Oil

Renewable Energy and Job Creation Act of 2008

hmoroz — Mon, 29 Sep 2008 11:22:48 -0400

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Percentage of the benefits of the child tax credit that went to families in the top 40% of the income distribution in 2005: 60

Maximum percentage of the benefits of the child tax credit that went to families in the lowest 20% of the income distribution in 2005: 1

Estimated number of children that the child tax credit provision in the legislation would benefit: 13 million

Estimated number of jobs that could be lost if federal tax credits for solar and wind energy are not extended: 116,000

Percentage by which the cost-sharing for addiction benefits exceeded that for medical or surgical benefits, according to a 2007 Health Affairs study of employer-provided benefits: 46

Number of taxpayers subject to the alternative minimum tax in 1970: 20,000

Number of taxpayers projected to be subject to the alternative minimum tax in 2010, absent changes in current law: 33 million

Number of taxpayers subject to the alternative minimum tax in 2007, after Congress passed a temporary alternative minimum tax patch: 4.1 million

Overview/Summary

Middle Class Position Analysis

The Middle Class Supports. The Renewable Energy and Job Creation Act includes a wide range of tax cuts and legislative initiatives, but the overall thrust of the bill is highly positive for the middle-class. Indeed, middle-class Americans are increasingly feeling the effects of an energy policy that favors large oil companies over the economic and environmental benefits of sustainability. The energy tax credit expansions and extensions in the Renewable Energy and Job Creation Act are part of a long-term strategy to alleviate high gas and heating costs, make the country more energy efficient, and ensure that the economy retains jobs in renewable energy and technology. With the middle class already feeling the effects of weak employment, Congress must strengthen a renewable energy and energy efficiency industry that benefits both the environment and the economy.

Additionally, the Renewable Energy and Job Creation Act’s changes to the child tax credit would make 2.9 million additional children eligible for the benefit and would increase the benefit for 10.1 million more. Expanding the income floor for the tax credit means that very low-income aspiring middle-class families, who currently benefit less from the credit than higher-income families, will receive the support they need to make ends meet.

The mental health and “substance use disorder” parity provisions of the Act not only do much to remedy the discriminatory practices of insurers, but will increase access to mental health care services for middle-class Americans already struggling with high health care costs. Temporarily raising the Alternative Minimum Tax exemption ensures that middle-class Americans are not overwhelmed by a tax that they were never intended to pay. An increase in tax payments for more than 25 million American homes – exposing fully 46% of households with incomes between $75,000 and $100,000 to the AMT by 2010– would be disastrous for families already reeling from home foreclosures, high gas prices, and nearly stagnant wages.

Quotes from Experts

Beyond this Bill

Additional Resources

“Greener Pathways: Jobs and Workforce Development in the Clean Energy Economy,” from the Apollo Alliance

“Taxation and the Family: What is the child tax credit?” from the Tax Policy Center

Tax Topics: Individual Alternative Minimum Tax (AMT), from the Tax Policy Center

Comprehensive American Energy Security and Consumer Protection Act of 2008

hmoroz — Fri, 19 Sep 2008 17:12:59 -0400

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Percentage increase in annual crude oil production in 2030 if restrictions on access to drilling in the Outer Continental Shelf are lifted, according to the Energy Information Administration: 7

Projected impact of this increased production on the price of oil: “insignificant”

Percent of world’s known reserves in the United States: 1.58%

Percentage of carbon emissions in the United States from residential and commercial buildings: 39

Number of new jobs that the American Solar Energy Society found were generated by U.S. renewable energy and energy efficiency industries in 2006: 8.5 million

Estimated number of jobs created in 2030 in U.S. renewable energy and energy efficiency industries, assuming no policy changes before 2030: 16 million

Estimated number of jobs created in 2030 in U.S. renewable energy and energy efficiency industries, assuming moderate, incremental federal and state renewable and energy efficiency initiatives and favorable market conditions: 21 million

Overview/Summary

Middle Class Position Analysis

Middle Class Supports. Though the extremely high gas prices experienced this summer have eased, middle-class Americans remain strapped by a combination of difficult economic conditions that include elevated fuel costs, a tanking housing market, an endangered financial system, and widespread unemployment. The renewable energy and energy efficiency provisions adopted by the legislation – from credits for energy-efficient home appliances to green building standards and energy-conscious low-income housing – demonstrate a commitment to transforming the environment and the economy that can reduce energy costs and provide jobs for middle-class Americans struggling to make ends meet. Such measures are impotant steps in making the country more energy efficient and ensuring that the nation retains and produces more jobs in renewable energy and technology. Finally, the renewable electricity standard establishes an important incentive for electricity providers to switch to renewable energy sources, a commitment these providers have not made on their own.

The revenue-raising measures appropriately target the oil companies who have benefited grandly from high oil prices. Additionally, ethics reform is desperately needed in the Mineral Management Service after disturbing reports of oil industry influence buying in the agency.

