For everyone sick of paying higher oil prices while watching Big Oil reap in the profits, Thursdays vote by the House of Representative to roll back subsidies and tax breaks for the industry comes as a sweet reprieve.

The Democrats 'First 100 Hours' in power has delivered long-awaited reforms and a shot across the bow of big companies largely unchecked by the current administration. The passage of the Clean Energy Act by a vote of 264-163 is a shift in energy policy long debated and long neglected.

The act will close tax loopholes for big oil and collect royalties on oil and gas produced in public waters. Such back-pay could total more than $14 billion dollars; money that will be earmarked to go towards clean energy, such as investments in energy-efficient technologies and renewable power.

Speaker of the House, Nancy Pelosi, had this to say on the bill:

"Today's vote represents the first step toward a future of energy independence. By rolling back $14 billion in subsidies for Big Oil at time when they have recorded record profits, and investing that money in clean renewable energy, energy efficiency and alternative fuels, we will reduce our dependence on foreign oil."

On the other side, some Republicans were quick to point out that such a bill would actually increase dependence on foreign oil and decrease domestic exploration and investment. These comments show a clear lack of understanding when it comes to making America a more efficient country and less involved in foreign affairs based on natural resource allocation. The oil companies have plenty of money to tide them over during this 'difficult period' and will no doubt continue to make profits as the price of gasoline rises this summer.

In an independent study, investments in alternative energy will potentially create 3.3 million new jobs to the nation's economy, while stimulating $1.4 trillion dollars in new GDP. If anything, people are simply shocked to see attention paid to domestic policy, something that's been in short supply while at war overseas.

Such developments are encouraging and I look forward to witnessing other leadership decisions that do more than pad the pockets of friends and special interests. Taking risks on energy policy, with bills such as the Clean Energy Act, are not foolish gambles but innovative steps forward. It feels good to move into 'Drive' and leave 'Nuetral' behind.

Source: House Passes Clean Energy Act of 2007