Mr. Chairman, I offer an amendment. Mr. Chairman, I yield 3 minutes to the gentleman from Massachusetts (Mr. Markey), the cosponsor of this amendment. Mr. Chairman, I yield myself 3 minutes. I am pleased to offer the…
Mr. Chairman, I offer an amendment.
Mr. Chairman, I yield 3 minutes to the gentleman from Massachusetts (Mr. Markey), the cosponsor of this amendment.
Mr. Chairman, I yield myself 3 minutes.
I am pleased to offer the Bishop-Markey-McDermott en bloc amendment this evening along with my colleagues. We have an opportunity within our reach to make a real advancement in energy policy, but we are about to do the unimaginable: pass an energy bill that will do nothing to lower gas prices.
Let me say that again because I think it is important to our constituents who are paying $2.25 or more for a
gallon of gas, this energy bill will not lower gas prices. In fact, according to the Department of Energy, this bill may actually increase future gas prices.
Fortunately, our amendment will help consumers see immediate relief at the gas pump. The Bishop-Markey-McDermott amendment calls on the President to immediately suspend deliveries to the Strategy Petroleum Reserve until oil prices fall below $40 per barrel. When we have done this in the past, the price of oil has dropped anywhere from $6 to $11 per barrel.
The United States should be the global leader in the development of new and innovative technologies. This amendment will encourage the growth of an energy-efficiency marketplace that fosters and incubates new start-ups. This will not only lead to exciting new advances, it will help create good-paying jobs for thousands of Americans.
Our amendment will create a $5 billion emerging-technology trust fund, funding the technologies of the future rather than the further counterproductive subsidies to the oil and gas industries provided for in the underlying bill.
The Bishop-Markey-McDermott amendment would also offer grants to States that meet new standards for efficiency in new building development. Under our amendment, the renewable energy production tax credit will be extended for 5 years. We will provide tax credits for new homes that reduce energy use, as well as tax credits for new and existing commercial buildings to reduce energy use; and we would also offer an investment tax credit for the development of higher efficiency heating and cooling systems.
In short, we offer tax cuts and credits that America will embrace and at the same time create a cleaner and healthier environment for our children. We will allow consumers to make more informed decisions about energy-efficient appliances for their homes or businesses by adding greater meaning to the Energy Star label by mandating that only the top 25 percent of products will carry that label. Currently, according to the Alliance to Save Energy, approximately two-thirds of products are eligible to wear the Energy Star label, rendering the distinction almost meaningless.
Mr. Chairman, let us give Americans in the Northeast and on the West Coast something to cheer about. America needs electricity reliability and protection from fraud and blackouts. H.R. 6 would repeal the Public Utility Holding Company Act. Our act would strike that provision. PUHCA is the only line of defense for millions of taxpayers protecting them from skyrocketing energy costs and greedy corporations. We should not allow utility holding companies to use the profits obtained from their regulated business activities squeezed from their captive rate-payers and pour it down the sinkholes of unregulated businesses. PUHCA should not be repealed; it should be applied appropriately and enforced.
Mr. Chairman, H.R. 6 is anti-taxpayer, anti-consumer, and anti- environment. And I will say it again, it does nothing to lower gas prices. We can do better. The Bishop-Markey-McDermott en bloc amendment offers real incentives for energy efficiency and real relief at the pump.
Mr. Chairman, I reserve the balance of my time.
Mr. Chairman, I yield 3 minutes to the gentleman from Washington (Mr. McDermott).
(Mr. McDERMOTT asked and was given permission to revise and extend his remarks.)
Mr. Chairman, I yield 2 minutes to the gentleman from Michigan (Mr. Stupak).
Mr. Chairman, will the gentleman yield?
Yes, I would, Mr. Chairman.
It is, in fact, a drafting error. These efficiency standards were taken from the Senate bill from the 108th Congress and it is a drafting error. The date needs to be updated.
If the gentleman can just give me one second.
Mr. Chairman, I guess what I would say in response is that I understand the questions that the gentleman from Texas is raising and I understand, I guess, the consternation that he has with respect to receiving such a lengthy amendment with little notice. I would only say that the underlying bill is equally complex, equally dense, and that there are sections of the underlying bill that were not subjected to hearings, as well.
Mr. Chairman, I yield 2 minutes to the gentleman from Ohio (Mr. Kucinich).
Mr. Chairman, I yield 1 minute to the gentleman from Wisconsin (Mr. Kind).
Mr. Chairman, I yield 1 minute to the gentleman from New York (Mr. Engel).
Mr. Chairman, I demand a recorded vote.