Quotes from Experts

Beyond this Bill

Additional Resources

Clean Energy 101, from the Union of Concerned Scientists

Renewable Energy and Energy Efficiency: Economic Drivers for the 21st Century, from the Appollo Alliance

Impacts of Increased Access to Oil and Natural Gas, from the Energy Information Administration

Renewable Energy and Energy Conservation Tax Act of 2008

atraub — Thu, 28 Feb 2008 14:43:06 -0500

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Cost of one barrel of crude oil the day this bill passed the House:$100.83

Date on which President Bush said, “With $55 [per barrel] oil we don't need incentives to oil and gas companies to explore. There are plenty of incentives. What we need is to put a strategy in place that will help this country over time become less dependent”: 4/14/2005

Date on which the Bush Administration nevertheless announced that the President would veto this bill: 2/26/2008

Average amount per gallon Americans paid for that gas the week this bill passed the House: $3.18

Profit made by oil company Exxon Mobil every minute in 2007, according to the Center for American Progress: $77,245

Percentage of total U.S. electricity demand that could technically be met by renewable energy resources by 2020, according to the National Renewable Energy Laboratory: 100

Overview/Summary

Middle Class Position Analysis

The Middle Class Supports: Today, as middle-class consumers struggle with the high costs of gasoline and home heating oil and are increasingly concerned about the threat of global warming, federal incentives that spur energy efficiency and promote renewable energy couldn’t be more timely. By reviving the abandoned provisions of the 2007 energy bill, this legislation offers the substantial public investment necessary to jump start the development and promotion of renewable energy sources and energy-efficient technologies. In the short term, this investment will create jobs producing renewable energy and technology. In the long term, new energy sources and more efficient technology promise environmental and public health benefits, as well as lower costs, for the American middle class. The bill also funds the investments in an appropriate way: by repealing taxpayer subsidies to the oil industry, which is already making booming profits at the expense of middle-class consumers.

Quotes from Experts

Beyond this Bill

Additional Resources

"New Energy for America: The Apollo Jobs Report for Good Jobs and Energy Independence,” from the Apollo Alliance

“Kick the Oil Habit: Stop the Subsidies” from the Center for American Progress

The Renewable Energy Policy Project

“Clean Energy,” from the Union of Concerned Scientists

Lieberman-Warner Climate Security Act of 2008

atraub — Tue, 08 Jan 2008 11:13:40 -0500

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Estimated total costs from hurricane damage, real estate losses, energy-sector costs, and water costs associated with global warming, if present trends continue, in dollars: 1.9 trillion

Estimated losses in damaged or destroyed residential real estate as a result of rising sea levels, in dollars: 360 billion

Projected percentage growth of U.S. carbon emissions between 2006 and 2030: 16

Number of states that are projected to face water shortages in the next five years: 36

Number of U.S. mayors that signed an agreement to meet or beat Kyoto Protocol targets for emissions reductions, as of June 2005: 141

Number of U.S. mayors that signed an agreement to meet or beat Kyoto Protocol targets for emissions reductions, as of June 2008: 850

Date on which President Bush sent a letter to U.S. Senators voicing his opposition to the Kyoto Protocol: March 13, 2001

Overview/Summary

Middle Class Position Analysis

Middle Class Supports. Human-caused climate change brought about in large part by greenhouse gases increasingly threatens Americans’ standard of living. A report recently released by the U.S. Climate Change Science Program, supported by the findings of the U.N.’s Intergovernmental Panel on Climate Change, warned of more heat-related deaths, increased risk of Lyme disease and West Nile virus, more extreme weather, and disruptions in population growth at the local level due to climate change. An American economy built on greenhouse gas emitting fossil fuels is unsustainable. By setting meaningful, yet achievable, goals for emissions reduction, the Climate Security Act is an important step to reorient the American economy towards sustainable growth. Though change will likely bring increased energy prices, the legislation appropriately directs funds to programs that will mitigate the pain felt by consumers and individuals working in affected industries. In particular, the creation of the Climate Change Worker Training and Assistance Fund is a forward-looking measure that will help American workers adapt to jobs that not only support energy efficiency, but pay decent wages as well. Funds to encourage energy efficient technology and mass transit projects are a further demonstration of a commitment to a sustainable and efficient economy.

Quotes from Experts

Beyond this Bill

Additional Resources

Global Warming Basics from the Pew Center on Global Climate Change

Policy Solutions from the National Resources Defense Council

Climate Assessments from the U.S. Government’s Global Change Research Program

Energy Independence and Security Act of 2007

atraub — Thu, 06 Dec 2007 16:37:08 -0500

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Amount this legislation would save U.S. consumers in 2020, according to the Union of Concerned Scientists: $22 billion

Barrels of oil per day that would be saved in 2020 due to this bill: 1.1 million

Metric tons of global warming pollution that would be prevented by 2020 due to this bill: 190 million

Number of states, including the District of Columbia, that have already adopted renewable electricity standards: 26

Corporate profits made by oil company Exxon Mobile in the first three quarters of 2007: $28.95 billion

Average cost of a gallon of gasoline the week this legislation passed the House: $3.11

Overview/Summary

Middle Class Position Analysis

The Middle Class Supports. This legislation represents a major step toward redirecting U.S. energy usage in a cleaner, more sustainable direction. The bill will save American consumers money at the fuel pump and on their heating bills, reduce air and water pollution, and mitigate the threat of global warming. Like its earlier incarnation, the CLEAN Energy Act of 2007 this bill recognizes that fossil fuels are not a sustainable option for the nation’s growing energy needs, and that a substantial public investment is needed to jump start the development and promotion of renewable energy sources and energy-efficient technologies. In the short term, this investment would create jobs producing renewable energy and technology. In the long term, new energy sources and more efficient technology promise environmental and public health benefits, as well as lower costs, for the American middle class. The bill also funds the investments in an appropriate way: by repealing taxpayer subsidies to the oil industry, which is already making booming profits at the expense of middle-class consumers.

