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Washington, Jul 8, 2008 - Congressman Peter J. Roskam (R-IL) was joined today by Rep. John Shimkus (R-IL) as he introduced legislation aimed at drastically reducing gas prices and eliminating our dependence on foreign sources of energy.  The Energy View Into Securing Independence for Our Nation Act, or Energy VISION Act, promotes responsible domestic energy production, increased conservation and efficiency standards, and robust research and development to expand the use and application of alternative energy sources – all which can make America energy independent within 15 years time.

“Soaring energy prices place an enormous financial weight on our family's budget today, far greater than any time in this nation's history,” said Roskam.  “Energy costs now consume nearly one-fifth of the after-tax incomes of low and middle-class families – double that of just 10 years ago.  It has come time for a national energy policy that places us on a path to independence.  This is a common goal to all Americans – Republican and Democrat.  For our economic security, our national security and environmental security we must be energy independent within the next 15 years.”

"It is past the time to take action," Shimkus said.  "There are concrete solutions available.  We need to develop our own oil supplies in places like Alaska and off our coastlines that are currently off-limits.  We must continue to advance our technology in ethanol, biofuels, wind, and solar power.  And even more importantly for the economy of Illinois, we need to use available technology to convert our vast supplies of coal to environmentally safe liquid fuels.  No single source is going to be a magic bullet, but by diversifying our efforts we can go a long way toward energy self-sufficiency."

America would need 9 million barrels per day to replace imports that come from countries other than Canada, Mexico and U.S. Territories to become truly independent from oil imports.  Illinois’ 6th District residents can declare their Energy Independence by signing a petition at http://roskam.house.gov/EnergyIndependentAmerica/.

Oil Import Replacements in the Energy VISION Act:

        • Total: 9.5M barrels per day*
                • Savings from a tax credit for trading in old cars for newer, more fuel efficient models:
                        • 2M barrels per day
                • Savings from replacing current conventional aviation fuel with an aviation fuel 
                   prize winner:
                        • 1.5M barrels per day
                • Arctic coastal plain production:
                        • 1.5M barrels per day
                • Outer Continental Shelf production:
                        • 2.4M barrels per day
                • Oil Shale development and production:
                        • 2M barrels per day
                • Savings from the use of anti-idling technology:
                        • 100,000 barrels per day
 

Specifics of the Energy VISION Act:

CONSERVATION AND EFFICIENCY PROVISIONS

ANTI-IDLING

• Creates a grant program within the U.S. Department of Transportation (DOT) for research and development of a solid oxide fuel cell capable of being retrofitted on trucks and buses, and incorporated into new vehicle designs to prevent wasted fuel and emissions during vehicle idling

TAX INCENTIVES TO PROMOTE CONSERVATION AND EFFICIENCY

• Creates a tax credit to turn in fuel inefficient vehicles more than 15 years old at the purchase of new, more fuel efficient vehicles
• Extends numerous tax benefits for improving the efficiency and sustainability of homes and appliances

ALTERNATIVE ENERGY PROVISIONS

CLEAN RENEWABLE ENERGY BONDS

• Authorizes $2 billion in Clean Renewable Energy Bonds (CREBs) to finance the construction of alternative and renewable sources of energy

EPACT2005 and EISA2007

• Funds authorized programs of research and development of advanced and alternative sources of energy like solar, wind, oil shale, tar sands, geothermal and others

DOMESTIC ENERGY PRODUCTION PROVISONS

AMERICAN OIL

• Opens the Arctic Coastal Plain, the Outer Continental Shelf (OCS) and domestic lands with oil shale to exploration and production to free up the more than 2 trillion barrels of American oil
• With the estimated $350 billion in resulting federal revenues
  • Share 45% with the states
  • Commit 5% to an environmental protection fund
  • Use 50% through the Energy VISION Fund to bring the U.S. to energy independence

FUTUREGEN

• Establishes $2B in funding to develop a near-zero emissions coal-fired power plant in Illinois
• Develop carbon sequestration technology and commercial applications for carbon emissions

COAL LIQUID FUEL ACT

• Authorizes the Secretary of the U.S. Department of Energy to enter into loan and profit sharing agreements for the development of coal-to-liquid technology to serve as an advanced alternative to conventional gasoline

SAFE AND CLEAN NUCLEAR POWER

• Requires the Nuclear Regulatory Commission to consider licensing and permitting applications in a timely manner, providing predictability to the process and furthering the application and usefulness of nuclear power

RESEARCH AND INNOVATION PROVISIONS

THE AVIATION FUEL PRIZE

• $177.6M prize for a direct drop-in replacement aviation fuel
• The aviation fuel must be usable in existing engines and infrastructure, reduce emissions, be domestically derived, and provide stability to the airline industry

THE NEW CAR PRIZE

• $177.6M prize for a new generation of cars
• The new car must go 750 miles between refueling and maintain size and performance characteristics while remaining within 110% of the cost of current comparable models

ENERGY FRONTIER RESEARCH

• Establishes a funding stream ($100M annually) for the U.S. Department of Energy’s Energy Frontier Research Centers that will provide the fundamental scientific breakthroughs that can lead us to a new energy economy

THE ENERGY VISION COMMISSION

• Creates a blue-ribbon commission of agency heads and Congressional appointees to further implementation of the Energy VISION Act and make additional recommendations to complement the VISION and ensure energy independence within 15 years

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*Estimates of savings and replacements derived from figures provided by the Energy Information Administration, the U.S. Department of the Interior, the Bureau of Land Management, the Minerals Management Service, and the Congressional Research Service

Further details of the Energy VISION Act can be found here.