(Washington, DC) With Louisville gas prices soaring, Congressman John Yarmuth (KY-3) voted today to address the energy crisis with the Renewable Energy and Energy Conservation Tax Act of 2008.  The legislation that will make significant new investments in renewable energy sources, create hundreds of thousands of new jobs, help end our dependence on foreign oil and slash taxpayer funded subsidies to oil companies.  The bill was approved by and now goes to the Senate for approval.

“Gas prices in Louisville have gone through the roof, and they will continue to burden our community unless major action is taken,” Yarmuth said.  “This legislation would promote investment domestic, renewable energy sources so that we can reduce our dependence on foreign oil.  We’ll also be creating the new jobs that this community and country so badly need.”

The bill extends and expands tax incentives for wind, solar, geothermal energy, as well as for fuel cell technology, 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 homegrown energy and fuel cell technology will also create hundreds of thousands of new jobs and help strengthen the American economy by stimulating tens of billions of dollars of new investment in geothermal energy production.

When signed into law, the bill will repeal $18 billion in 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. The oil companies profits have resulted from drastically increased prices for their consumers.