Breaking the Oil Addiction

It is simply not enough to address the price of fuel – we must also aggressively invest in long term solutions to break our addiction to fossil fuels. Senator Leahy has worked to develop a national energy policy that delivers affordable, clean energy from domestic sources now, not in 30 years or when the oil company CEOs decide the time is right.

The 2007 Energy Bill

Senator Leahy was proud to support the Renewable Fuels, Consumer Protection, and Energy Efficiency Act of 2007 (H.R. 6) – historic, bipartisan legislation to begin moving the nation toward energy independence. The bill addresses our nation’s reliance on foreign sources of oil and promotes new energy technologies and greater efficiency with a host of initiatives, including increasing the Corporate Average Fuel Economy (CAFE) standards of cars, SUVs, and light trucks to 35 miles per gallon by 2020 – the first increase in CAFE standards in three decades. The bill passed the Senate by a vote of 86 to 8 and was signed into law on December 19, 2007 [Public Law No: 110-140].

Alternative Energy Tax Incentives

Since alternative energy technologies require a significant upfront investment in capital and research and development, Senator Leahy has long supported tax incentives and credits for these industries. Many renewable energy companies rely on these tax incentives, and they faced a credit crunch when the credits were set to expire at the end of the year.

Through considerable bipartisan work, the Senate was able to pass legislation to extend these crucial tax credits. This legislation takes away the uncertainty that loomed for renewable energy companies that rely on the Production Tax Credit (PTC) and Investment Tax Credit (ITC). Most importantly, it renews the Senate’s commitment to supporting clean, domestic sources of energy. The extension was included as an amendment to the Senate’s Housing Stimulus Bill (H.R. 3221), which passed the Senate on April 10, 2008, by a vote of 84 to 12.