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Congressman Paul Tonko today met with constituents at the Stewart’s Shop on Western Avenue in Guilderland to unveil new legislation that would help pay down the deficit and provide relief at the pumps for drivers. The new bill, titled the “Pain at the Pump Act,” would end subsidies and tax breaks that are currently given to large oil companies, and redirect that funding to clean energy research and development, and other energy programs that will help promote energy efficiency and reduce our country’s reliance on fossil fuels.

“We cannot keep mindlessly handing billions of tax breaks to big oil companies that don’t need it, while they are raking in record profits at our expense,” said Congressman Paul Tonko. “We simply can’t afford it. My bill will end these handouts and redirect the money to programs that will help us expand our energy portfolio and help consumers save money.”

The Pain at the Pump Act (H.R. 1959) would end big oil handouts, close unfair tax loopholes that benefit some of the most profitable companies in the world, and give drivers options when fueling their vehicles, beyond just gasoline. The bill would save an estimated $3.472 billion by 2012 and a total of $43.6 billion by 2021. That money would then be used to promote clean energy development and energy efficiency by investing in the following programs:

• Alternative fuel technologies
• Advanced battery development
• The Advanced Research Projects Agency-Energy (ARPA-E)
• Clean energy loan guarantees
• Programs at the Office of Energy Efficiency and Renewable Energy at the Department of Energy
• Weatherization Assistance
• State Energy Program
• Low Income Home Energy Assistance Program (LIHEAP)
• Distributed generation and turbine research and development

“The best way we can control gas prices is by developing alternative technologies that will drive down our demand,” added Congressman Tonko. “We can better use the billions going to oil companies in the form of tax breaks on clean energy projects that have the potential to make a real impact on our energy costs – and our wallets.”

The Pain at the Pump Act has been referred to the House Ways and Means Committee, the Committees Energy and Commerce, the Science, Space and Technology Committee, and the Committee on Education and the Workforce.

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