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Welch Backs Act Ending Oil Subsidies To Fund Renewable Energy

Location: Washington, DC

Welch backs Act ending oil subsidies to fund renewable energy

Rep. Peter Welch later today will vote to support legislation to end subsidies given to oil companies and use the savings to fund renewable energy development.

"It simply defies common sense that the federal government would continue to give taxpayer financed handouts to oil companies making record profits," said Welch.

He added, "Today we will change that. We will end these frivolous breaks and use the savings to fund the development of renewable energy."

The vote on the Clean Energy Act of 2007, H.R. 6, is expected this afternoon.

The bill will repeal $14 billion in subsides given to the oil companies over 10 years and creates a Strategic Renewable Energy Reserve to invest in clean, renewable energy, alternative fuels, and efficiency.

"Our country is long over-due for an energy policy that shifts our reliance from fossil fuels to the development of alternative energy," said Welch in his floor statement during the debate of the bill earlier this morning.

Statement from Peter Welch of Vermont
Clean Energy Act of 2007
January 18, 2007

"Record profits, quarter after quarter, and yet taxpayers continue to fund handouts for the world's largest oil companies.

"We have scientific consensus and yet our country forges ahead with blinders on to the crisis of climate change.

"And on the most basic level, the budgets of our seniors, schools, farms and families are strained by high energy prices and inefficient technologies.

"Our country is long over-due for an energy policy that shifts our reliance from fossil fuels to the development of alternative energy. It is time to focus our energy policy on the goal of energy independence.

"This legislation is the very first step for setting us on this common sense course.

"Not only must we aggressively pursue a new energy strategy, but I strongly believe that addressing this challenge presents our country with enormous opportunities: to improve efficiency, create good jobs, clean our air, and make us more competitive and secure in the world. It's time to act. American ingenuity combined with our political leadership can help us meet the challenges we face as we move to a more sustainable energy future."

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