Senator Conrad said, "American families are struggling. Soaring gas prices are putting a squeeze on their budgets, forcing many to make tough choices as they struggle to make ends meet. Our dependence on foreign energy threatens both our economic security and our national security. The FUEL Act takes a responsible approach to securing America's energy independence." Senator Conrad indicated that through a mix of tax credits, grants and directives, the bill would increase production of domestic oil, gas and coal, as well as renewable and alternative fuels;boost manufacturing and use of electric vehicles; and dramatically cut America's need for foreign oil.
Senator Conrad said, "The FUEL Act is a balanced plan to reduce America's dependence on foreign oil. A key component of my plan is additional investment in one of America's biggest powerhouses -- North Dakota. The FUEL Act provides incentives for biofuels production and incentives for our coal-based facilities and rural electric cooperatives that utilize clean energy technologies. This bill could provide a big boost for both our nation and North Dakota." He indicated that several North Dakota energy and agriculture organizations have come out in support of the bill including: the North Dakota Corn Growers Association, North Dakota Association of Rural Electric Cooperatives, and Great River Energy (GRE).
According to summary information provided by Senator Conrad some aspects of the FUEL Act include:
- Boosting Alternative Fuels and Highly Fuel Efficient - Vehicles national plan for broad deployment of electric vehicles
- Expanding Oil and Gas Development - in the in the eastern Gulf of Mexico and, if requested by the governor and state legislature, in the mid- and southern Atlantic areas
- Alternative Fuel Deployment - fuels derived from biomass
- Support for Advanced Battery Technology - a "clean energy standard" that promotes the use of renewable
- Incentivizes Development of Clean Coal Technology - a 30 percent investment tax credit & $5 billion for clean coal bonds
- Supports Expansion of Nuclear Power - $36 billion in additional authority under DOE's Innovative Technologies Loan Guarantee Program
- Energy Efficiency - $4.9 billion for the Rural Utilities Service for energy efficiency loans
Access a release from Senator Conrad with further details (click here). Access legislative details for S.1220 (click here). [*Energy](click here for information on getting the links and more information about eNewsUSA).