Senators Propose $100 Rebate to Offset Gas Prices; $2.9 Billion in Funding for Cellulosic Biofuels, Batteries and Plug-ins
The amendment, co-sponsored by Senators Ted Stevens (R-AK) and Charles Grassley (R-IA, and Chairman of the Senate Finance Committee), would provide a $100 rebate to each taxpayer to offset the increased price of gasoline.
Other transportation-related amendments to the bill include:
An anti price-gouging measure that makes it unlawful to increase the price of gasoline or diesel “by an unconscionable amount” within an area covered by an emergency proclamation while the proclamation is in effect. The President may issue the emergency proclamation for any area within the US, and the chief executive officer of any State may issue an emergency proclamation for any such area within that State;
Repealing the limitations on the number of hybrid and diesel vehicles eligible for tax rebates;
Authorizing the DOT to reform the fuel economy standards for passenger vehicles (earlier post);
Increasing the production incentives for cellulosic biofuels from the $250 million specified in the Energy Policy Act of 2005 to a total of $1.1 billion from fiscal year 2007 through fiscal year 2011.
Providing $1.8 billion in funding from fiscal 2007 through fiscal 2012 ($300 million each year) to accelerate development and commercialization of battery and electric drivetrain technologies for hybrids, plug-in engine hybrids and plug-in fuel-cell hybrids;
Suspending crude oil deposits into the Strategic Petroleum Reserve for 6 months;
Opening the Arctic National Wildlife Refuge up for oil and gas exploration and production.
Text of amendments