Clean Energy Act of 2007

CLEAN ENERGY ACT OF 2007 -- (Extensions of Remarks - January 24, 2007)

* Ms. MCCOLLUM of Minnesota. Madam Speaker, I rise in strong support of H.R. 6, the CLEAN Energy Act, which will end federal welfare for big oil companies and redirect billions of dollars towards investments in a cleaner, more secure energy future.

* Less than two weeks into the 110th Congress, Democrats have already delivered real progress for American families by passing the six measures outlined in the 100 Hours Agenda with time to spare. The CLEAN Energy Act (H.R. 6) is one of these priorities. As a co-sponsor of H.R. 6, I was proud to vote for the bill when it passed the House 264-163 on January 18, 2007 with the support of 36 Republican members.

* Over the past several years, U.S. taxpayer subsidies to oil companies have increased at a time of record-high energy prices for American consumers and record profits for oil companies. In 2006, the five largest oil companies operating in the U.S. received $97 billion in profits--five times their earnings in 2002. In this economic environment, the oil companies themselves have said most federal supports are unnecessary.

* The new Congress is ushering in new priorities. H.R. 6 repeals $13 billion in subsidies that should never have been granted during a time of war and spiraling federal budget deficits. Specifically, the measure requires large oil companies that were awarded royalty-free federal drilling leases in 1998 and 1999 to pay their fair share or lose eligibility for future federal leases. It would also close loopholes and end giveaways for big oil in the tax code and in the 2005 Energy bill. In keeping with the Democrats' pledge to take America in a new direction, H.R. 6 reinvests these billions into a Strategic Renewable Energy Reserve that will be used to fund clean, renewable energy technologies such as home-grown biofuels.

* H.R. 6 is an important first step in reducing America's dependence on oil. In this new era of global terror and global warming, energy security is national security. Only by pursuing a bold new direction on energy policy will America achieve our three, interdependent goals of national security, economic strength and environmental protection. With an abundance of renewable energy sources in our backyard and clean energy technology companies across the state, Minnesota stands to reap more than its share of benefits from a new national push for clean energy.

* One year ago, in his State of the Union Address, President Bush promised to end our oil addiction. Today, the new Democratic majority is helping the President make good on that promise and working to create a more secure and prosperous future for the next generation of Americans.

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