The legislation invests in clean, renewable energy and energy efficiency and pays for that investment by repealing unnecessary tax breaks to big energy companies. It is similar to the Renewable Energy and Energy Conservation Tax Act (H.R. 2776) that passed the House as part of a bipartisan energy package in August 2007.

"With the price of oil above $100 a barrel, this Congress is again taking action to reduce our dependence on foreign oil and support the domestic production of renewable energy. Next week, the House will vote on the Renewable Energy and Energy Conservation Tax Act to end unnecessary subsidies to Big Oil companies making record profits and invest in clean, renewable energy and energy efficiency.

"The bill extends and expands tax incentives for renewable electricity, energy and fuel, as well as for hybrid cars, and energy efficient homes, buildings, and appliances. It does not add to our deficit, but rather repeals $18 billion in tax subsidies for Big Oil companies. By strengthening our renewable energy sector, the bill will help create the next generation of good-paying, green collar jobs and bring down energy prices in the long term.

Already pinched at the pump, American families are now feeling the effects of higher energy prices throughout the economy. This legislation is another critical step in a series of concrete actions this Congress is taking to address soaring energy costs, grow our economy and create new jobs, strengthen national security, and begin to reduce global warming."

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