Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise tonight to lament a lost opportunity. Mr. Speaker, our friends on the other side of the aisle had promised to produce an energy tax bill that would promote…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise tonight to lament a lost opportunity. Mr. Speaker, our friends on the other side of the aisle had promised to produce an energy tax bill that would promote America's energy independence. They had a real opening to produce innovative policies, to incentivize new technologies and promote the diversification of our energy consumption. Instead, Mr. Speaker, the Democrats have presented the House with a placebo that will ultimately reduce domestic energy production, give American energy companies less of a reason to invest in exploration here at home, encourage greater dependence on foreign oil, and damage America's manufacturing base.
This bill is energy policy light and consists of a dog's breakfast of stale notions clearly intended to appeal to the blogosphere rather than to market forces.
The Democrats' solution to America's energy crisis is to single out oil and gas producers for a tax increase. That is a great sound bite. But the fact is, Mr. Speaker, this legislation is not likely to impact oil producers' profits in any way, shape or form. The one thing you can you can be sure this bill will do is raise prices at the pump for American consumers.
Furthermore, it creates disincentives that will decrease the supply of domestic natural gas and oil and increase our country's energy imports. While this legislation not only forces our country to become more dependent on foreign oil, it will also force America's working families to bear the brunt of increased energy costs. The more than $15 billion tax increase built into this bill will inevitably be borne entirely by consumers in the form of higher gasoline and home emergency prices.
This is vastly, in fact, about double, the tax increase contained in H.R. 6, a staggering sum that will stifle growth and hit working families' bottom line. The effect of high gas prices will ripple throughout the economy, increasing prices on everything from electronics to school supplies.
This legislation is also an assault against America's manufacturing base. Using nearly one-third of the Nation's energy both as fuel and feedstock, energy is the heart of American manufacturing. With such an energy-intensive sector, raising energy prices will make domestic manufacturers less competitive in the world market, forcing more of our good-paying manufacturing jobs offshore.
Mr. Speaker, we have long advocated for a comprehensive energy plan to reduce our dependence on foreign oil and increase America's access to clean, affordable and dependable energy for their cars, their homes and their businesses. Yet, here again, Mr. Speaker, this bill is moving in the wrong direction. It throws out our effective incentives for producing renewable energy and replaces them with retrograde policies.
In this bill, the Democrats have created a $6 billion slush fund for local projects in States and cities, with no safeguards to ensure that the money is actually used to improve America's energy independence or the environment. This is a blank check for so-called green pork projects all over the country that mayors and governors can dole out like candy on Halloween. But, Mr. Speaker, this is going to be no treat for the American taxpayer.
In addition, the wind credit, one of our most proven and effective sources of renewable energy, gets a substantial haircut in this bill and is effectively, under current conditions, gutted. This legislation is bad energy policy. It is bad tax policy.
Mr. Speaker, I would hope that our colleagues would join us today in standing up for American manufacturers, for American consumers, and stand up to preserve our domestic energy supply and guarantee our energy future by voting this bill down.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 2 minutes to the distinguished minority whip of the House (Mr. Blunt).
Mr. Speaker, it is now my privilege to yield 2 minutes to the gentleman from California (Mr. Herger), a distinguished member of our committee.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 2 minutes to a distinguished member of our committee, the gentleman from Michigan (Mr. Camp).
Mr. Speaker, I yield myself 15 seconds.
As a former city controller, I look to a future time when I can bring my friend from Massachusetts up to speed on why with good reason we think there needs to be aggressive auditing and oversight of local governments.
Mr. Speaker, I yield 2 minutes to the gentleman from Illinois (Mr. Weller), a member of our committee.
Mr. Speaker, how much time is remaining on both sides?
Obviously I am going to reserve the balance of my time at this point.
Mr. Speaker, I reserve the balance of my time.
Can the gentleman enlighten us on how many speakers he has remaining, or is he prepared to close now?
Then I reserve the balance of my time.
Mr. Speaker, is he prepared to close then?
Mr. Speaker, I yield 2 minutes to the gentleman from Wisconsin (Mr. Ryan).
Mr. Speaker, it is my privilege to yield 2\1/2\ minutes to the gentleman from Texas (Mr. Brady), a member of our committee.
Mr. Speaker, I yield 30 seconds to the gentleman from Texas (Mr. Brady).
Mr. Speaker, I yield 2 minutes to a member of our leadership, who is also a member of our committee, the gentleman from Virginia (Mr. Cantor).
