New Energy Reform Act of 2008

I welcome the new bipartisan energy compromise. The New Energy Reform Act of 2008 includes significant investments in alternative-fuel vehicles, repeals tax breaks for big oil, and opens new areas to offshore drilling. We have to break the gridlock in Congress. Texas families need an energy policy that works for us.

A group of Republican and Democratic Senators unveiled “The New Energy Reform Act of 2008.” They pulled ideas from both sides of the aisles in order to reach a deal as fast as possible.

Key features of the bill include:

• Providing consumer tax credits of up to $7,500 per vehicle to motivate Americans to buy advanced alternative-fuel vehicles and up to $2,500 to retrofit existing vehicles with advanced alternative-fuel engines
• Closing tax loopholes for energy corporations
• Increasing the staff at the Nuclear Regulatory Commission and funding research and development on nuclear waste recycling
• Permitting oil and gas exploration beyond a 50 mile buffer zone off the coast of Florida, Virginia, the Carolinas and Georgia, if those states approve
• Maintaining the ban on drilling in ANWAR and close to the coast

Sponsors of the bill are Saxby Chambliss (R, GA), Kent Conrad (D, SD), Bob Corker (R, TN), Lindsey Graham (R, SC), Johnny Isakson (R, GA), Blanche Lincoln (D, AR), Mary Landrieu (D, LA), Ben Nelson (D, NE), Mark Pryor (D. AR) and John Thune (R, SD).

I’ve long advocated many features in this bill. When elected to Congress, I promise more support for alternative energy and conservation technologies. I want to invest in American universities and research facilities to look for the next technological revolution.

This bill is a great first step in solving our energy problem. These Senators realize that we can’t drill our way out of this problem. We need a competitive energy market to bring down prices. This bill gives consumers real choices. Alternative energy production will also provide thousands of well-paying American jobs.

“Conrad, ‘Gang of 10′ Unveil Plan to Reduce Energy Prices,” http://conrad.senate.gov/pressroom/record.cfm?id=301684&

“Bipartisan Energy Bill Exposes Obama-McCain Schism,” http://www.ens-newswire.com/ens/aug2008/2008-08-04-03.asp

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