NASHVILLE, Tenn. -- Residents could soon get up to $7,500 back from the government for buying a hybrid or other energy-efficient vehicle as part of a bipartisan proposal to wean the U.S. off foreign oil supplies.

Video: Sen. Bob Corker Announces Energy Initiative

Tennessee Sen. Bob Corker was at David Lipscomb University on Tuesday to talk about the New Energy Reform Act of 2008.

Corker and nine other legislators that have been dubbed the Gang of 10 developed the bipartisan legislation to reduce gas prices, cut the U.S.’s dependence for foreign oil and strengthen the nation’s economy.

The legislation proposes consumer tax credits, conservation provisions and responsible measures to increase oil production domestically.

The strategy also includes reusing nuclear waste for energy and the controversial move to off-shore drilling.

But Corker acknowledged that drilling off U.S. shores isn't the best answer to the energy situation.

"Every day, we're using 21 million barrels of oil. The world produces 86 million barrels," Corker said.

Corker said he and other lawmakers have focused on the gulf coast of Florida and the eastern Atlantic coast as the first drilling sites. But he said the U.S. has to move beyond fossil fuels.

"I'm not one of those people who believes we can produce oil and produce our way out of where we are," he said.

Corker hopes that within the next 20 years, 85 percent of the cars on the road won't be running on gasoline.

"Up to $7,500 per vehicle to (encourage) people to buy vehicles powered by something other than petroleum," he said.

The Gang of 10 said they hope to get their proposal before other lawmakers in a summit after the Democratic and Republican national conventions.

Besides Corker, the Gang of 10 is made up of senators Kent Conrad, D-N.D., Saxby Chambliss, R-Ga., John Thune, R-S.D., Lindsey Graham, R-S.C., Blanche Lincoln, D-Ark., Mary Landrieu, D-La., Johnny Isakson, R-Ga., Mark Pryor, D-Ark., and Ben Nelson, D-Neb.

The plan already has the support of Tennessee Sen. Lamar Alexander.

Related PDF: New Energy Reform Act Of 2008