Senate Proceeding 07-23-08 on Jul 23rd, 2008 :: 0:15:03 to 0:29:57
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Speech By: George Voinovich

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George Voinovich: know what, we have a relationship. you environmentalists, you people over here, let's work together. let's do something special. let's restore people's faith in our system and that we are capable, republicans

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Hillary Clinton: an democrats, americans, to -- and democrats, americans, to come together and do something significant for not only ourselves today, but, more important, for my children and, morere important, that

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Speech By: Hillary Clinton

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Hillary Clinton: posterity, my seven grandchildren. i yield the floor. a senator: mr. president? the presiding officer: the senator from new york. mrs. clinton: mr. pre csident, i ask unanimous conseunnt thatt dana

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Hillary Clinton: gibbons be granted floor privileges for the remainder of the debate on energy legislation. the presiding officer: without objection. mrs. clinton: mr. president, there is a lot of discussion an even

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Hillary Clinton: frustration onra the floor -- and even frustration on theru floor. certainly from our side of the aisle it appears as though there is not going to be a meeting of the minds on this important legislation.~

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Hillary Clinton: and it is deeply disturbing, because as we have been speaking here today in my state of new york, a lot of people finished work, started driving home, looked at their gas gauge, realized they were going

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Hillary Clinton: to have to stop and, you know, fill upper for tonight or for going to work tomorrow. and they experienced what people are experiencing across america: the shock of the rising gas prices, which in new

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Hillary Clinton: york are now an average of $4.27 a gallon gallon. that's more than a dollar higher than a year. and every extra dollar per gallon costs the average family of four an extra $1,500 a year. that's $1,500

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Hillary Clinton: that can't be saved for college or retirement. that's $1,500 that can't be used to buy groceries, clothes, or school. that's $ $$1,500 that can't help pay for health care or house payments. that's $1,500

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Hillary Clinton: that people that i represent don't have. it's not just lying around waiting to be used or spent on some luxury. it really goes to the heart of whether people are going g to be able to meet their daily

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Hillary Clinton: obligations. statewide in our state, every dollar that gas prices increase costs the new york economy $6 billion in added expenses for our drivers. now, that is $66 billion that can't be used to

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Hillary Clinton: grow local economies. , to support local businesses or stimulate -- to support local businesses or stimulate new jobs. our farmers are hurting as higher energy costsos shrink profit margins. even

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Hillary Clinton: with higher market prices. our commuters and our truckers are hurting, tourism is hurting. i'm hearing from new yorkers rs every day d who depend on o tourism. at local marinas, for example, where the

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Hillary Clinton: money has just dried up. meanwhile, we are sending $1.7 billion a day out of our country, more than $600 billion a year. and we know where that money is going. it's going to t places that are

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Hillary Clinton: unstable, to governments that use our dollars against us, our allies and our interests around the world. so, clearly, we need a short-term strategy and a long-term strategy. now, that should be self-evident.

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Hillary Clinton: in the short-term, we've got to lower these prices and get relief to the farmers and the truckers, the small businesses, the hard-working families.ie and in the long term, what is required is nothing short

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Hillary Clinton: of an energy revolution. but there's no way for us to do that energy revolution unless we have the political will to begin acting now. and i believe that this debate is too important to be sidetracked

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Hillary Clinton: by slogans or proposals like opening uppe our coastal waters to drilling. so if the question is, as it shouldsh be, what can we do to help lower gas prices right now? drilling is the wrong answer.

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Hillary Clinton: it will do nothing right now. it is literally a shell game, or exonmobile game. it's designed to serve the political interests of vulnerle replicans and the financial interests of rich oil companies.

