Congressman Dan Lungren unveiled a landmark energy bill alongside Republican colleagues yesterday.  The group, gathered on the West front steps of the U.S. Capitol, publicly introduced the American Energy Act, which will lower gas prices and break our nation's dependence on foreign oil.

In the face of unprecedented oil prices, Lungren demanded action on the bill before Congress adjourns for the month of August.  Majority leaders have blocked other energy proposals from the floor of the House.

"Today, House Republicans are taking an 'all of the above' energy strategy and putting it into a single bill: H.R. 6656, the American Energy Act. The American Energy Act is a comprehensive approach that will increase the supply of American-made energy, improve conservation and efficiency, and promote renewable and alternative energy technologies. In addition to lowering gas prices, this landmark measure moves America in a direction that is less dependent on foreign oil," Lungren said.

The bill would open offshore regions, sections of the ANWR and oil shale deposits to environmentally safe drilling; trim red tape that impedes the construction of new refineries; give tax incentives and a cash prize for the development and use of alternative energy sources; create a renewable energy trust fund from new drilling revenues; and promote the expansion of safe nuclear power generation. The bill also includes a provision, first introduced by Congressman Lungren, to provide a prize for the first 100 mpg production automobile.

Lungren continued, "our message to leaders of the Majority and to the American people struggling with record gas prices couldn't be clearer: House Republicans are demanding an up-or-down vote on the American Energy Act before the Democratic Congress adjourns for the month of August.

"With pain at the pump showing no signs of letup, the American people are looking for meaningful solutions and demanding their Congress do something to ease this burden.  I believe we have a solemn responsibility to the American people to meet this energy challenge."

To increase the supply of American-made energy in environmentally sound ways, the American Energy Act will:

• Open our deep water ocean resources, which could provide an additional 3 million barrels of oil per day, as well as 76 trillion cubic feet of natural gas;
• Open the Arctic coastal plain, which could provide an additional 1 million barrels of oil per day;
• Allow development of our nation's shale oil resources, which could provide an additional 2.5 million barrels of oil per day; and
• Increase the supply of gas at the pump by cutting bureaucratic red tape that hinders the construction of new refineries.

To improve energy conservation and efficiency, the American Energy Act will:

• Provide tax incentives for businesses and families that purchase more fuel efficient vehicles;
• Provide a monetary prize for being the first to develop an economically feasible, super-fuel-efficient vehicle (reaching 100 miles-per-gallon); and
• Provide tax incentives for businesses and homeowners who improve their energy efficiency.

To promote alternative and renewable energy technologies, the American Energy Act will:

• Spur the development of alternative fuels through government contracting, the repeal of the "Section 526" prohibition on government purchasing of alternative energy and promotion of coal-to-liquids technology;
• Establish a renewable energy trust fund using revenues generated by exploration in the deep ocean and on the Arctic coastal plain;
• Permanently extend the tax credit for alternative energy production, including wind, solar and hydrogen; and
• Eliminate barriers to the expansion of emission-free nuclear power production.