Costa Joins in Introducing Bipartisan Plan for Energy Independence, Job Creation

Comprehensive bill meets future energy needs, invests in American infrastructure

Washington, D.C. – Congressman Jim Costa (D-Fresno) and other members of the bipartisan House Energy Working Group unveiled today the Infrastructure Jobs and Energy Independence Act, a comprehensive solution to secure America's energy future, put Americans back to work, and rebuild the nation's water and transportation infrastructure without raising taxes or increasing the national debt. The only bipartisan, comprehensive energy plan introduced in the House, it will create an estimated 1.2 million jobs annually and generate $8 trillion in economic output.

"With gas prices skyrocketing and turmoil in the Middle East, it is clear we can no longer afford to keep pumping our dollars to unstable regions of the world," Costa said. "We've got to develop our energy right here in America using every tool in our energy toolbox. This bipartisan legislation will reduce our dependence on foreign oil, develop American energy, repair our infrastructure, and create hundreds of thousands of good jobs in the Valley and across the nation – all without raising taxes."

The Infrastructure Jobs and Energy Independence Act harnesses America's vast natural resources by allowing the safe, responsible expansion of offshore oil and gas exploration. The legislation dedicates the $2.2 to $3.7 trillion in new federal revenues that would be generated from offshore energy production to create jobs, cut the deficit, invest in clean coal and nuclear technology, clean up our environment, increase renewable and alternative energy sources, and rebuild our crumbling highways and bridges.

U.S. offshore resources are enough to replace oil imports from Venezuela and Saudi Arabia for the next 80 years and enough clean natural gas to fuel American industry for the next 63 years, yet remain largely untapped. Meanwhile, unemployment in some parts of the Valley is in the double digits and our national infrastructure needs an estimated $2.2 trillion for repair. The Infrastructure Jobs and Energy Independence Act uses American resources to create American jobs and take back our energy destiny from potentially hostile overseas governments.

Since its formation in March, the bipartisan Energy Working Group, led by Costa, Tim Murphy (R-PA), Tim Walz (D-MN), and Bill Shuster (R-PA), has focused on achieving goals set by the President to reduce oil imports by one-third over the next 10 years. The group realizes that any energy plan must contain both short- and long-term solutions to provide relief from high oil prices and make direct investments in energy independence, infrastructure and job creation. Toward that end the group has been meeting privately, without the influence of lobbyists or interest groups, to form a common-sense national energy strategy that meets future energy needs while ending our addiction to foreign oil.

# # #