Congressman Fleming Introduces American Energy Innovation Act and "End the Assault on America's Energy Independence" Resolution
Congressman Fleming Introduces American Energy Innovation Act
Tuesday 05/19/2009 4:29 PM ET - Find Government Press Releases
Washington, DC - Congressman John Fleming joined Congressman Rob Bishop and Congressman Tom Price, and several other original sponsors, to introduce the American Energy Innovation Act (H.R. 2300) at a press conference on Capitol Hill. Congressman Fleming was one of seven members asked to speak at the press conference because of the huge role energy plays in his Louisiana district. Fleming took the opportunity to highlight the importance of the Haynesville Shale to a national audience and expound on the critical need for a sound energy policy that will allow for the Haynesville Shale's full potential to be developed.
"I represent the district in Louisiana that sits on the largest natural gas play in the country and possibly the entire world - The Haynesville Shale," said Congressman Fleming. "This shale has created thousands of jobs, injected massive amounts of capital into my district, and has the potential to fuel this country's energy needs for decades to come. Simply said, in my state, energy equals jobs. We must continue to develop oil and natural gas plays like the Haynesville Shale, the Outer Continental Shelf, the Arctic Coastal Plan, while investing in new forms of energy that will bridge the gap to cleaner energy sources and greater energy independence."
The American Energy Innovation Act consists of three titles which dynamically address our growing demand for energy through increased Innovation, Conservation, and Production.
1) Promote innovation within the energy market through entrepreneurship while reducing financial, regulatory, and legal burdens.
2) Provide incentives to reduce demand and increase domestic energy security by promoting greater conservation and efficiency.
3) Encourage the production of more American energy from all available resources and technologies.
Ultimately, these three titles will also provide a massive influx of Job Creation and Debt Reduction -revenues generated from the bill will be dedicated to a Debt Reduction Trust Fund.
"This debate boils down to a choice between two visions for our country. One vision - a very liberal vision - will take us down the road of cap and tax; a road that leads to massive loss of American jobs and increased costs to the working families hit hardest by the economic down turn. A road that punishes the American independence and creativity that made this country great by locking up an abundance of domestic resources and removing incentives to explore for new ones. A road that weakens our national security by propagating our dependence on foreign sources of oil. A road that simply said, leads to a dead end.
The path I support will rely upon the ingenuity of the American people and the natural resources within the borders of our own country - providing for increased domestic energy independence. The energy vision I stand behind creates jobs instead of destroying them, decreases energy costs instead of raising them and empowers Americans to create 21st century energy solutions instead of punishing Americans for using the only available options.
We must make greater investments in innovation to create the clean, renewable fuels of tomorrow. The American Energy Innovation Act will greatly expand access to nuclear power which is something the other side of the aisle often seems to overlook when discussing mandates for cleaner energy. The plan makes greater investments in clean burning fuels such as natural gas and supports bio-fuels all the way down to algae. And the deficit reduction trust fund included in this bill is a new, innovative, way to approach energy policy.
We must address this problem with a multi-pronged approach - which is exactly what this bill does."
Congressman John Fleming represents the 4th Congressional District of Louisiana. He is a member of the House natural Resources Committee and sits on the Energy and Minerals Resources Sub-Committee.
#DAL1234#
Tuesday 05/19/2009 4:29 PM ET - Find Government Press Releases
Washington, DC - Congressman John Fleming joined Congressman Rob Bishop and Congressman Tom Price, and several other original sponsors, to introduce the American Energy Innovation Act (H.R. 2300) at a press conference on Capitol Hill. Congressman Fleming was one of seven members asked to speak at the press conference because of the huge role energy plays in his Louisiana district. Fleming took the opportunity to highlight the importance of the Haynesville Shale to a national audience and expound on the critical need for a sound energy policy that will allow for the Haynesville Shale's full potential to be developed.
"I represent the district in Louisiana that sits on the largest natural gas play in the country and possibly the entire world - The Haynesville Shale," said Congressman Fleming. "This shale has created thousands of jobs, injected massive amounts of capital into my district, and has the potential to fuel this country's energy needs for decades to come. Simply said, in my state, energy equals jobs. We must continue to develop oil and natural gas plays like the Haynesville Shale, the Outer Continental Shelf, the Arctic Coastal Plan, while investing in new forms of energy that will bridge the gap to cleaner energy sources and greater energy independence."
The American Energy Innovation Act consists of three titles which dynamically address our growing demand for energy through increased Innovation, Conservation, and Production.
1) Promote innovation within the energy market through entrepreneurship while reducing financial, regulatory, and legal burdens.
2) Provide incentives to reduce demand and increase domestic energy security by promoting greater conservation and efficiency.
3) Encourage the production of more American energy from all available resources and technologies.
Ultimately, these three titles will also provide a massive influx of Job Creation and Debt Reduction -revenues generated from the bill will be dedicated to a Debt Reduction Trust Fund.
"This debate boils down to a choice between two visions for our country. One vision - a very liberal vision - will take us down the road of cap and tax; a road that leads to massive loss of American jobs and increased costs to the working families hit hardest by the economic down turn. A road that punishes the American independence and creativity that made this country great by locking up an abundance of domestic resources and removing incentives to explore for new ones. A road that weakens our national security by propagating our dependence on foreign sources of oil. A road that simply said, leads to a dead end.
The path I support will rely upon the ingenuity of the American people and the natural resources within the borders of our own country - providing for increased domestic energy independence. The energy vision I stand behind creates jobs instead of destroying them, decreases energy costs instead of raising them and empowers Americans to create 21st century energy solutions instead of punishing Americans for using the only available options.
