WASHINGTON, D.C. – Today, Representative Kenny Marchant (TX-24) joined his Republican colleagues on the steps of the Capitol to unveil “The American Energy Act.” The legislation, of which he is an original cosponsor, is a landmark achievement signaling the end of American dependence on foreign energy.

 “This historic piece of legislation is the culmination of many years of hard work and persistence to bring the American people a comprehensive solution to the energy crisis,” Marchant said.

“T. Boone Pickens is right; we can’t drill our way out of $4 gasoline today, but what this bill does is ensure our future energy independence by promoting wind, solar, nuclear, and drilling, so we don’t have $10 gasoline in 2011.”

 “The American Energy Act” will reduce energy prices through an “All of the Above” energy strategy that:

1) Promotes and Incentivizes Energy Conservation & Efficiency
• Tax incentives for businesses and families purchasing more fuel efficient (e.g., hybrid and flex fuel) automobiles.
• Monetary prize for developing a vehicle reaching 100 miles per gallon.
• Tax credits for businesses and homeowners that improve their energy efficiency.

2) Develops and Promotes Renewable and Alternative Energy Technology
• Propels the development of alternative fuels by repealing prohibition on government procurement and acquisition of alternative energy.
• Establishes a renewable energy trust fund through revenue generated by deep ocean and Arctic coastal plain exploration.
• Permanently extends tax incentives for alternative energy production including wind, solar, geothermal, hydrogen, etc.
• Removes obstacles to building nuclear power production capacity.
 
3) Increases Domestic Energy Exploration and Production
• Opens Outer Continental Shelf to exploration.
• Opens Arctic coastal plain to exploration.
• Allows development of domestic oil shale.
• Removes blockades to building new refineries.

Marchant added, “This legislation is a victory for the American people who have endured brutal energy prices as a result of a lack of a national energy strategy. They have been instrumental in propelling the issue of energy independence to the forefront of the legislative agenda.”

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