Mr. Speaker, how much time remains on both sides?
Mr. Speaker, is it not generally the obligation of the Chair to invite the two sides to even up time to some extent?
I will defer to the gentleman.
Mr. Speaker, do I understand the gentleman is now prepared to close?
Mr. Speaker, is it our understanding that the gentleman is prepared to close?
Mr. Speaker, I would hope I wouldn't have to yield any time to determine this.
Is the gentleman prepared to close?
Very well. I will yield 5 seconds.
Mr. Speaker, in that case, I would like to yield 3 minutes to one additional speaker, a gentleman who I think has proven himself in this particular policy area for many years, and I think a good Democrat, the gentleman from Texas (Mr. Gene Green).
(Mr. GENE GREEN of Texas asked and was given permission to revise and extend his remarks.)
Does the gentleman have any additional speakers?
I yield 1 minute to the gentleman from Texas (Mr. Gohmert).
Mr. Speaker, how much time do we have remaining?
And may I confirm again that the gentleman is prepared to close?
Thank you. In that case, I yield the balance of our time to a member of the Ways and Means Committee and the ranking member of the Budget Committee, the gentleman from Wisconsin (Mr. Ryan).
Mr. Speaker, I offer a motion to recommit.
I am indeed, in its current form.
Mr. Speaker, we have had, I think, a very good debate today on the energy tax bill, and I admire the passion on the other side, even if I don't associate myself with all of its particulars. I believe the debate offered Members a chance to hear both good and bad about what is in this bill.
The very bad, huge tax increases on American oil and gas companies and on domestic production and the green bond slush fund are removed from our substitute in this motion to recommit.
But the fact that I strongly oppose the bill put together by the other side does not mean that the tax code can't play a constructive and creative role in promoting conservation and increasing the use of renewable and alternative fuels.
The motion to recommit provides Members of the House with the opportunity to consider a different approach on these issues.
This motion would extend many current law provisions designed to encourage the production of alternative fuels and the conservation of energy, many of which the majority saw fit to include in their bill.
But several current tax provisions encouraging energy conservation will expire if H.R. 2776 is enacted in its current form, including incentives for individuals to make energy efficiency upgrades in their home, to install solar power and solar water heating capacity, and to purchase hybrid and other fuel-efficient vehicles.
I believe the extension of these consumer-based tax credits is important, and I regret that the majority chose not to include them in their bill and rejected, on a party-line vote in committee, an effort to restore the tax credit for making energy efficiency upgrades to existing homes.
It is unfortunate that the majority has become so enamored of their tax credit slush fund program that they forgot the tax credits for consumers are highly effective. For example, 2007 hybrid vehicle sales in the United States are projected to be double the level from 2005, the year Republicans first enacted the credit.
In addition, my substitute would extend the section 45 production tax credit that has helped increase the amount of electricity generated from sources like wind and biomass and landfill gas.
But unlike the bill before us, H.R. 2776 as reported by the committee, my substitute does not reduce the value of the wind credit. Many supporters of the credit, even those who have endorsed the extension provided by the bill, have expressed real reservations that the ``haircut'' given to the credit, that it could threaten the continued rapid expansion of this promising alternative to fossil fuel- powered electricity generation.
Finally, let me highlight the fact that the motion to recommit does justice to America's greatest energy source, coal.
This country's vast reserves of coal can continue to fuel America's economic engine for decades, even centuries to come. More than half of the electricity in America comes from coal. It would be irresponsible, if not irrational, to ignore this inconvenient truth.
Therefore, Mr. Speaker, the substitute would extend and reauthorize the advanced coal and coal gasification investment tax credits. These credits reward companies for investing in promising technologies that convert coal into clean-burning natural gas. By placing a new carbon sequestration requirement on these projects, the provision helps secure our energy security while protecting our environment at the same time.
The credit also helps manufacturers who depend on natural gas as a feedstock, because it will ensure a secure, reliable and affordable source of this vital commodity. In doing so, we can help keep the high- paying manufacturing jobs that rely on natural gas right here in the United States.
And Mr. Speaker, if Members want to vote for an energy bill that might actually increase the supply of energy, that might actually lower the price of gasoline or heating oil, that will encourage the clean development of our Nation's most abundant energy source, coal, you have your chance right now.
Join us in voting for this motion to recommit.
Mr. Speaker, on that I demand the yeas and nays.