Senate Proceeding on Jul 31st, 2008 :: 4:46:32 to 4:48:00
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4:44:05 to 4:46:32( Edit History Discussion )
Speech By: Mitch McConnell

4:46:16 to 4:46:32( Edit History Discussion )

Mitch McConnell: the leader that, by the way, the coleman-domenici amendment also has conservation pieces in thrssments and i believe we'll discuss that later later. but as i listened to the objection from my friend

4:46:32 to 4:46:48( Edit History Discussion )

Norm Coleman: from colorado, he talked about phantom solution, and as we look at this issue of the rise ing price of oil, i think there is bipartisan understanding that part of the problem is basic law of supply and

4:46:32 to 4:48:00( Edit History Discussion )
Speech By: Norm Coleman

4:46:48 to 4:47:01( Edit History Discussion )

Norm Coleman: demand. that demand is increasing, and if you want to somehow affect demand, i would take it that the supply piece is the earpiece. and as i -- is the other piece. and as i understand the coleman amendment,

4:47:01 to 4:47:17( Edit History Discussion )

Norm Coleman: this is an opportunity to increase supply. part of the discussion has been about the issue of speculation, that there is money going into believing that oil is going to be scarce in the future, and

4:47:17 to 4:47:32( Edit History Discussion )

Norm Coleman: that is somehow driving up the price of oil today. i would ask then if in fact we would open up the outercontinent outercontinental shelf that we would increase supply, finding more oil, at least

4:47:32 to 4:47:46( Edit History Discussion )

Norm Coleman: 14 billion to $15 billion gallons -- would that not indicate that in the future there will be less scarcity because we're increasing supply and would it make sense, common sense, that if there's going

4:47:46 to 4:48:00( Edit History Discussion )

Norm Coleman: to be less scarcity, more supply, we're going to tap into america's re resources, that would have an impact on the price of gas today today? mr. mcconnell: well, i had a i'd say it would make sense

4:48:00 to 4:48:15( Edit History Discussion )

Mitch McConnell: if you were betting on the future, toe so to so to speak, if there were signs of optimism, an indication that the united states of america was going to do something within its boundaries to deal