House Proceeding 05-13-08 on May 13th, 2008 :: 0:42:59 to 0:46:14
Total video length: 1 hours 58 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:175 Duration: 0:03:15 Discussion

Previous speech:

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

0:42:44 to 0:42:59( Edit History Discussion )

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

0:42:59 to 0:43:13( Edit History Discussion )

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

0:42:59 to 0:46:14( Edit History Discussion )
Speech By: Joe Barton

0:43:13 to 0:43:25( Edit History Discussion )

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

0:43:25 to 0:43:46( Edit History Discussion )

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

0:43:46 to 0:44:01( Edit History Discussion )

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

0:44:01 to 0:44:12( Edit History Discussion )

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

0:44:12 to 0:44:31( Edit History Discussion )

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

0:44:31 to 0:44:43( Edit History Discussion )

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

0:44:43 to 0:44:54( Edit History Discussion )

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,

0:45:08 to 0:45:18( Edit History Discussion )

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

0:45:18 to 0:45:33( Edit History Discussion )

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.

0:45:33 to 0:45:48( Edit History Discussion )

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

0:45:48 to 0:45:58( Edit History Discussion )

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

0:46:14 to 0:46:28( Edit History Discussion )

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