Congresswoman Virginia Foxx joined House Republicans in introducing a comprehensive energy bill to reduce the price of gas Wednesday. The American Energy Act aims to increase the supply of American-made energy, improve conservation efforts, and promote new technology that will help bring down the cost of gas. Foxx said in a news release, “This legislation offers a broad set of solutions, with everything from new drilling to new investment in the fuels of the future.” The new legislation is intended to address high gas prices in three key areas: increasing supply, reducing demand and investing in alternative energy sources.
It increases supply by opening deep water resources and the Arctic coastal plain. It is estimated that these sources hold the potential to provide an additional 6.5 million barrels of oil per day. The new legislation is said to provide tax credits for the purchase of fuel efficient vehicles, home-based solar power and biomass, energy efficient buildings, and energy efficient appliances. The American Energy Act also offers a cash prize for the development of the first mass-produced car that gets 100 miles-per-gallon.
It increases supply by opening deep water resources and the Arctic coastal plain. It is estimated that these sources hold the potential to provide an additional 6.5 million barrels of oil per day. The new legislation is said to provide tax credits for the purchase of fuel efficient vehicles, home-based solar power and biomass, energy efficient buildings, and energy efficient appliances. The American Energy Act also offers a cash prize for the development of the first mass-produced car that gets 100 miles-per-gallon.
