Congressman Kevin Brady, Representing Texas' 8th Congressional District
  For Immediate Release  
November 18, 2003

 

Congress Adopts Energy Policy Act of 2003
Reduces Dependency on Foreign Oil, Creates Nearly 1 Million Jobs
Washington, D.C. - U.S. Representative Kevin Brady (R- The Woodlands) supported congressional passage of a comprehensive and balanced energy bill. The nation has lacked an energy plan for decades, leading to boom-and-bust cycles that have at times have both spurred and harmed America's economic growth.

"It's long past time for America to take responsibility for our own energy needs, said Brady, who as a member of the Ways & Means Committee helped develop the $23 billion package of energy tax incentives included in the bill. More than half of these incentives are reserved for conservation and reliability.

Experts predicts the bill's emphasis on energy conservation and new technology will eliminate the need for 130 new power plants in America over the next twenty years.

Brady believes a truly responsible energy bill must meet three tests: 1) Balance the urgent need for increased conservation with new technology and production, 2) encourage investment in a 21st century energy infrastructure to avoid blackouts and price spikes, and 3) unlock America=s incredible energy potential while preserving and protecting the environment.

"This bill meets two of these three tests", said Brady, who is disappointed the Senate rejected new access to America's critical oil and gas reserves, both in Alaska and in other regions. Unfortunately, some in Congress aren't really serious about becoming more energy independent. As a consequence, we'll see higher prices and more lost American manufacturing jobs in the future.

For Brady, the issue is more than just economics, but rather a matter of national security.

As long as America relies on OPEC and foreign countries for nearly 60% of our daily energy, we are vulnerable. There is no responsible reason why the most prosperous nation in the world continues to allow itself to be held economically and politically hostage to other countries, as we do today.

Houston is the U.S. energy capital, and a world center for the petroleum industry. Forty-eight percent of Houston's economic base is related to energy; this includes approximately 5,000 energy-related establishments, compromised of over 400 exploration and production firms, and 30 pipeline operators. Nearly 90,000 jobs in Houston are directly tied to the petroleum and natural gas industry.

The integrity of this industry is absolutely crucial to the future prosperity of the greater Houston region. The new energy bill will play a major role in protecting and improving the local economy, and strengthening local businesses. A sound energy policy is important for the sake of America and is crucial in providing safety and prosperity to our hometowns.

For a complete summary of the energy bill, log onto: http://energycommerce.house.gov/
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