This legislation also goes beyond what the original CLEAN Energy Act attempted, by establishing a Renewable Electricity Standard and stricter fuel economy standards for cars. These improvements marshal even more of the nation’s resources in support of conservation and a shift toward renewable energy, building on advances already adopted in many states to create a more sustainable energy future for the nation.

Quotes from Experts

Beyond this Bill

Additional Resources

Union of Concerned Scientists Energy Bill Resource Center

“Reducing U.S. Greenhouse Gas Emissions: How Much at What Cost?” from McKinsey and Company

Pew Center on Global Climate Change Policy Center

CLEAN Energy Act of 2007

atraub — Wed, 26 Sep 2007 16:20:53 -0400

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Total profits of top five U.S. oil companies from 2001-2007: $457.7 billion

Minimum amount the average annual household expenditure for gasoline has increased over the last five years: $1,000

Total new subsidies for the oil and gas industries in the 2005 energy bill: $6 billion

Percentage of Americans who are concerned that the nation’s reliance on foreign oil could negatively affect future price of gas and heating oil: 93

Percentage of total U.S. electricity demand that could technically be met by renewable energy resources by 2020, according to the National Renewable Energy Laboratory: 100

Overview/Summary

Middle Class Position Analysis

The Middle Class Supports. This bill represents an important step in the right direction for an American middle class that is both squeezed by high energy bills and prices at the pump and also concerned about clean air and water and the threat of global warming. Fossil fuels are not a sustainable option for the nation’s growing energy needs, yet substantial public investment is needed to jump start the development and promotion of renewable energy sources and energy-efficient technologies. In the short term, this investment would create jobs producing renewable energy and technology. In the long term, new energy sources and more efficient technology promise environmental and public health benefits, as well as lower costs for the American middle class. The CLEAN Energy Act also funds the investments in an appropriate way: by repealing taxpayer subsidies to the oil industry, which is already making booming profits at the expense of middle-class consumers.

Quotes from Experts

Beyond this Bill

Additional Resources

"New Energy for America: The Apollo Jobs Report for Good Jobs and Energy Independence,” from the Apollo Alliance

“Kick the Oil Habit: Stop the Subsidies” from the Center for American Progress

The Renewable Energy Policy Project

“Clean Energy,” from the Union of Concerned Scientists

Energy Policy Act of 2005

atraub — Mon, 24 Sep 2007 14:09:21 -0400

Legislation

The middle class

Opposes

Video Summary

Injustice Facts

Total cost of tax breaks and subsidies in this bill: $85.1 billion
Earnings of oil giant ExxonMobil in the first quarter of 2005: $7.86 billion
Value of subsidies to oil and gas companies like ExxonMobil contained in this bill: $6 billion
Approximate proportion of Americans who considered high gas prices “a hardship” in April 2005, according to Gallup: 6 in 10
Retail cost of one gallon of gasoline on August 8, 2005, the day President Bush signed this bill: $2.60
Estimated amount middle-class households spent on gasoline in 2005, not including taxes: $1,778

Overview/Summary

Middle Class Position Analysis

The Middle Class Opposes. The most startling thing about this legislation is what it does not do. In the first place, the 1,700-page multi-billion dollar bill fails to help middle-class consumers squeezed by high gas and fuel costs. The rollback in public safety protections also puts middle-class families at risk, for example by exempting oil and gas companies from the provisions of the Safe Drinking Water Act when these companies inject carcinogenic chemicals into the ground. At the same time, the deregulation of public utilities exposes the middle class to a different kind of risk: stemming from increased consolidation of utilities that could raise electric rates and manipulate energy markets. What the bill does do is provide massive taxpayer subsidies – to the tune of $85.1 billion dollars – for some of the world’s most profitable corporations, so that, among other things, they can drill on public land while paying the public less, ultimately leaving middle-class families to pick up a bigger share of the cost of public services. Finally, although the legislation comes at a time of overwhelming scientific evidence about the dangers of global warming and increased concern about the nation’s dependence on foreign oil, it does very little to address either problem, neglecting to even increase fuel efficiency standards for cars.

Oil

Renewable Energy and Job Creation Act of 2008

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

Comprehensive American Energy Security and Consumer Protection Act of 2008

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

Renewable Energy and Energy Conservation Tax Act of 2008

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

Lieberman-Warner Climate Security Act of 2008

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

Energy Independence and Security Act of 2007

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

CLEAN Energy Act of 2007

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

Energy Policy Act of 2005