The House Republican Study Committee introduced the American Energy Innovation Act in conjunction with the Congressional Western Caucus on Thursday. This comprehensive energy package offers solutions in three key areas of energy policy: Innovation, Conservation, and Production. This approach is commonly known as “all-you-can-create.” Some of the key points in this legislation include:
Innovation
- Repeals ban on unconventional fuels
- Incentives for renewable technologies
- Permitting and tort reform
- Renewable facility tax preference
- Natural gas as a viable commercial fuel
Conservation
- Energy efficient buildings deduction
- Credit for energy efficient homes
- Credit for low rise and commercial buildings
- Incentives for carbon sequestration
Production
- Outer Continental Shelf leasing plan
- Development of the Arctic Coastal Plain
- Attainable nuclear energy production
- Develop alternative sources of fuel
- Energy impact statement required
- Creates Deficit Reduction Trust Fund
According to the RSC and the Western Caucus, the savings this legislation will bring forward will be dedicated to deficit reduction. This piece of legislation is fairly comprehensive and should merit a closer look by both Republicans AND Democrats. Long term growth of the United States is closely linked to our energy output and consumption. I’m not expert, but it seems as if this involves a more focused approach than the cap and trade approach espoused by the Spender-in-Chief.
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