Washington, D.C. -- U.S. Rep. Neil Abercrombie, flanked by Democratic and Republican colleagues, told reporters in a Capitol news conference today that the American Independence and Clean Energy Act of 2009, written by a bipartisan House working group, would achieve three national energy goals:

1. Move the U.S. toward energy independence by reducing the need for foreign oil, which now costs the country about $700 billion per year;
2. Create new sources of revenue from the estimated 86 billion barrels of oil and 420 trillion cubic feet of natural gas lying unrecovered in U.S. offshore areas; and
3. Allocate the new revenue to create sustained funding that pays for the full development of alternative and renewable energy resources.

    
Above Photos/Left to Right: Neil speaks to Rep. Tim Murphy (R-PA) during one of the working group's meetings last month to draft their bipartisan energy bill. The group addresses a news conference today after introducing the measure, the American Independence and Clean Energy Act of 2009. Neil makes a point at the news conference. (Photos/Dave Helfert)

“This measure allows us to invest in our own energy resources instead of continuing to buy most of our  oil overseas,”  said Abercrombie.  “We use the returns from that investment to put our money where our mouth is and fund the development of alternative fuel sources and renewable energy technologies.”

Leasing revenues and royalties from offshore oil and gas production would provide the first stable, designated funding source for the development of alternative fuels, renewable energy, and for environmental restoration, as follows:

• 20% to the Renewable Energy Reserve;
• 5% to the Clean Water Reserve;
• 10% to the Environment Restoration Reserve;
• 8% to the Conservation Reserve;
• 10% to the Clean Coal Technology Deployment Carbon Capture and Sequestration Reserve;
• 5% to the Carbon Free Technology Deployment and Nuclear Energy Reserve;
• 2% to the Lower Income Home Energy Assistance Program (LIHEAP);
• 10% to the U.S. Treasury; and
• 30% to the adjacent State.

Much of this legislation is patterned after a bill created by Abercrombie and a group of 28 Republic and Democratic House Members last summer.  Major sections of that bill, which had more than 120 legislative cosponsors, were included in the Democratic Energy Bill approved by the House last September, but blocked by Republicans in the Senate.

“Particularly critical in today’s economic climate, with individuals, families and businesses stretched
to the limit just to get by, the American Independence and Clean Energy Act of 2009 offers a path
to a cleaner, greener, American energy future without relying on borrowed funds or higher taxes,” 
Abercrombie said.