Cassidy: Why Cap & Tax When You Can Produce & Grow?

Press Release

Today, Congressman Bill Cassidy (R-Baton Rouge) co-sponsored the American Energy Act, a comprehensive energy policy that will create jobs and grow the economy, strengthen America's energy security, and clean the environment by spurring green energy investment, improving energy conservation and efficiency, and bringing more American energy resources online.

Meanwhile, House Democrats remain bent on passing Cap & Trade legislation, an $846 billion energy tax that even the liberal-leaning Brookings Institution says will harm the economy, kill jobs, and make America more dependent on foreign sources of energy.

"On one side there's an effort to pass an $846 billion energy tax that will lead to higher prices and fewer jobs," said Cassidy. "On the other side, there's an effort to lower prices and create jobs through responsible energy production."

"Why Cap & Tax when you can produce and grow?"

Major provisions of the American Energy Act include:

Removing energy development prohibitions on the Outer Continental Shelf (OCS), where the Interior Department estimates 86 billion barrels of oil and 420 trillion cubic feet of natural gas are available, and expanding state territorial waters to 12 miles offshore, which will give coastal states a greater share of revenues generated by production off their coasts;
Streamlining the regulatory process for CO2-free nuclear reactors and establishing a national goal to bring 100 new nuclear reactors online over the next 20 years;
Creating a Renewable and Alternative Energy Trust Fund to invest in green energy resources, such as biomass, hydroelectric, clean coal, solar, wind, geothermal and other forms of renewable energy;
Providing permanent tax incentives and/or credits for the production of renewable electricity, like wind, solar, biomass, fuel cells, and biodiesel;
Expanding America's refinery capacity by streamlining and accelerating the refinery permitting process; and
Providing tax incentives for improving energy efficiency in homes and business, extending tax credits for energy efficient appliances and energy efficient upgrades, and providing tax credits for energy efficient commercial buildings, home energy audits and smart meters.

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