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Senator Clinton (D-NY) introduced legislation to create a "Strategic Energy Fund" that would help pay for the clean energy transition. The legislation would place a temporary fee on major oil company profits that exceed a 2000-2004 profit baseline. The fee would be in place for two years, and companies could offset their fee by investing in refinery capacity, ethanol production, or electricity generation from wind and other renewable sources. The proposal would also eliminate oil company tax breaks that the companies have said they don't need, and ensures that oil companies pay their fair share of royalties for drilling on public lands. It would raise more than $50 billion to fund research, development and deployment of energy technologies that will reduce America's oil dependence and greenhouse gas emissions.
In her speech at the National Press Club, Senator Clinton also voiced support for addressing the joint concerns of more fuel-efficient vehicles and making the domestic industry more competitive. "I do believe it's vital we make progress on fuel- efficiency standards. We can't separate, however, the challenge of making auto manufacturing more energy-efficient and the challenge of making U.S. manufacturing more competitive. I believe we could do both. We need to be sure that our high standards don't provide an easy excuse for more auto jobs to leave the U.S., but I don't think that's the reason not to do it. We just need to be more creative about it."
Senator Clinton also noted the scheduled meeting of Bush and the chief executive officers of the Big Three U.S. automakers that is expected to take place in June. She challenged all sides to increase car fuel efficiency standards and come up with the help Detroit needs to "insure that the cars are designed and built" in the U.S. "This is one of those moments that cries out for presidential leadership," she said (source: Bloomberg).
Key elements of the legislation include:
- Investing in Renewable Energy - The bill would move America towards the goal of producing 20 percent of electricity from renewable sources by 2020 by extending the production tax credit for generating electricity from wind and other renewable sources for 10 years.
- Transforming America's Vehicles - The legislation would put more efficient vehicles on the road by doubling the consumer tax breaks for hybrids, clean diesel, and other advanced vehicles, and creating a tax incentive for fleet owners to purchase more efficient vehicles.
- Accelerating Homegrown Biofuels - It would speed the development of cellulosic ethanol by providing loan guarantees for the first billion gallons of commercial production capacity, and providing $1 billion for research.
- Speeding Infrastructure Conversion - It would increase availability of ethanol fuel pumps to 50% of gas stations by 2015 by providing gas station owners with a 50% tax credit for the cost of installing pumps.
- Unleashing American Ingenuity - The bill would also accelerate energy research by creating a $9 billion "Advanced Research Projects Agency" for energy.
For more information, please visit:
- Senator Clinton's website.
- Bloomberg - Clinton Seeks Energy Fund Financed by Oil Companies
- Reuters - Clinton seeks "revolution" to cut US oil imports
- Detroit News - Hillary: I love Detroit*
- Library of Congress - S. 2993