Washington, D.C. -- The House voted today to end tax subsidies for oil companies and invest instead in clean renewable energy.  We passed the Renewable Energy and Energy Conservation Tax Act of 2008, aimed at creating hundreds of thousands of ‘green’ jobs, making America less dependent on foreign oil, and reducing global warming.

This legislation extends tax credits due to expire at the end of the year to promote renewable energy production from wind, solar, geothermal, cellulosic ethanol and biofuels.  The bill also expands tax incentives for renewable electricity, energy and fuel, plug-in hybrid cars, and energy efficient homes, buildings, and appliances.

This legislation comes on the heels of record profits by the big five oil companies as oil prices hit record highs.  Exxon Mobil reported earning $40.6 billion in 2007— the largest corporate profit in American history — equal to $132 for every U.S. resident.  And on Tuesday,  the price of oil hit $100.88 per barrel.

Energy independence is an economic issue; it’s an urgent national security issue to reduce our dependence on foreign oil; it is an environmental and health issue to reduce global warming and protect the health of our children; and it is a moral issue to care for our planet.

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