Approves "Energy Tax Prevention Act" To Slow Greenhouse Gas Regulations

In a move that could have implications for the bio-fuel industry as it relates to aviation, not to mention what we pay at the pump for avgas, the House Energy and Commerce Committee passed the Energy Tax Prevention Act (H.R. 910) which chairman Fred Upton (R-MI) says is designed to rein in overreaching federal regulators by stopping the EPA from driving up energy prices and shipping U.S. jobs overseas.

“I applaud the committee’s approval of (the bill) that will next be considered by the full House as we work to create jobs, keep energy costs from rising unnecessarily, and rein in the explosive expansion of government,” said Upton.  “We will not allow this administration to regulate what it had failed to legislate last Congress.  Today, we stand up for jobs and families as we fight ... overreaching EPA regulations that will send jobs overseas and increase gasoline and energy prices.”

The bipartisan Energy Tax Prevention Act, which prevents the EPA from transforming the Clean Air Act into a vehicle to impose costly greenhouse gas regulations to address climate change, passed through committee by a bipartisan vote of 34 to 19. Unless Congress intervenes, the EPA’s efforts to impose a cap-and-trade agenda threaten to drive gas prices even higher, increase utility rates, send manufacturing jobs overseas, and hamstring our economic recovery.  The bill garnered the support of three of the panel’s Democrats who voted with all of the committee's Republican majority.

Gasoline prices are already nearing $4.00/gallon and any further constraints on our domestic energy capacity or self-imposed increases on the costs of production will drive prices at the pump even higher.  Studies have estimated that previous legislative efforts to cap greenhouse gas emissions would drive up gas prices 19 cents by 2015 and 95 cents in 2050. Because EPA’s greenhouse gas regulations are designed to achieve similar goals as cap-and-trade legislation, and because such regulations would directly impact domestic refineries and production, the regulations are similarly expected to drive up the price of gasoline.

“I am pleased that the Committee voted to send this important piece of legislation to the full House for consideration, and I look forward to working with my colleagues in passing this bill with a strong, bipartisan vote,” said Subcommittee Chairman Ed Whitfield (R-KY). “This bill does not roll back the Clean Air Act in any way. Rather this bill stops EPA from imposing far-reaching and costly regulations without regard for their impact on the economy and jobs. Any decision of this magnitude deserves consideration by elected members of Congress and must not be ceded to unelected executive branch staff. This bill will help to preserve jobs and protect our ability to remain competitive in a global economy.”

FMI: http://energycommerce.house.gov