Mr. Speaker, I yield 4 minutes to one of the co-chairs of the House Hydrogen Caucus, Charlie Dent from Pennsylvania. Mr. Speaker, I yield 3 minutes to the gentlelady from Florida (Ms. Ginny Brown-Waite). Mr. Speaker, I yield myself such…
Mr. Speaker, I yield 4 minutes to one of the co-chairs of the House Hydrogen Caucus, Charlie Dent from Pennsylvania.
Mr. Speaker, I yield 3 minutes to the gentlelady from Florida (Ms. Ginny Brown-Waite).
Mr. Speaker, I yield myself such time as I may consume.
First of all, Mr. Speaker, I want to thank my colleague from Illinois (Mr. Lipinski) for his work on a number of energy initiatives that we're collaborating on. This is one of those. I think it's a very exciting bill that won't solve all of our challenges, but it will get us down the road toward a brighter energy future.
And it's always helpful to have a picture tell a thousand words. This is a picture of a gas line in a province in China on August 17, 2005. That's a line of cars waiting to buy gas.
ExxonMobil tells us the global energy demand is expected to grow by 60 percent between now and 2030. So we've got to find something to do in order to get to a brighter energy future, one that does not involve the restricted supply that we have when it comes to petroleum. So what we've come up with is an idea of using the incentives of a prize to make it happen, to make some breakthroughs happen when it comes to hydrogen.
Well, the good news is we've done prizes before. In 1927, Charles Lindbergh won a prize for being the first to make a successful transatlantic flight. It worked with flight, and it worked again here more recently when the Ansari X-Prize was created to incentivize space flight. On October 4, 2004, Burt Rutan's Spaceship 1 became the first private spacecraft with commercial potential, succeeding in going into space twice within 2 weeks; and the result was they won the Ansari X- Prize.
So the concept here is to build on that kind of legacy and create the H-Prize. The good news for our colleagues is this shouldn't be a terribly controversial vote. The last time we did it, we got 416 votes in favor of the H-Prize. So it's a do-over with a 416-6 margin last time. So we're hoping that it's going to be successful here today on the floor.
As my colleague from Illinois just said, Mr. Lipinski was telling us that the concept is to incentivize breakthroughs in hydrogen technology; and, as he said, technical breakthroughs would be rewarded with a $1 million prize and then prototypes every other year, $4 million. And then the transformational technology prize, the big one, would be a $10 million prize, hopefully augmented by up to $40 million of private money that's authorized under the bill.
So the concept is to, basically, create the most nongovernmental way to achieve a governmental purpose, which is to break this dependence on oil. So we've created the H-Prize. It's a way of incentivizing entrepreneurs and inventors to come together and to create teams that can make this breakthrough.
The beauty of a prize, two beauties of the prizes to point out here to our colleagues, one is, if nobody does it, you don't pay the prize money out, so they've got to win it in order for us to incur the obligation to pay the money out. That's a good thing about prizes.
The second thing that's very important about prizes is the breakthroughs may come from way outside the normal realm that you would expect; and it could be that it's not the normal people or the normal suspects that might come forward with a breakthrough. It may be somebody way afield.
For example, hydrogen breakthroughs may come from biological agents that create hydrogen as part of their metabolism. That's way outside the field of where a lot of people are expecting hydrogen production to come from. But if you have a prize that isn't restricted as to how you create the hydrogen, then you get a lot more entrants, and you get interest from a broad range of fields that may come in with the out-of- the-box thinking that can transform our energy supply.
So I'm very pleased that we've got it on the floor today. I thank the gentleman from Illinois once again for his collaboration on these topics. I'm hopeful that today we'll pass it with a large margin and that we'll be successful with the other body and then a signature by the President, and this will be one of the ways that we can break this addiction to oil and move to a more stable energy future for America.
Mr. Speaker, I yield back the balance of my time.