WASHINGTON – Today, the U.S. House of Representatives passed H.R. 6, the CLEAN Energy Act of 2007.  The bill would repeal $14 billion in subsidies and tax breaks for Big Oil companies in order to invest in clean, renewable, alternative fuels and energy efficiency.  The bill passed by a vote of 264 to 163.  Congressman Bart Stupak (D-Menominee), who co-sponsored the legislation, said that instead of rewarding big oil companies with subsidies and royalties, the legislation would invest in renewable and alternative energy. 

“Last year, the five biggest oil companies made $97 billion dollars, nearly five times their profits in 2002,” Stupak said from the floor of the House.  “These record profits were bolstered by excessive tax breaks, generous subsidies, and being allowed to drill on public land without reimbursing taxpayers.  In the meantime, Americans are being gouged at the pump, as gas prices rose to over $3 per gallon last summer.”       

The bill would ensure oil companies that were awarded leases in 1998 and 1999 for drilling on public lands paid their fair share in royalties to the federal government.  The bill would also close loopholes, ending giveaways for big oil that exist in the tax code.  The bill would redirect funds from these tax breaks and special subsidies towards clean, renewable energy resources and alternative fuels, promote new energy technologies, develop greater efficiency and improve energy conservation.

“Today, the U.S. House of Representatives will end the tax breaks and special subsidies for big oil, and make a real investment in clean, renewable energy,” Stupak continued.  “The American people have chosen a New Direction, and under Democratic leadership, America will begin to end our addiction to foreign oil, improve our environment, and promote our economic and national security through clean and renewable energy.”

Stupak has been a recognized leader in Congress on energy issues, authoring legislation making it easier for the Federal Trade Commission to crack down on energy price gougers.  Stupak also authored the Prevent Unfair Manipulation of Prices (PUMP) Act, which is aimed at better regulating oil futures trades, in order to reduce gasoline prices for consumers.  Last spring, when gasoline prices soared to record levels, Stupak was selected to deliver the Democratic radio response to President Bush on energy issues.

# # #