THE CLINTON/GORE ADMINISTRATION:
TAKING ACTION TO STRENGTHEN AMERICA'S ENERGY SECURITY
MARCH 18, 2000
President Clinton today proposed new steps to strengthen the sound,
comprehensive energy strategy that has helped keep the U.S. economy
robust. The President called for the creation of a regional home
heating oil reserve and reauthorization of the Strategic Petroleum
Reserve. He also called for enactment of a tax package that will help
ensure the productive capacity of the domestic oil industry and that
must include measures to promote greater energy efficiency and renewable
energy -- measures which Congress has failed to act on twice before.
These steps will enhance America's energy security, create jobs, protect
the environment, and produce long-term savings for consumers.
PRESIDENT CLINTON AND VICE PRESIDENT GORE'S PLAN TO STRENGTHEN AMERICA'SENERGY SECURITY INCLUDES:
Establishing A Regional Home Heating Oil Reserve: In order to reduce
the likelihood that future heating oil shortages will harm consumers,
the President is proposing the creation of a home heating oil reserve in
the Northeast with an appropriate trigger that could supply additional
heating oil to the market in the event of a supply shortage. The
President today directed the Department of Energy to commence the
appropriate environmental reviews to create this home heating oil
reserve and will work with Congress to pass authorizing legislation this
Reauthorizing the Strategic Petroleum Reserve: Current authorization
to operate the Strategic Petroleum Reserve expires on March 31st, even
as OPEC oil ministers are meeting in Vienna to discuss production
quotas. To ensure the ability to use all available tools to respond to
the needs of the U. S. economy, the President called on Congress to
immediately reauthorize the Energy Policy and Conservation Act, which
authorizes the Strategic Petroleum Reserve and the International Energy
Program at DOE.
Enacting A Comprehensive Tax Package To Promote Energy Security: The
President today proposed a comprehensive package of tax incentives,
including new tax credits for domestic oil producers to reduce U.S.
reliance on oil imports and essential incentives to promote renewable
and efficient sources of energy for U.S. economy. This tax package:
Will Help Preserve Productive Capacity of the Domestic Oil Industry:
President Clinton will propose adjusting the tax treatment for certain
exploration activities and to lower the business costs to producers when
oil prices are low. The Administration will also continue examining
opportunities to preserve marginal well production, which accounts for
over 20 percent of on-shore oil production in the lower-48 states.
Must Include Measures To Improve the Energy Efficiency of the Economy
and to Promote the Use of Alternative Energy Sources: To improve the
energy security of our economy, President called on Congress to pass the
energy efficiency and renewable energy tax components proposed in his
current budget. These include tax credits for electric, fuel cell, and
qualified hybrid vehicles, tax credits for efficient homes and
buildings, and tax credits for non-petroleum based energy sources
including wind, biomass, and methane.
Investing In Energy Efficiency and Alternative Energy Technologies.
President Clinton and Vice President Gore are calling on Congress to
enact more than $1.4 billion in budget requests that will promote energy
security and the use of alternative and more efficient energy
$275 Million To Make America's Homes and Buildings More Efficient
$173 Million To Weatherize Low Income Households
$255 Million To A Partnership For A New Generation Of More Efficient
$410 Million To Develop Sources Of Domestic Renewable Energy