We must make greater investments in innovation to create the clean, renewable fuels of tomorrow. The American Energy Innovation Act will greatly expand access to nuclear power which is something the other side of the aisle often seems to overlook when discussing mandates for cleaner energy. The plan makes greater investments in clean burning fuels such as natural gas and supports bio-fuels all the way down to algae. And the deficit reduction trust fund included in this bill is a new, innovative, way to approach energy policy.
We must address this problem with a multi-pronged approach - which is exactly what this bill does."
Congressman John Fleming represents the 4th Congressional District of Louisiana. He is a member of the House natural Resources Committee and sits on the Energy and Minerals Resources Sub-Committee.
#DAL1234#
Tags: Dr., Fleming, congress, energy
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Congressman Fleming Becomes Original Cosponsor of the "End the Assault on America's Energy Independence" Resolution
Monday 05/18/2009 9:21 PM ET - Find Government Press Releases
Congressman John Fleming joined Congressman Todd Tiahart of Colorado today as an original co-sponsor of the "End the Assault on America's Energy Independence" Resolution. The resolution encourages the production of more energy that uses America's natural resources and our American workforce and expresses that the Obama administration and Congress should end the assault on America's energy independence by leaving in place domestic energy tax incentives.
President Obama's FY 2010 budget proposes eliminating energy production incentives that have been in place since the early 1900s, the abolition of which will result in America becoming more dependent on foreign sources of oil. Removal of economic incentives for America's energy producers will effectively raise costs on employers, keeping them from hiring additional workers and force jobs outside our economy. America deserves a comprehensive energy plan that opens up our domestic resources, incentivizes the discovery of renewable technologies and encourages conservation and leads to American energy independence.
"The administration's budget will strip the economic incentives that provide the investment capital that is needed to explore and produce oil and gas for our country," said Congressman Fleming. "Without these incentives, exploration and production of oil and natural gas will drastically decline, trillions of dollars will be lost, tens of thousands of jobs will be lost and our nation's energy security will be severally threatened. "
The resolution calls for $30 billion in tax incentives to remain in place for independent oil and gas producers to continue energy production and maximize the potential of sources such as the Haynesville Shale. These incentives include:
* Intangible Drilling and Development Costs (IDC) tax deduction
* Percentage Depletion (PD) tax incentive
* Marginal Well Tax Credit
* Enhanced Oil Recovery Tax Credit
* Geological and Geophysical Amortization
* Manufacturing Tax Deduction
* Excise Tax on Gulf of Mexico Production
TEXT OF RESOLUTION
Expressing the sense of the House of Representatives that the Obama administration and Congress should end the assault on America's energy independence by leaving in place domestic energy tax incentives.
Whereas, if the Obama Administration is serious about America becoming more energy independent then eliminating energy exploration and manufacturing production incentives that have been in place since the early 1900s is not the answer.
Whereas, President Obama's FY 2010 budget proposes to eliminate energy production incentives that will result in America becoming more dependent on foreign sources of oil.
Whereas, the Obama Administration is proposing an assault on American energy manufacturing by eliminating the Intangible Drilling and Development Costs (IDC) tax deduction for producers that has been in place since 1916. According to the Congressional Research Service, the IDC tax deduction reduced marginal effective tax rates in the oil and gas industries, reduced production costs, and increased investments in locating energy reserves.
Whereas, eliminating the IDC tax deduction incentive will eliminate profitability for energy producers in America and will not lead to energy independence.
Whereas, eliminating the Percentage Depletion (PD) tax incentive enacted in 1926 will further reduce production and will not lead us to energy independence.
Whereas, the PD tax incentive is not available to integrated major oil companies; it is available only for independent producers and royalty owners. Eliminating this incentive will cripple independent oil and gas producers in America and will lead to more imported energy and further from energy independence.
Whereas, the Obama Administration has proposed eliminating the Marginal Well Tax Credit that acts as a resource to support American energy production.
Whereas, marginal wells account for 20 percent of American oil and 12 percent of natural gas. Eliminating this incentive will independent energy producers in America and will lead to more imported energy and further from energy independence.
Whereas, there are several other pro-American energy provisions that will be eliminated in President Obama's budget, including the Enhanced Oil Recovery Tax Credit, the Geological and Geophysical Amortization, the Manufacturing Tax Deduction, and the Excise Tax on Gulf of Mexico Production.
Whereas, America deserves a comprehensive energy plan that opens up our domestic resources, incentivizes the discovery of renewable technologies and encourages conservation and leads to American energy independence.
Whereas, Congress should encourage the production of more energy that uses America's natural resources and our American workforce and utilize the trillions of barrels of oil available off our shorelines and on federal lands.
Whereas, Americans are known for their great ideas and resourcefulness.
Whereas, Americans should harness that tremendous ingenuity to discover new ways of producing energy that will make us more energy independent.
Whereas, Americans should continue investing in new alternative forms of energy.
Whereas, Congress needs to encourage greater energy efficiency by offering conservation tax incentives to Americans who make their home, automobile, and business more energy efficient. We can do this by supporting technologies to help increase energy efficiency in all sectors of the American economy, including removing bureaucratic regulatory barriers that prevent businesses from upgrading their facilities with newer, more efficient energy technologies.
Whereas, removal of economic incentives for America's energy producers will effectively raise costs on employers, keeping them from hiring additional workers and force jobs outside our economy.
Whereas, higher energy costs on producers will be passed along to consumers and threaten our security by leaving us more dependent on foreign nations for our energy needs.
Resolved, that it is the sense of the House of Representatives that the Obama Administration and Congress should end the assault on America's energy independence by leaving in place domestic energy tax incentives.
#DAL1234#
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