companies, who are recording record profits, is common sense.”  Woolsey said.  “There is no reason that we should be rewarding companies who are posting tens of billions of dollars in profits, while they gauge the American consumers at the pump.”

The bill would ensure oil companies that were awarded the 1998 and 1999 leases for drilling paid their fair share in royalties, and would close tax loopholes by ending giveaways for Big Oil in the tax code and in the 2005 Energy bill.  The bill would also create a Strategic Renewable Energy Reserve to invest in clean, renewable energy resources and alternative fuels, promote new energy technologies, develop greater efficiency and improve energy conservation, areas of particular interest to Woolsey.

“Reducing our Nation’s dependency on fossil fuels must be one of this Congress’, and our nation’s, top priorities,” said Woolsey.  “Beyond protecting our environment, this will increase our Nation’s security by making us less dependent upon Middle Eastern oil, and will strengthen our economy by creating thousands of good jobs.”