Washington, D.C. – Earlier today U.S. Representative Schwartz voted in strong support of a plan to strengthen America’s energy independence, the Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351). The plan ends taxpayer subsidies to the nation’s biggest oil and gas companies, and instead invests those resources in initiatives encouraging the use and production
of renewable energy and energy conservation. The plan passed 236 to 182.

Schwartz delivered the following speech on the House floor to urge her colleagues to vote in support of the plan.

“Last week the price of oil surpassed $100 per barrel for the first time ever. American families are hurting from these record prices.

• Gas prices are up 17 cents a gallon in the last two weeks.
• Since 2001, when President Bush came into office, gas prices have doubled.
• And, the big five oil companies made record-breaking profits last year -- $40.6 billion -- $132 for every U.S. resident.

“It is time for our country to set a new direction for energy policy by taking advantage of America’s greatest resource – our ingenuity and innovation. This legislation embraces that goal. 

“This legislation accelerates the use of clean domestic renewable energy sources and alternative fuels through a long term extension of the production tax credit; This legislation increases research, development, deployment of clean, renewable energy efficiency technologies; This legislation promotes the use of energy efficient-products, practices and conservation; including a provision for energy efficient commercial buildings modeled after my bi-partisan proposal, the Buildings for the 21s Century Act.

“That’s why this bill has been endorsed by the 83,500-member American Institute of Architects, and I’d ask unanimous consent to enter their letter of support into the record.

“The cynics say that America isn’t ready to embrace an economy that runs on clean, American-made energy – but our renewable energy industries are ready to prove the cynics wrong, and make American more energy independent, more energy efficient, and ready to run on safer, cleaner, and cheaper energy sources.

“We pay for our bill by repealing taxpayer subsidies from the top-five oil companies and redirecting these revenues towards renewable sources of energy and energy conservation, creating new jobs and spurring new economic development.

“I urge all of us who believe in the ability of American innovation to power our nation’s business and industries to vote for the Renewable Energy and Energy Conservation Tax Act of 2008.”

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