As the House Energy Committee on Energy Independence and Global Warming hears from executives from several of the largest American oil companies, it is perhaps more clear than ever that
America requires a new, clean energy future.
At a time in which prices at the pump are skyrocketing and the threat of global warming looms larger, there is no reason to continue to hand billions of dollars in subsidies to Big Oil. Instead, it is time to extend and dramatically increase incentives for wind, solar, energy efficiency, and other clean energy technologies.
Unfortunately, unless Congress acts soon to extend several key tax incentives emerging clean energy industries, which created an estimate 8.5 million new jobs in 2006 alone, will decline. Failure to extend the incentives could cost at least $19 billion in clean energy investment by 2009 and at least 119,000 jobs in the same period.
At a time of skyrocketing gasoline prices, record-breaking profits for Big Oil, and the looming threat of global warming there is no excuse to continue handouts for Big Oil. Instead, it is time to dramatically increase incentives for wind, solar, energy efficiency and other clean energy technologies so that we can create the new energy future America needs.
