Mrs. CAPITO. Mr. Speaker, last summer's run-up in gasoline prices highlighted for all of us the challenges that face our Nation because we have not embraced a wide range of our own energy resources. With that premise in mind, I've joined with my Republican and Democrat colleagues to craft an energy bill that will invest in alternative energy, promote new technology and encourage conservation--all without raising taxes on consumers.
Instead of penalizing domestic energy production with a national energy tax like the one moving through our Energy and Commerce Committee, we need to use our royalties from offshore energy exploration to fund investments in new cleaner energy technologies. That means renewable, nuclear, environmental restoration and clean water efforts.
In addition, this bill reflects the fact that coal is one of our most abundant resources. Based on current energy prices, we could see up to $220 billion to invest in clean coal reserves from royalty revenue from this bill.
Simply put, this bill helps us cleanly take advantage of our immense domestic resources and provides incentives for lower emissions without imposing a burdensome national energy tax on everyday consumers. Remember, energy policy has real costs for real people.