Congressman Brian Higgins (NY-27) today joined his colleagues in the U.S. House of Representatives to pass H.R. 6899, the Comprehensive American Energy Security and Consumer Protection Act. This comprehensive energy measure will lower costs to consumers and American taxpayers, invest in renewable energy sources to create American jobs, expand domestic energy supply and create greater energy efficiency and conservation.
“This is the home-grown American-owned energy policy that American consumers and businesses deserve,” said Higgins. “This compromise legislation makes our country safer, more secure and less dependent on foreign sources of oil.”
Among its provisions, the Comprehensive American Energy Security & Consumer Protection Act will roll back tax breaks for large oil companies in a time of record oil company profits and require oil companies to pay royalties already owed to taxpayers. Due to flawed leases granted in 1998 and 1999, Oil companies holding 70 percent of the leases issued in the Gulf of Mexico from 1998 and 1999 pay no royalties on this oil, costing American taxpayers about $15 billion.
“Big Oil has been making record profits while hardworking Americans have been struggling to make ends meet. This legislation will send that money back to American taxpayers where it belongs,” said Higgins.
This legislation will also invest in wind, solar and natural gas, 21st century energy sources to create millions of jobs; extend and expand tax incentives for renewable energy, responsibly open up additional offshore areas for drilling with oil companies footing the bill instead of taxpayers; and release oil from the government’s stockpile to bring down gas prices.
H.R. 6899 is the 110th’s Congress latest reform of many to address our nation’s energy independence. Last year, Congress passed and the President signed historic energy legislation with provisions to combat oil market manipulation, increase vehicle fuel efficiency to 35 miles per gallon in 2020 – the first Congressional increase in more than three decades – and promote the use of more affordable American biofuels.