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Hillary Clinton: average americans will want see a dime. now, that is not n just my -- average americans will not see a dime. now, that is not just my opinion. the bush administration's own study fou nd that drilling

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Hillary Clinton: would not have an impact for more than 20 years. and in 20 years, the impact on prices will be insignificant. if the question is, as it should be, what can we do as a nation to end our dependence

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Hillary Clinton: on foreign oil and begin to harness clean, renewable energy? drilling is the wrong answer again. even if we drill for oil offil our east and west coasts, the most oil we couldwe generate when the ggs come

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Hillary Clinton: on-line in the i yearr 2030 is -- even when the rigs come on line in the year 2030 is 200 million barrels a day, now, we import 12.4 million barrels a day 2678900,000 barrels is merely a drop in that

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Hillary Clinton: barrel. i heard onerd of my colleagues, the senator from washington, senator cantwel speaking on the floor earlier today say that that 200,000 barrels a day could be achieved right now by increasing

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Hillary Clinton: the pressure in the tires of the cars and the truck ts we drive . sop what are the so, what are the answers? first, how do we help to reduce th gas prices right now? that's what my folks are asking

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Hillary Clinton: me. they want help now. not next year or in 30 years but now. well, i bel ieve we can lower gas prices in the very near term by taking small,, practical, sensible stepsns to address rampant oil speculation.

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Hillary Clinton: now, we have all heard recent testimony from inancial experts experts, oil industry executives, the airline industrytr industry , consumer advocates, virtually everyone has saide that speculation in oil

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Hillary Clinton: futures is driving up prices beyond what supply and demand justify ies. some experts believe that speculation accounts for as much as 50% of the current price of oil. others argue that it's less

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Hillary Clinton: but many eerts still agree that it's having a significant impact. now, i rec ognize there are companies that use oil and need to use future markets to hedge againstai price spikes. and all of us in

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Hillary Clinton: this chamber believe in free and open markets markets. but when speculation is allowed to run roughshod over the economy with little oversight and even less transparency, when backroom deals line theea

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Hillary Clinton: pockets of speculators while sending gas pricesic soaring, s literally taking money out of the pockets of consumers, then we've got to do something. we've got to ensureto that our markets are honest,

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Hillary Clinton: open, fair, transparent and accountable. that's why i support granting the commodity futures tradingut commission greater authority to regulate trading in these markets. and i urge my republican colleagues

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Hillary Clinton: to join in thisn effort. we could pass a bill tomorrow and have it on the president's desk before the recess that would immediately give agency watchdogs new tools to crack down on unfair, unbridled,

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Hillary Clinton: unregulated speculation.pe and while we are relieving pressure on the markets as a whole, we need to target relief directly to people who are struggling. i am fraud support $2.5 -- i am proud to support

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Hillary Clinton: $2.5 billion in energy i relief to low-income families in new york and across america. it is shameful that after all the hand wringing over gas prices and energy prices, republicans in the senate blocked

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Hillary Clinton: this bill last week. we need to move ahead with this legislation and i hope we will w do so before s the august recess. second -- a nd this question is tougher -- how do we break the bonds of the

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Hillary Clinton: fossil fuelos economy? now, i believe america will and it must embrace e this historic challe nge because it is a historic opportunityty. we can create at least 5 million new jobs, green jobs. we can tackle

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Hillary Clinton: climate change and we can end our dependence on foreign oil. last year, we passedas landmark legislation to increase fuel economy standards for the first time in 30 years. that will save millions

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Hillary Clinton: of barrels of oil a day. it's an important step forward but what we n eed is a giant leap. i have proposed a $50 billion strategic energy fund paid for by eliminating tax breaks for the oil companies

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Hillary Clinton: and making sure they pay their fair share for drilling on public lands. the fund could be used to support the deployment of wind, solar, geothermal, biofuels and other clean energy technologies

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Hillary Clinton: available right now. and invest in new ideas and research to encourage our best ask brightest, to think outside the box and outside the tank. but that's just the beginning. let's create the right tax

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Hillary Clinton: incentives to promote renewable sources of electricity production. that's something al gore and t. boone pickens agree on. if that's not consensus, i don't know what is. now, unfortunately, republican

