Mr. President, now, let me talk to the broader issue, the Republican bill that just came out of committee on the House side. What is happening with Equinor is, frankly, part of a larger pattern of clean energy destruction--clean energy…
Mr. President, now, let me talk to the broader issue, the Republican bill that just came out of committee on the House side.
What is happening with Equinor is, frankly, part of a larger pattern of clean energy destruction--clean energy destruction--from Donald Trump and Republicans.
Before our very eyes, Republicans want to kill American clean energy in its tracks. They want to use their so-called ``one big, beautiful bill'' to repeal the Inflation Reduction Act.
Most of all, they want to cut taxes for the ultrarich and big corporations and make Americans pay for it with higher energy costs by rendering unusable wind and solar tax breaks that were put into the legislation in the IRA.
What will the American people need to know? Republicans are raising taxes on Americans' electricity. One independent study--it is raising costs on Americans' electricity as well.
One independent study shows families and businesses will see their electricity bills go up by 10 percent as soon as next year. Hear that America? This ideological craziness that we shouldn't have wind and solar--some people don't think--there are some, I guess, who feel we shouldn't have coal, oil, and natural gas.
But actually, if we are going to meet America's energy needs, we need clean energy. It is the only way to go, even if you are for natural gas and oil to be used, even though those are far less efficient and productive than solar and wind energy.
But to do this, to meet the ideological thirst to shut this process down--to shut clean energy down--they are going to raise your electric bills, Mr. and Mrs. America--all Americans--as much as 10 percent by next year.
States like Kansas, Missouri, and South Carolina could see prices rise by 15 percent. Wyoming--I saw my friend from Wyoming in the back there--could see nearly a 30-percent increase in energy costs, hundreds of dollars a year extra for families and businesses, for a family or small business already dealing with inflation and a trade war. An extra 10 percent in costs could mean the difference between staying open and shutting down.
If Republicans repeal the IRA, a generation of American manufacturing jobs will also be at immediate risk, most of them in red States, although, they will be in red States and blue Sates alike.
The IRA has already spurred more than $270 billion in clean energy investment, and that is in addition to the $100 billion in domestic manufacturing to build these projects right here at home.
All of this will be shut down if the House Republican bill passes the House and passes the Senate and is signed into law.
Here is something for my Republican colleagues to think about: Nine of the ten top congressional districts receiving manufacturing investment from the IRA are Republican districts. Those investments are over $5 billion each.
For a party that claims to be pro-business, what they are doing with Ecuador is so anti-business and so disruptive of business decision- making, and what they are doing here is just the same--just the same.
The restrictions they have put in the bill are such that if a project, as I understand it--if a project is not completed by 2028, it loses all its credits, which means project after project after project--clean energy projects for wind and solar and others--will be shut down.
So I have a message for the House Republicans in the Ways and Means Committee who just passed the bill on a strict party-line vote: To approve these cuts is to approve a death sentence for energy and manufacturing jobs for your communities.
These investments include a $700 million battery manufacturing plant in Fort Worth, TX; the more than $5 million in battery manufacturing at new and existing facilities in Fayette County, OH; or multiple solar manufacturing facilities in the Phoenix metro area of Arizona.
Mark my words, if Republicans gut the IRA, it would be a gift to the Chinese Communist Party. Jobs that should belong in America will go to cities like Chengdu, China, because China is not cutting back on clean energy. No way. They are going to get way ahead of us on this industry like they did on electric cars, and Americans will pay the price in higher energy costs, in fewer jobs, and in losing the leadership on another industry to China.
But this one didn't have to happen. The IRA did a great job getting America moving and ahead of China, and now they are taking it away.
So putting it all together, the Republican bill, what does it mean for the middle class: higher electricity bills, hundreds of thousands of good-paying jobs erased around the country, rising insurance premiums, particularly in States by the water--Florida, Texas, Mississippi, South Carolina. Their insurance premiums are going up now because we don't have enough clean energy, and there is too much climate change with tornados and hurricanes and floods and, Lord, what else.
So insurers, they don't want to insure anymore. They want to insure at such high prices that people can't sell their homes in those States and across the country. And people--young people--want to buy a home but can't because the insurance is too high, and it is too high because we don't have enough clean energy. And they are cutting it off.
So these are all terrible prices to pay just to lower taxes for the ultrarich, just to satisfy the ideological thirst of oil and gas and coal barons who hate clean energy because they know it is the future, and they know they are not the future.
The broken Republican agenda is a political loser. Americans are learning that, whether it is on Social Security or Medicare or Medicaid or veterans' benefits or housing, and certainly it is here on clean energy, which has the broad support of the American people, Democrat and Republican alike.
So the warning signs, my Republican friends, are flashing. Last night, in Omaha, NE, the 3-term Republican mayor was voted out of office. The Washington Post described how ``disquiet over Trump's agenda produced a surge of Democratic energy.''
So the three-term Republican mayor lost to a Democratic candidate. People
don't like what Republicans are doing. It is energizing people, not just Democrats but people across the board, to participate in more and more elections of all kinds.
And here in Congress, Republicans are pushing forward on an agenda that will make their political fortunes all the more obvious.