Montana's Congressman, Denny Rehberg, announced today that he has sponsored legislation to keep gas prices in check, fund new renewable energy programs, and help make America energy independent. The American Energy Independence and Price Reduction Act would fund renewable energy technologies by utilizing revenues from oil and gas production in a 2,000 acre section of the Arctic National Wildlife Refuge.
"It's been less than a year since our economy experienced record energy prices, and although prices are down, we can't afford to sit back on our heels when it comes to energy production and development," said Rehberg, a member of the House Energy and Water Appropriations Subcommittee. "An all-of-the-above' energy solution means we can protect the environment, increase America's domestic energy production, protect families from high spikes in the price of gas, all while sensibly building the foundations for tomorrow's energy economy."
The legislation would allow for responsible oil and gas development of .01% of the 19.5 million acre ANWR, with the lease royalties and tax revenues going toward development of alternative energies. According to 2007 estimates from the Federal Office of Management and Budget, this is a potential $300 billion revenue source.
"This common-sense approach builds a bridge to a more secure energy future," said Rehberg. "It will create jobs, spur the economy, and fund the development of new technology. It's time to put partisanship aside and come together and do what's best for America."