House Proceeding 05-13-08 on May 13th, 2008 :: 0:30:37 to 0:50:37
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0:27:38 to 0:30:37( Edit History Discussion )
Speech By: Joe Barton

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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:

0:30:49 to 0:31:02( Edit History Discussion )

Peter Welch: what happens after december 31, 2008. mr. markey: at thmrat point we return to operations as they exist today. mr. barton: if this bill were to become law, does the secretary of energy or

0:31:02 to 0:31:19( Edit History Discussion )

Peter Welch: secretary of interior have any discretion about accepting royalty in kind oil or the cash equivalent, or sit a flat t suspension with no exceptions? mr. markey: it's a flat suspension. mr. barton:

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i thank my good friend from massachusetts for those answers, i are reserve the balance of my time. the speaker pro tempore: the gentleman reserves. for what purpose does the gentleman

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from vermont rise? mr. dingell: just in response, ns clarification for my friend from texas. my -- mr. welch: just in response, a clarification for my friend from texas, my understanding is

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we can accept royalty in kind. at this ti me, i yield twotw minutes to the gentleman from massachusetts, mr. markey. the speaker pro tempore: the gentleman from massachusetts is recognized for two

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minutes. mr. markey: i thank the gentleman very much and this is a an historic debate. the history is quite clear. at the point of which president bush was sworn in as president in january

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Edward J. Markey: of 2001, as a renowned oil industry veteran, the price of a barrel of oil was $30. today, as we now in the eighth year -- as we are now in the eighth yr of the president's term of office,

0:32:21 to 0:35:18( Edit History Discussion )
Speech By: Edward J. Markey

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Edward J. Markey: it is $126 a barrel, a historic high. nearly a quadrupling the price of a barrel of oil. other interesting facts. on the day the president was sworn in, again, as president, $1.45 a gallon.

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Edward J. Markey: the good old days, when the bush administration was sworn in to office. today, it has hit a record high of $3.72 on average for self-serve regular. that is something else that is quite dramatically

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Edward J. Markey: negative in terms of the impact on american consumers. now here's what's happened over the years with the strategic petroleum reserve. back in 1991, president bush's father actually defloyd strategic

0:33:17 to 0:33:34( Edit History Discussion )

Edward J. Markey: petroleum reserve and the price of a barrel of oil dropped 33%. in 2000, president clinton deployed the strategic petroleum reserve and the price of a barrel of oil went down 18%. in fact,

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Edward J. Markey: president bush himself defloyd strategic petroleum reserve in 2005 which led to a 5.6% drop in the price of a barrel of oil. now, this is an interesting u-turn the president has taken because

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Edward J. Markey: what he said in 2006 was, may i have an additional minute? mr. welch: an additional 1 1/2 minutes. the speaker pro tempore: the gentleman is reck are niced for an additional 1 1/2 minutes.

0:33:59 to 0:34:10( Edit History Discussion )

Edward J. Markey: mr. markey: bhat president said in 2006 was, i've directed the department of energy to defer energy -- defer filling the strategic petroleum reserve this sum , so by deferring depozz sitz until

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Edward J. Markey: fall, we'll live a little more oil in the market. now here's what the president says, as of april 29, two weeks ago in 2008. he said in many th case, i have analyzed the strategic petroleum

0:34:24 to 0:34:42( Edit History Discussion )

Edward J. Markey: reserve issue and i don't think it would affect the price. well, that's a surprising change of economic analysis by the president in just two years, and as we debate this out here on the house

0:34:42 to 0:34:53( Edit History Discussion )

Edward J. Markey: floor, he seems to find himself in the minority. because, in fact, what the president has at his disposal is the ability to be able to do something about this issue. as consumers get the

0:34:53 to 0:35:06( Edit History Discussion )

Edward J. Markey: shakedown at the pump this friday, president bush is going to meet with theshakes in saudi arabia to -- with the chics in saudi arabia to ask for more oil. while the president sent troops to

0:35:06 to 0:35:18( Edit History Discussion )

Edward J. Markey: the middle east to look for weapons of mass destruction, he's avoiding using a weapon of price reduction at home. the president said he does not have a magic wand to wave away depass price.

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John Shimkus: he doe s carry a big stick. may have 30 additionaldi seconds? mr. welch: 15 additional seconds. mr. markey: here's the idea, to turn on the spigot of the strategic petroleum reserve, obama

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Speech By: John Shimkus

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John Shimkus: yes, clinton, yes, mccain, yes, george bush no. it is a dangerous economic position for our country to be. in the speaker pro tempore: the gentleman from texas is recognize. mr. barton: i'm

0:35:45 to 0:36:00( Edit History Discussion )

John Shimkus: going to recognize mr. shimkus, a member of the committee. before i do that, i want the record to show that the last day i was chairman of the energynd commerce committee, the price of gasoline

0:36:00 to 0:36:16( Edit History Discussion )

John Shimkus: in my district was $2 a gallon. i recognize mr. shimkus for three minutes, a member of the committee. the speaker pro tempore: the gentleman from illinois is recognized for three minutes. mr.

