House Proceeding 05-13-08 on May 13th, 2008 :: 0:27:38 to 0:30:37
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0:24:11 to 0:27:38( Edit History Discussion )
Speech By: Peter Welch

0:27:23 to 0:27:38( Edit History Discussion )

Peter Welch: when we have used the -- in fact when we have used the strategic petroleum reserve as an asset belonging to the american people and suspended purchases -- incidentally this strategic petroleum

0:27:38 to 0:27:50( Edit History Discussion )

Joe Barton: reserve is nearly full. we are talking about topping it off. it's very expensive to do so now with $126 per barrel oil. that when we have done it in the past it's actually reduced that pump

0:27:38 to 0:30:37( Edit History Discussion )
Speech By: Joe Barton

0:27:50 to 0:28:01( Edit History Discussion )

Joe Barton: price. two examples of what it would mean in my small state of vermont. i talked to a trucker fm berry vermont. they have a company, it would put $300,000 in his bottom line if the price of gas went

0:28:01 to 0:28:18( Edit History Discussion )

Joe Barton: down 25 cents. a school district, in a rural area, it would be $30,000 off their bottom line if we could get the price down 25 cents. no one here is suggesting this is an answer to our energy

0:28:18 to 0:28:31( Edit History Discussion )

Joe Barton: situation. but we are suggesting and really recommendations on a bipartisan basis is that the tool that's within our reach, we should use and do all we can on a short-term basis even as we

0:28:31 to 0:28:43( Edit History Discussion )

Joe Barton: debate long-term energy policies. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from texas is recognized. mr. barton:

0:28:43 to 0:29:02( Edit History Discussion )

Joe Barton: mr. speaker, if it's possible i'd like to enter into a dialogue with any of the three sponsors of the bill, mr. markey's on the floor, mr. lampson's on the floor, and mr. welch is on the floor.

0:29:02 to 0:29:12( Edit History Discussion )

Joe Barton: i would like to ask them some questions if one of them would like to try to respond. on my time. i'm not going to use their time. mr. markey, mr. welch, or mr. lampson. mr. welch: is w the

0:29:12 to 0:29:27( Edit History Discussion )

Joe Barton: inquiry -- mr. barton: i want to ask some questions about the bill. the speaker pro tempore: i don't see the response of any of the invited participants in the dialogue. mr. barton: well,

0:29:27 to 0:29:43( Edit History Discussion )

Joe Barton: my question, mr. speaker, this is on my time, if either of those three gentlemen would like to respond, i'm not trying to be cute. i'm way too old to be cute. e bill is silent on how the funds

0:29:43 to 0:29:57( Edit History Discussion )

Joe Barton: -- the bill is silent on whether or not the money that is the equivalent cash of the royalty in kind to oil is what's done with it. my first question i'd like one of the sponsors instead of

0:29:57 to 0:30:08( Edit History Discussion )

Joe Barton: getting 62,000 barrels of oil a day, if this bill becomes law does the general treasury get the equelfyint of 62,000 barrels of oil times whatever the market price of oil that day is, which

0:30:08 to 0:30:21( Edit History Discussion )

Joe Barton: right now is over $1 to a barrel? what happens -- $120 a barrel? what happens -- is that revenue generated and does it come to the federal treasury or do the oil companies keep it? that's my

0:30:21 to 0:30:37( Edit History Discussion )

Joe Barton: first question. . would -- i'd be happen foy yield to my good friend from massachusetts, mr. marquee. -- mr. marcum. >> the money goes back to the general treasure tri-ry. >> all right.

0:30:37 to 0:30:49( Edit History Discussion )

Peter Welch: -- mr. barton: all right. me bill's effective date is on terminatn of the contracts in effect until all-31rks it runs through december 31, 2008 is that correct? >> that is c orrect, yes. mr. barton: