American Energy Act

Americans across the nation are reeling from sky high energy prices, and the majority’s irresponsible inaction only exacerbates the situation. Common sense tells us that we must have an ‘all-of-the-above’ energy plan, yet all we have seen is a ‘none-of-the-above’ attitude from the Democrat leadership in Congress. Action on energy is long overdue, and this bill is targeted to provide relief by increasing the supply of American-made energy, improving conservation and efficiency, and promoting renewable and alternative energy technologies.

While some in Congress are content running out the clock, we intend to act on behalf of American families. Congress must not block the development of American-made energy while we send more of our money overseas to ‘oil rich’ nations. American ingenuity and resources are too great to be kept under lock-and-key. This legislation will free our country to do what we do best – innovate, explore and power our own future.
 

The American Energy Act includes three main sections focusing on supply, conservation, and new technologies.

To 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.