U.S. Congressman John Boozman 3rd District of Arkansas

House Seal Outline

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Washington, Jul 23, 2008 -

U.S. Representative John Boozman (R-AR) today signed onto the American Energy Act, a commonsense energy plan that will increase the supply of American-made energy, improve conservation and efficiency and promote renewable and alternative energy policies.

“Congress owes it to the American people to take the next step and bring this legislation to a vote on the House Floor and we need to get it done before we adjourn for the August recess,” Boozman said. “We can’t wait any longer to provide relief that the public is demanding.”

The legislation will increase the supply of American-made energy in environmentally sound ways, the legislation will:

• Open our deep water ocean resources, which could provide an additional 3 million barrels of oil per day, as well as 76 trillion cubic feet of natural gas;
• Open the Arctic coastal plain, which could provide an additional 1 million barrels of oil per day;
• Allow development of our nation’s shale oil resources, which could provide an additional 2.5 million barrels of oil per day; and
• Increase the supply of gas at the pump by cutting bureaucratic red tape that hinders the construction of new refineries.

To improve energy conservation and efficiency, the legislation will:

• Provide tax incentives for businesses and families that purchase more fuel efficient vehicles;
• Provide a monetary prize for being the first to develop an economically feasible, super-fuel-efficient vehicle (reaching 100 miles-per-gallon); and
• Provide tax incentives for businesses and homeowners who improve their energy efficiency.

To promote alternative and renewable energy technologies, the legislation will:

• Spur the development of alternative fuels through government contracting, the repeal of the "Section 526" prohibition on government purchasing of alternative energy and promotion of coal-to-liquids technology;
• Establish a renewable energy trust fund using revenues generated by exploration in the deep ocean and on the Arctic coastal plain;
• Permanently extend the tax credit for alternative energy production, including wind, solar and hydrogen; and  
• Eliminate barriers to the expansion of emission-free nuclear power production.

“We need to make investments into all of the energy resources that are available in this country,” Boozman said. “This legislation is a realistic approach to helping cut the costs that we’re forced to pay if we drive.”