0:36:16 to 0:36:30( Edit History Discussion )

John Shimkus: shimkus: i ask permission to revise and extend and include therein extraneous material. the speaker pro tethmpore: without objection, so ordered. mr. shimkus: finally we get to talk about supply.

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John Shimkus: for 18 months i've been comithng to the floor to talk about the importance of bringing more supply to our economy so that prices would go down. finally we have and i want to thank you for making

0:36:44 to 0:36:56( Edit History Discussion )

John Shimkus: the point. if you want to lower costs, you've got to bring in supply. $58 a barrel when your majority came into power. $58. what is it today? $126. what has it done? i'm glad my friend talked

0:36:56 to 0:37:11( Edit History Discussion )

John Shimkus: about gas prices. it wasn't george bush who promise throder gas prices. it was speaker posi in 2006, steny hoyer in 2006, jim clyburn in 2006. we have a plan to lower gas prices. that's

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John Shimkus: their quote. i've said it here 20 times on this floor. we have a plan. they've got a plan, all right. it's not to lower gas prices,lo it's to raise gas prices. what happened to a gallon of gas? $2.33

0:37:20 to 0:37:36( Edit History Discussion )

John Shimkus: when this majority came in what's it today? $3.77. now my colleague from massachusetts, bring on climate change, 50 cents additional tax for gas per the chairman of the commerce committee, we would

0:37:36 to 0:38:02( Edit History Discussion )

John Shimkus: be paying $4.27 per gallon of gasms that's not the type of change we need. we need to bring on supply. i thank you for finally coming to the floor and recognizing that if we bring on just

0:38:02 to 0:38:13( Edit History Discussion )

John Shimkus: some gallons, some barrels more supply, you guys say we're going to lower prices five cents to 25 cents? let's multiply that by, let's bring on a million barrels of ls crude oil into our supply.

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John Shimkus: where do we get that? we can get billions of barrels of crude oil from coil-to-liquid technologies, right in the heartland, right in southern illinois. currently, developed by the ed south

0:38:27 to 0:38:39( Edit History Discussion )

John Shimkus: african oil company. and my -- one of my personal favorites is the outer continental shelf. billions of barlse of oil on the eastern seaboard. on the western seaboard. on the eastern gulf

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John Shimkus: coast. trillions of cubic feet of natural gas. what's your policy? let's don't go there oh, yeah, let's settle for a little bit of oil out of the spro. and claim great victory for lowering prices

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John Shimkus: when we can have billions of barrels of oil, trillions of cubic feet of natural gas if we just went to the ter continental shelf if we just went to the eastern gull of, if we just used coal-to-li

0:39:05 to 0:39:20( Edit History Discussion )

John Shimkus: quid technology, bipartisan bill, congressman boucher and i would like to take, we are the number one coal country in the world. so let's don't settle for a half step. this is good. we

0:39:20 to 0:39:35( Edit History Discussion )

John Shimkus: can do much better. i yield back my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from vermont is recognized. mr. welch: i yield two minutes to the gentleman

0:39:35 to 0:39:51( Edit History Discussion )

John Shimkus: from texas, mr. lampson. the speaker pro tthempore: the yet is recognized for two minutes. >> mr. lampson: i want to thank chairman dingell and mr. barton to make sure our strategic

0:39:51 to 0:40:05( Edit History Discussion )

Nick Lampson: petroleum reserve stays strong for when we do need it. i think if we keep cool heads and try to find common sense solutions to some of the problems we face, we'll have good solution to

0:39:51 to 0:42:59( Edit History Discussion )
Speech By: Nick Lampson

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Nick Lampson: those problems. we're taking one step today, that's all. one of hopefully many, to try to curb the price of gasoline for the american consumer and invest in alternative energy research to

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Nick Lampson: provide for the long-term energy solutions we're going to need. many of these things will be required for us to get the price of gasoline down to the point where we're going to be comfortable

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Nick Lampson: again. let's hope we accomplish it. this bill directs the president to suspend shipments to the strategic petroleum reserve until the end of the year or until prices drop below $75 a barrel.

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Nick Lampson: high oil prices are straining family budgets at the pump and they're driving up the price of groceries and other household goosmeds families are starting to rethink even summer vacations.

