OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

On Bloomberg Discussing Energy Bills
September 11, 2008

... THIS WEEK HOUSE DEMOCRATS WILL HOLD A VOTE ON A WIDE RANGING ENERGY BILL THAT INCLUDES PROVISIONS FOR MORE OFFSHORE DRILLING AND FEDERAL INCENTIVES FOR THE USE OF RENEWABLE ENERGY SOURCES LIKE SOLAR AND WIND POWER. PHAR-MOR, WE TURN TO THE HOUSE MAJORITY LEADER, MARYLAND DEMOCRAT STANEK HOYER. HE COMES TO US FROM CAPITOL HILL. >> THANK YOU FOR HAVING ME. >> FOR MONTHS DEMOCRATS HAVE BEEN RESISTANT TO OPENING MORE AREAS FOR DRILLING, BUT YOU DO THIS FOR THIS BILL. WHY THE CHANGE OF HEART? >> AS THE SPEAKER SAID SOME WEEKS AGO, WE WERE OPEN TO ADDITIONAL DRILLING. WE HAVE SAID ALL ALONG THAT WE OUGHT TO BE DRAWING, WE OUGHT TO BE USING OUR RESOURCES HERE IN AMERICA FOR AMERICAN CONSUMERS TO BRING PRICES DOWN. IN FACT, WE HAVE BEEN POINTED OUT THERE ARE 68 MILLION ACRES AVAILABLE RIGHT NOW, LISA RIGHT NOW, ON WHICH DRILLING IS NOT OCCURRING. THEY HAVE BEEN DRILLING 33 MILLION OF THOSE ACRES ON A HUNTER CONTINENTAL SHELF. WE HAVE BEEN FOR DRILLING. WHAT WE ARE DOING IS EXPANDING THE AREAS IN WHICH DRILLING CAN OCCUR. WE HOPE THOSE THAT ARE CURRENTLY LEASED WILL BE DRAWN UPON. THAT IS THE QUICKEST WAY THAT WE CAN PROCEED CARRIED BUT ALSO OPENING UP NEW AREAS THAT WILL HAVE ADDITIONAL OPPORTUNITIES TO USE U.S. RESOURCES. IN ADDITION, AND CRITICALLY, WE ARE ALSO LOOKING AS WE DID IN OUR BILL, TO THE FUTURE. TO THE DEVELOPMENT OF ALTERNATIVE ENERGY SOURCES, NOT ONLY BECAUSE WILL THEY BE NECESSARY AS FOSSIL FUELS IF THERE POLLUTE TOO MUCH OR DISAPPEAR, TO HAVE ALTERNATIVE ENERGY SOURCES WHICH ADDRESS THE GLOBAL WARMING ISSUE THAT CONFRONTS US ON THE ENVIRONMENTAL DEGRADATION THAT WE HAVE SEEN. ALSO ADDRESSED CLEAN-CUT CHEAPER ENERGY AND MAKE US ENERGY INDEPENDENT FROM THOSE WHO ARE NOT OUR FRIENDS PROVIDING US WITH FOSSIL FUELS IS THERE IN THE MIDDLE EAST OR OTHER AREAS OF THE WORLD. >> REPUBLICANS ARE STILL PRETTY CRITICAL OF WHAT YOU ARE PROPOSING TO READ YOU ARE -- THEY ARE SAYING THAT YOU CAME AROUND BECAUSE OF THE BALL NUMBERS. MORE AMERICANS FAVOR DRILLING AT HOME. DO YOU WANT TO RESPOND TO THAT? >> WHEN THE PRICES HIT $4 A GALLON, CLEARLY SAID, WE NEED TO LOOK FOR MORE SUPPLY HERE BECAUSE WE ARE BEING SQUEEZED BY FOREIGN OIL. I THINK THAT WAS ACCURATE AND WE LOOKED AT THAT AND WE NEED TO EXPAND. OUR IMMEDIATE RESPONSE IS, OIL COMPANIES, YOU HAVE 68 MILLION ACRES UNDER LEASE RIGHT NOW UNDER WHICH WERE NOT DRILLING. USE IT. GET THAT RESOURCE TO MARKET. BRING PRICES DOWN. IN POINT OF FACT REFINERS IN AMERICA ARE OPERATING AT LESS THAN 90% OF CAPACITY, WHICH IS VERY UNUSUAL AT THIS TIME OF YEAR. YOU HAVE JUST SEEN THE PRICES GO DOWN. WE THINK THAT IS BECAUSE OF SPECULATION, IN PART BECAUSE OF OUR ENERGY BILL. WE WILL LOOK AT ALTERNATIVES. THIS IS NOT UNUSUAL, PARTICULARLY FOR THE SAUDIS TO BE WORRIED ABOUT THE PRICE OF GAS COMING UP SO MUCH THAT PEOPLE LOOK FOR ALTERNATIVE SUPPLIES, AND DECREASING DEMAND FOR THEIR PRODUCT. SO WE BELIEVE THAT LOOKING AT ALL ENERGY SOURCES, PARTICULARLY AT P NOBLES -- PARTICULARLY WE NOBLES, ARE IMPORTANT FOR OUR FUTURE. AND UTILIZING THE RESOURCES WE HAVE NOW IN THE SHORT TERM, NOT ONLY GAS AND OIL PRODUCTS BUT ALSO A NATURAL GAS AND WIND AND SOLAR. >> IF YOU CAN REACH AGREEMENT WITH REPUBLICANS OVER THESE ADDITIONAL AREAS FOR OFFSHORE DRILLING, THERE IS SOME SUGGESTIONS FROM ANALYSTS THAT THERE ARE PROVISIONS, HIGHER TAXES FOR OIL COMPANIES, A MANDATE FOR INCREASED USE OF GRENOBLE'S FOR ELECTRICITY GENERATION, BUT THOSE ARE REAL KILLERS ARE REPUBLICANS. ARE THEY WRONG? >> I HOPE THERE ARE WRONG. YOU TALK ABOUT THE REVENUES FROM OIL COMPANIES. THE BELL COMPANIES ARE MAKING THE LARGEST PROFIT IN HISTORY. -- THE OIL COMPANIES ARE MAKING THE LARGEST PROFIT. THEIR PRODUCT IS SELLING FOR THE HIGHEST PRICE IT HAS EVER SOLD FOR IN THIS COUNTRY. FRANKLY THEY DO NOT THE INCENTIVES TO OUR TAXPAYERS TO LOOK FOR NEW PRODUCT THAT IS GETTING A VERY HIGH PRICE. IN FACT, PRESIDENT BUSH SAID SOME YEARS AGO THAT WHEN THE PRICE GOT OVER $55 A BARREL, HE DID NOT THINK THE OIL COMPANIES NEEDED ANY INCENTIVES. NOW IT IS WELL OVER THAT, OVER $100 RIGHT NOW, SO CLEARLY WE CANNOT THINK THEY NEED THOSE INCENTIVES. WE NEED TO TAKE THIS RESOURCES AND INVEST THEM IN OUR FUTURE, A BRIEF -- INVEST THEM IN THE NOBLES AND CLEANER ENERGY SOURCES TO HELP OUR GLOBAL WARMING CRISIS AND TO PROTECT OUR ENVIRONMENT. WE THINK THAT THE WELCOME THESE HAVE EVERY INCENTIVE BECAUSE OF ...