05.04.06

Cantwell Joins Bipartisan Coalition of Senators to Introduce Energy Security Plan

Legislation would reduce demand for oil, invest in alternative fuels, improve energy efficiency, and increase alternative fuel availability

WASHINGTON, DC – Thursday, U.S. Senator Maria Cantwell (D-WA) joined a broad bipartisan coalition of senators in introducing legislation to break our country’s oil addiction and achieve greater energy security for America. Together, the two bills introduced will help develop new energy technologies, improve vehicle efficiency, reduce oil imports, and increase the number of alternative fuel stations.

“America needs vastly improved fuel efficiency and real alternatives to oil if we want to keep our economy strong and families within their budgets,” said Cantwell, a member of the Senate Energy and Commerce Committees. “An aggressive bipartisan approach, like the one we put forward today, can jumpstart the alternative energy industry in our country, provide relief from today’s unstable fuel prices, and give our economy more miles to the gallon. Real investments in affordable new alternative fuels, along with incentives to build alternative fuel stations and improve the efficiency of the vehicles on America’s roads, will help put us on the path to a cleaner, more reliable, more independent energy future.”

On Thursday, Senators Cantwell, Jeff Bingaman (D-NM), Norm Coleman (R-MN), Evan Bayh (D-IN), Lincoln Chafee (R-RI), Joe Lieberman (D-CT), and others introduced the Enhanced Energy Security and Enhanced Energy Security Tax Incentives Acts. The bills combine an aggressive package of tax incentives with investments in alternative fuels and improved fuel efficiency initiatives.

The Enhanced Energy Security Act:

  • Promotes the development of new vehicle technologies such as “plug-in hybrids” and advanced lightweight materials for use in vehicles
  • Authorizes loan guarantees and competitive grants to auto manufacturers for converting existing facilities or building new facilities for manufacturing fuel-efficient vehicles
  • Provide funds for state programs that encourage motorists to retire inefficient vehicles and for programs to reduce school bus idling
  • Increases the availability of alternative fuels by providing funding for alternative fuel stations
  • Provides incentives for the production of cellulosic ethanol—including loan guarantees and a reverse auction for production payments
  • Requires the federal government to develop an action plan to save up to 2.5 million barrels of oil per day by 2016, 7 million barrels per day by 2026, and 10 million barrels by 2036
  • Reduces pressure on natural gas prices through a renewable portfolio standard and federal government purchases of renewable electricity

The Enhanced Energy Security Tax Incentives Act:

  • Extends the renewable energy, energy efficiency, and alternative fuels and vehicles provisions in the 2005 Energy Policy Act through 2010
  • Expands the EPACT consumer credits for alternative fuel and hybrid vehicles by lifting the per manufacturer cap 
  • Establishes an advanced technology motor vehicle manufacturing credit 
  • Establishes a fuel-efficient credit for private fleets
  • Increases the EPACT alternative fuel vehicle refueling property credit
  • Establishes an idling reduction tax credit
  • Includes credit for combined heat and power facilities and accelerated depreciation for advanced meters

The initiatives introduced Thursday are part of Cantwell’s efforts to deliver a better energy strategy for all Americans. Cantwell has also sponsored measures to prohibit price gouging at the pump, raise national fuel efficiency standards, and require more accurate consumer information on the fuel efficiency of new vehicles.

In January, Cantwell joined a bipartisan coalition of senators in introducing a comprehensive package of legislation to increase investments in research, education, and alternative fuels development. The Protecting America’s Competitive Edge (PACE) Acts, co-sponsored by Cantwell, consist of three bills—one focusing on education, another on energy, and a third on tax incentives. Together, the bills would strengthen America’s commitment to research, improve math and science education, and increase our country’s talent pool through affordable broadband access, education investments, and aggressive incentives for energy innovation and other cutting-edge advancements.

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