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Hillary Clinton: opposition in the senate prevented the passage of energy tax reform and the american economy is pay ing the price. one study found that blocking these kinds of tax incentives will cost 116,000 u.s. jobs

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Hillary Clinton: and nearly $19 billion in u.s. investment in one year alone. while we fall further and further behind in the race to lead the world in clean energy technologies. so let's accelerat'se the development

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Hillary Clinton: and deployment of prescription plug-in hybrid vehicles by investing in research and consumer tax credits. now, electricity is generated nearly 100% from domestic sources, and we have enormous untapped

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Hillary Clinton: renewable resources we can use to create electricity without contributing to climate change. and a recent study showed that a vehicle powered by electricity releases one-third lesses global warming pollution

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Hillary Clinton: into the environment than a gas-powered vehicle, even if the electricity comes from mostly coal-fired power plants. now, this w ill save the american he people money. according to one estimate, to travel

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Hillary Clinton: as far as you would on $4-a-gallo n gas, you onlyou need $1 of electricity and that's a bargain. and we don't need to create a whole new infrastructure like we would for natural gas or hydrogen . a recent r study by

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Hillary Clinton: the b pacific northwest national laboratory found that 70% of the 220 million cars, light trucks, s.u.v.'s and vans on the road toyed -- road today, could be run on power drawn from existing power plants

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Hillary Clinton: and grids. and this is an important point. drilling may produce 200,000 barrels of oil each day a, at most, many 2030, but if we used throact power our passenger cars by -- electricity to power

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Hillary Clinton: our passenger cars by moving toward plug-in vehicle, we wouldle say 6.5 million barrels of oil every single day, fully half of our oil imports. so let's move toward ae stronger, smarter, more flexible

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Hillary Clinton: electricity grid that increasingly relies on wind, solar and other renewables while employing smart grid technology to reduce peak demand and conserve energy. these are solutions that will work,

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Hillary Clinton: they're solutions that embrace the challenge instead of ignoring it or postponing it, solutions that harness our creativity andnd talent, that have the potential of creating 5 5 million new good

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Hillary Clinton: green-collar jobs. it is the calling of our time 6789 it is, as -- it is the calling of our time. it is, as one of my colleague on the other side said, the moon shot. there isn't anything we can't

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Hillary Clinton: do if we make our minds up to do it. that's who we are. we're americans. we solve problems. so enough of the fatalism and the defeatismea and more of that can-do spirit to tackle this problem. now, we know

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Hillary Clinton: that president bushid and vi ce president cheney c have ae different approach. the oil companies say drill and the president and the vice president say "how deep." i don't think that'dos the smartest,

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Hillary Clinton: most effective answer. and i h ope that we willha be able to work out a way forward between our two sides. i know that my colleagues on the other side have a very strong view, as we do, but the american

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Hillary Clinton: people are depending on us to choose a different course. so let's cut through all off the talk, let's cut to the chase, let's try to cut out the politics and let's take thosee bold steps that will

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Hillary Clinton: relieve pressure n ow gas prices at the pump and oil prices in the open market and let's lead ourd nation to emb race the great next american endeavor, a national effort to change the way we produce

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Hillary Clinton: and use energy 2. it will serve our economy -- produce and use energy. it will serve our necessity,ty it will produce and use energy. it will bring us together as as nation . and, mr. president, we sorely

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Hillary Clinton: need that. and, so i look forward to working with my friends on the other side to come up with solutions that will actually work now. so give us the opportunity to make it clear to the american

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Hillary Clinton: people we can act, we can see results, we can move forward together. thank you, mr. president. r. i yield the floor. mr. allard: mr. president? the presiding officer: the ce senator from colorado.

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Hillary Clinton: mr. allard: mr. president, thank you. i -- when i first ran for the united state s senate in 1996, my position wassi that we need to have a broad-based supply of energy for the state of colorado

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Wayne Allard: and that colorado had the resources and the technical in which they could help contribute to the energy needs of this country.~ i said that because we have w lots of renewable energy and we have lots