As Gas Prices Soar, Tsongas Works to Spur Investment in Renewable Energy

Statement

As Gas Prices Soar, Tsongas Works to Spur Investment in Renewable Energy

Congresswoman Niki Tsongas released the following statement today after voting to support legislation that will make significant new investments in renewable energy sources, spur the growth of new green collar jobs, help end our dependence on foreign oil, and slash taxpayer funded subsidies to oil companies. Congresswoman Tsongas was an original cosponsor of this bill and joined thirty-two members in introducing it earlier this year.

"I was pleased to support the passage of the Renewable Energy and Energy Conservation Tax Act of 2008 this afternoon, legislation which takes significant steps to encourage the growth of domestically produced clean energy sources in order to reduce our dependence on foreign oil and to combat global warming.

"Last year, following the passage of the landmark energy bill that increased fuel efficacy standards for the first time in more than thirty years, I sent a letter to the Speaker asking her to consider legislation which would establish tax incentives for renewable energy development. I am pleased that the Democratic leadership has made this issue a priority, and that as a result of today's vote American alternative energy innovation will be further encouraged.

"Right in our backyard, Nuvera Fuel Cells in Billerica and Ballard Power in Lowell are producing the alternative energy technologies which will help limit our foreign oil dependence and the harmful effects of climate change, while simultaneously creating outstanding green collar jobs for residents of the Fifth District. During recent visits to both companies I saw first hand the fuel cell technologies being developed and manufactured at each location, which can power everything from home appliances to cars in a manner which emits virtually no harmful greenhouse gases.

"As Nuvera and Ballard have demonstrated, the Fifth Congressional District is fertile ground for the development of alternative energy sources and the fuel cell investment tax credits contained in the bill passed by the House today will help encourage the growth of this industry in our region.

"With oil prices reaching another record high of $102 per barrel today and families paying $3.15 a gallon for gasoline we should be doing all that we can to further the development of these types of alternative energy technologies by relying on clean, renewable sources here in the United States, on American ingenuity, and on our entrepreneurial spirit.

"The Renewable Energy and Energy Conservation Tax Act extends and expands tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Additionally, the bill includes solar energy tax credits that could reduce carbon dioxide pollution by 240 million tons. It is these steps which will help us combat our growing climate crisis and help fulfill our generational responsibility to reverse the threat of global warming.

"The legislation approved today takes the sensible step of repealing $18 billion in unnecessary tax subsidies for big, multinational oil and gas companies. As working families in the Fifth District and across the country struggle with rising gas and home heating fuel costs, the last thing we should be doing is subsidizing oil companies like ExxonMobil, which earned the largest corporate profit in American history this past year. This bill invests in new forms of clean technology like those being advanced in the Fifth District, and encourages the creation of high paying, green collar jobs, and I was pleased to support this much needed legislation."

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