Hillary Clinton Campaign Press Release - New Video: Clinton Details Plan for Strategic Energy Fund

In second "HillCast," Hillary talks about her plan to spur development of clean and renewable energy and make America less reliant on foreign oil

In a new video released on her web site today, Hillary Clinton details her plan to create a Strategic Energy Fund to tackle America's energy challenges. The video is her second "HillCast," a regular series of web broadcasts Senator Clinton will deliver over the coming months on important issues facing Americans.

"The more energy self-sufficient we become, the more we can stop spending billions of dollars and sending them to unstable regimes all over the world, some of whom are even financing terrorism against us. And the sooner we can start protecting our planet, the better off we will all be." Senator Clinton says in today's video. "I'm proposing we undertake an Apollo-like effort to make clean and alternative energy the energy of America."

The Strategic Energy Fund would raise $50 billion to fund energy technologies that will reduce America's oil dependence and greenhouse gas emissions while promoting new jobs and a cleaner environment. The Fund would be created by eliminating oil company tax breaks, placing a temporary fee on oil company profits that exceed a 5-year baseline and ensuring that they pay their fair share of royalties for drilling on public lands. The fee would be in place for two years, and companies could offset their fee by investing in alternative energy technologies such as ethanol and wind power.

"The country that both split the atom and that put a man on the moon can take the oil out of our tanks and utilize the power of technology to find smart solutions for our energy future and to create millions of jobs throughout the United States," Senator Clinton adds in the video. "Together we're going to transform this country from energy dependence to energy independence, and turn global warming into what I believe will be an historic global renewal."

VIDEO TRANSCRIPT

One month ago, I began a conversation with all of you, and so far, we haven't stopped talking. And that's really good, because I hope to keep this conversation going all the way to November 2008. And as part of that, I intend to keep telling you exactly where I stand on all of the issues, because after all, you deserve to hear that from every candidate running for president.

Last week, I told you about my plan to end the Iraq War. This week, I want to tell you the main points of what I would do about energy. You know, in many ways they are part of the same conversation, because the more energy self-sufficient we become, the more we can stop spending billions of dollars and sending them to unstable regimes all over the world, some of whom are even financing terrorism against us. And the sooner we can start protecting our planet, the better off we will all be. You know it's really that simple, and I'm proposing we undertake an Apollo-like effort to make clean and alternative energy the energy of America. The country that both split the atom and that put a man on the moon can take the oil out of our tanks and utilize the power of technology to find smart solutions for our energy future, and to create millions of jobs throughout the United States.

I'm proposing new legislation that would create a Strategic Energy Fund that will invest in developing and deploying clean and alternative energy -- homegrown energy. We can create this fund without new taxes on the hardworking Americans who are paying more at the pump, but from the windfall profits of the oil companies that just announced the largest earnings of any companies in the history of the planet. We'll tell them to play or pay -- to invest in alternative energy themselves, or to pay a portion of their excess profits from the spike in oil prices into the Strategic Energy Fund. We'll also repeal oil company subsidies that they just don't need any more.

We estimate that the fund will have close to $50 billion to invest in America's new energy future over the next ten years. By promoting new energy technologies, and unleashing America's incredible spirit of innovation, this fund wouldn't just help end our dependence on foreign oil, it would help start new industries here at home. How do I know that? Because we're doing it, right now, in my home state of New York, where I've worked hand-in-hand with local businesses to turn these very challenges into opportunities. In Fulton, we're building the largest ethanol plant in the Northeast. In Tonawanda, we're making New York the first state in the nation to have the next generation to have clean coal technology.

And clean energy is key. Not just to stop our addiction to foreign oil, but to stop something every bit as dangerous -- global warming. Because part of becoming more secure is securing a future for our children. And our children's children. And that means being responsible stewards of the only planet we've got. The Strategic Energy fund would provide $3.5 billion dollars in incentives and grants to speed the development of more clean coal plants across the country, and to give significant tax incentives to the ethanol industry nationwide. It would quadruple tax breaks for hybrid and clean diesel vehicles and reward you for making your homes and businesses more energy-efficient. We'd also extend tax breaks for every renewable energy provider. The fund would also invest $9 billion in an energy research initiative, because as we've seen in New York, when you promote innovation, a truly wonderful thing happens -- you attract innovators.

Now look, I think this is pretty straightforward. We can continue to allow our energy needs to hamstring our national security, continue to weather the oil price shocks that undermine our economy, and continue to ignore the global warming that threatens our future, or we can take a very different path. Someone I truly admire once said that "there's nothing that's wrong with America that can't be fixed by what's right with America." I totally agree. The energy problem affects every single one of us, and it will need every single one of us to solve it. But you know what? I'm confident we will. Together we're going to transform this country from energy dependence to energy independence, and turn global warming into what I believe will be a historic global renewal. And please, let's keep the conversation going.