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Nick Lampson: it's going to have a negative impact on communities that depend on summer tirism. and from the high price of gasoline and diesel, there'll be touch every family, every person, every business

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Nick Lampson: and every industry in the united states and around the globe. consumers need lower prices now, not later. this bill provides a quick first step. maybe not much, but it at least is an action

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Nick Lampson: on the part of the congress. when i first introduced similar legislation affecting the strategic petroleum reserve in january, gas buzz $3.11. now it's $3.73. it's gone up 11 cents in the

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Nick Lampson: last week. if the president turns a blind eye to the american people we may see gasoline go to $5, $6, or $7 a gallon. the strategic petroleum reserve has been tapped and susenpended four

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Nick Lampson: times by the last three presidents. mr. welch: another 30 seconds. the speaker pro tempore: the gentleman is recognized another 30 seconds. mr. lampson: suspending the spro will put an additional

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Nick Lampson: 70,000 bifrlse oil on argument the market each day that could help reduce prices for us at a critical time in our economy. this was supported by a near unanimous vote in the senate this

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Nick Lampson: morning. i got a letter a few minutes ago from the american trucking association saying the additional $391 million truckers have to pay for diesel cannot be handled by them for long. i'm pleased

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Nick Lampson: we're taking the first step and i'm looking forward to introducing further legislation this weegik to provide relief for consumers and invest in our energy independence through research and

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Joe Barton: development. i yield back. the speaker pro tempore: the gentleman from texas is recognized. mr. barton: i thank the speaker. i yield myself one minute. the speaker pro tempore: the gentleman

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Speech By: Joe Barton

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Joe Barton: is recognized for one minute. mr. barton: i want to comment, the goal of the legislation is to lower prices for the american consumer. at least i think that's what the goal is. having said

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Joe Barton: that, 62,000 barrels a day in an 85 million barrel a day oil market is about 1/1200th of 1%. so if you assume that oil markets are linear, the additional 62,000 barrels on an 85 million barrel

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Joe Barton: behr day oil market is going to lower the price perhaps two cents. . if we just go outside and clap our hands we probably have a 2 % chance of lowering the price of oil by two cents a barrel

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by clapping our hands. i don't think this bill does anything except show the american people that we want to do something but we still don't know exactly what it is we can do that makes

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any sense. i reserve the balance of my time. mr. welch: i yield one minute to the gentleman from pennsylvania, mr. altmire. the speaker pro tempore: the gentleman from pennsylvania is recognized

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Joe Barton: for one minute. mr. altmire: i thank the gentleman. mr. speaker, we get a lot of comments in this congress for not taking a proactive approach to issues we see facing a contry. here is an example

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Joe Barton: of something where we are working together in a bipartisan way. the comments from my friend from texas notwithstanding. this is an issue that has bipartisan support. and we can argue about how

0:44:54 to 0:45:08( Edit History Discussion )

Joe Barton: much is this going to save the american people? how much is this going to take off of a gallon of gas? and goldman sachs, somebody that -- a group that knows something about the market, certainly,

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Joe Barton: and the impact that the strategic petroleum reserve will have on the market, says it could be upwards of 25 cents a gallon. that this saves. now, that's not a long-term solution. we understand

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Joe Barton: that. and we could have the argument about whether we should drill off the coast or drill in anwr and increase supplies in other ways or build more refineries. that's a long-term argument.

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Joe Barton: what we are doing today is taking a short-term approach that's going to help families today. we cannot continue to do nothing. this congress has to act and we are going to act today and we

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Joe Barton: are going to save the american people a quarter on a gallon. o thank you, mr. speaker. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas is recognized. mr.

0:45:58 to 0:46:14( Edit History Discussion )

Joe Barton: barton: i yield myself one additional minute. the speaker pro tempore: the gentleman is recognized. mr. barton: i would like to ask the spe aker that just spoke if he could show me the economic

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Nick Lampson: study by goldman sachs that suspending shipments will lower taxes by 25 cents a gallon. it won't even lower prices by penny a barrel is there a study? i believe that there is no study and i guarantee

0:46:28 to 0:46:40( Edit History Discussion )

Nick Lampson: you-this won't lower prices -- i'll be happy to yield to my good friend. mr. lampson: i don't know we have a specific study that shows it. the people we have been working with over the lasteveral

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Joe Barton: months from places like n.i.t. who have come and asked us to consider this legislation, they are saying that historically we have seen prices drop when actions like this have been taken.

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Joe Barton: if we can try at least we are doing something that may put it in the right direction. we have additional legislation that's going to be proposed. i would hope that you would join me as a co-sponsor

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Joe Barton: of that legisl ation. the speaker pro tempore: the gentleman's time has expired. mr. barton: i yield myself 30 additional seconds just to respond. the speaker pro tempore: the gentleman is recognized.

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Joe Barton: mr. barton: i do not oppose suspension of oil shipments into the strategic petroleum reserve. but toay that that by itself is going to lower prices 25 cents a gallon in an 85 million barrel a day