Renzi Now Calling on "Big Oil" to Invest Profits into Research and Development for Alternative and Renewable Fuels

Renzi also Calls on Auto Industry to Develop More Alternative Fuel Flex Vehicles WASHINGTON, D.C. - Congressman Rick Renzi (AZ-1) has called on oil companies to invest their high profits into alternative fuel research to help America move toward new forms of energy. Renzi said he would support legislation that pushes oil companies to reinvest their profits into alternative and renewable fuel research and production and to specifically convert existing service stations with at least one pump dedicated to alternative fuels. Congressman Renzi also wrote to Speaker of the House Dennis J. Hastert to push for Congressional hearings, and a shift in the energy policy debate with an increased focus on alternative and renewable fuels. "We won't end our reliance on fossil fuels overnight, but we must invest in the research and development of alternative fuels that will someday help us become energy independent," said Congressman Renzi. "If oil companies can't do it on their own, Congress should consider legislation that increases investment of profits into alternative and renewable fuels programs." Renzi noted that the nine major oil companies recorded an average 36.4 % increase in profits in 2005 as compared to 2004 and Exxon Mobil made $36.1 billion last year, an increase of more than 42 percent. Last week Congressman Renzi called for hearings into the high gas prices and is pushing the Federal Trade Commission to include the recent gasoline price hikes in 2006 in its ongoing investigation of price-gouging, oil company profits in 2004-2005, and the impact of high gasoline prices on the nation's economy after Hurricane Katrina. "America should follow Brazil's example and plant sugarcane in the southeast where it can thrive," said Renzi. "It will not only provide a boost to the local economies in hurricane devastated areas, it will provide homegrown American energy for the nation." Congressman Renzi has driven a hybrid vehicle that runs on gas and electricity for more than a year and is also calling for the auto industry to develop more flex fuel vehicles like the ones in Brazil that can run on alternative fuels like ethanol and electricity. Renzi noted that Brazil's alternative fuel strategy began years ago when they planted millions of acres of sugarcane with the sole purpose of using the crops to someday provide affordable, clean burning alternative fuel for their country. Renzi is co-sponsoring legislation (HR 4357) in the House to help America become more energy independent with specific goals that will require ten percent blend of renewable fuels in American gasoline by 2010. April 24, 2006 The Honorable Dennis J. Hastert Speaker of the House U.S. House of Representatives United States Capitol Washington, D.C. 20515 Dear Speaker Hastert, I am pleased to see that you have joined me in requesting an investigation of recent gasoline price hikes by the Federal Trade Commission. I believe oil companies must invest their high profits into alternative fuel research to help America move toward new forms of energy, and I would encourage you to support legislation that pushes oil companies to reinvest their profits into alternative and renewable fuel research and production and to specifically convert existing service stations with at least one pump dedicated to alternative fuels. America will not end its reliance on fossil fuels overnight, but we must invest in the research and development of alternative fuels that will someday help us become energy independent. If oil companies cannot do it on their own, Congress should consider legislation that encourages investment of profits into alternative and renewable fuels programs. The nine major integrated oil companies recorded an average 36.4 % increase in profits in 2005 as compared to 2004. The largest of oil company, Exxon Mobil, alone made $36.1 billion last year, an increase of more than 42 percent. America should follow Brazil's example to lessen its reliance on foreign oil. Years ago, Brazil planted millions of acres of sugarcane and uses biofuel made from the plant. By doing so, it meets its domestic fuel consumption needs without needing to import oil. We must also encourage the auto industry to develop more flex fuel vehicles that can run on alternative fuels like ethanol and electricity. It is vitally important that Congress take the lead in promoting alternative fuel technology. Such technology could dramatically lessen our dependence on foreign oil and give Americans relief from high gas prices. It is important that we begin to address this issue now, for a more stable energy future. Sincerely, Rick Renzi United States Congressman First District of Arizona