SUNUNU CONTINUES FIGHT TO REDUCE HIGH GASOLINE PRICES

FOR IMMEDIATE RELEASE:                          CONTACT: BARBARA RILEY

6/27/08                                                 202-224-2841

                                                                LIZ CHAMBERLAIN

                                                                603-430-9560

SUNUNU CONTINUES FIGHT TO REDUCE HIGH GASOLINE PRICES,

IMPLEMENT LONG-TERM ENERGY POLICY FOR THE NATION

Co-sponsors “Gasoline Price Reduction Act of 2008”

WASHINGTON, DC – United States Senator John Sununu (R-NH) today (6/27) announced his co-sponsorship of the “Gasoline Price Reduction Act of 2008” (S. 3202) – new legislation aimed at reducing high gasoline prices and implementing a long-term energy policy for the nation.

        “There is no ‘magic bullet’ to immediately solve our energy crisis, but this bill sets out a balanced, long-term policy to reduce America’s dependence on foreign oil and lower prices at the pump,” said Sununu. “By focusing on investment in alternative energy sources, allowing new domestic energy production, and improving regulation in the energy markets, we will make our country more energy independent and provide relief from record-high gas and oil prices.”

        S. 3202 encourages development of plug-in electric cars and trucks, strengthens oversight of the energy futures market, and allows additional deep-sea energy exploration and Western oil shale production.

BACKGROUND:

·       Sununu supported Senate passage for the 2007 bi-partisan energy bill – long-overdue legislation that increased fuel economy standards for the first time in 32 years and encourages investment in renewable energy technology among other provisions.

·       Sununu is co-sponsor of the Clean Energy Tax Stimulus Act (S. 2821) -  bipartisan legislation that contains a series of renewable energy tax provisions - that extend energy production tax credits and incentives to improve the  energy efficiency of new and existing homes, businesses, and appliances. The initiative, which passed as an amendment to Senate housing legislation on April 10, would extend the current tax credits for renewable energy generated from solar, wind, geothermal, hydropower, biomass, landfill gas, and trash combustion sources. A Sununu provision to provide a 10-percent tax credit for the purchase of energy efficient wood pellet stoves – an initiative he advocated in earlier legislation – is also included.