WASHINGTON – After weeks of work and discussion, a bipartisan group of lawmakers – including Rep. Shelley Moore Capito (R-WV) – today announced new legislation to address the ongoing challenges of high energy costs through expanded domestic energy production and enhanced investment in conservation and alternative energy resources.

The member-driven National Conservation, Environment and Energy Independence Act will be sponsored by approximately eleven Democrats and eleven Republicans.  At today’s announcement lawmakers stressed the bipartisan nature of the bill and the dialogue surrounding it.

“This is a prime example of Democrats and Republicans working together to find consensus and enact real solutions,” said Capito.  “With this bill we have an opportunity to use expanded oil exploration to invest in clean coal technology, conservation and other renewable resources.  West Virginians are seeking solutions and this legislation is a pragmatic response to an issue that impacts all of us.”

The bipartisan bill calls for a lifting of the federal moratorium on offshore oil and natural gas exploration, and using the resulting royalties to support conservation, environmental restoration, renewable energy, carbon capture/sequestration technology and home heating assistance for low-income families.  Coastal states would also share in royalty-driven revenue, and would have a degree of flexibility in approving exploration off their shores.

Estimates suggest that expanded oil and natural gas exploration could generate up to $2.6 trillion in royalties that could be reinvested in alternative energy initiatives.  Under this legislation, 5% of those dollars – up to $130 billion – would be set aside for a Carbon Capture/Sequestration and Nuclear Waste Reserve.  The bill also calls for re-allocating $385 million for research and development in carbon capture and storage technology.

“This bill reflects the fact that coal is one of our most abundant resources and must be part of a broad set of solutions,” said Capito.  “Including coal in this package was one of my priorities, and I’m particularly pleased that this bill makes it clear that coal can play a central role in solving our energy challenges.”

“I applaud the work of my colleagues from both sides of the aisle, and I call on leadership to bring this bill up for consideration.” 

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