Home . About Us/The Letter . News/Events . Contact Us
energy independence people

Highlights of the "American Energy Act"

House Resolution 6566. "The American Energy Act"

  1. Provides for expediting oil and oilshale exploration, fees, oversight, conservation and use of lease revenues. Expedited oil production includes ending the government ban on new drilling in Alaska's North Slope (ANWR) and in deepwater ocean energy zones far off the U.S. coast.
  2. Calls for tax credits for electric cars.
  3. Provides tax incentives for development of alternative energy technologies and new energy sources.
  4. Creates funding for a $500 million prize for the first automobile manufacturer to commercially sell 50,000 mid sized cars capable of attaining 100 miles per gallon.
  5. Extends tax credits for energy efficient appliances and properties; e.g. buildings.
  6. Provides for the acceleration of the recovery period for depreciation of the cost of smart electric meters which contain electronic information capability for providers and consumers of energy.
  7. Shortening of the Process Schedule for refinery permitting.
  8. Provides for the use of closed military bases for refinery sites.
  9. Authorizes the government to auction Put Contracts for coal to liquid fuel.
  10. Extends tax credits for renewable electricity sources, refined coal and Indian coal.
  11. Extends energy tax credits.
  12. Extends credits for clean renewable energy bonds.
  13. Provides for government to contract with the private sector to recycle nuclear waste.
  14. Provides credits for nuclear investment.
  15. Sets up a trust fund for renewable and alternative energy.

The above does not reflect notations or positions referenced from legislation referred to in the Resolution.