OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Discussing Energy Policy
June 26, 2008

... MR. OBERSTAR: I YIELD ONE MINUTE TO THE DISTINGUISHED MAJORITY LEADER, MR. MOYER, WITH GREAT APPRECIATION, I THINK HE GETS SUCH TIME AS HE MAY CONSUME. THE CHAIRMAN: THE DISTINGUISHED MAJORITY LEADER IS RECOGNIZED FOR ONE MINUTE. MR. HOYER: I THANK THE DISTINGUISHED CHAIRMAN FOR YIELDING. JIM OBERSTAR IS ONE OF THE MOST KNOWLEDGEABLE PEOPLE IN AMERICA ON ENERGY ISSUES. AND ON TRANSPORTATION ISSUES. AND THE TWO, OF COURSE, ARE CLOSELY RELATED. I WANT TO THANK HIM FOR HIS LEADERSHIP AND FOR HIS SERVICE. WE ARE FORTUNATE AS AN AMERICAN PEOPLE TO HAVE HIM CHAIRING THIS CRITICALLY IMPORTANT COMMITTEE. THERE'S NO STRONGER PROPONENT OF RAIL SERVICE AND MASS TRANSIT THAN JIM OBERSTAR. THAT SERVICE HAS NEVER BEEN MORE IMPORTANT THAN IT IS TODAY. HIS VISION AND HIS SERVICE HAVE PUT THIS COUNTRY IN A PLACE WHERE WE NOW HAVE THE OPPORTUNITY TO MAKE ADDITIONAL INVESTMENT, WHICH IS CRITICALLY NEEDED, SO THAT THE DEMAND FOR MASS TRANSIT RESULTING FROM THE COST OF GASOLINE AND ENERGY PRODUCTS CAN BE MET BY OUR MASS TRANSIT SYSTEM, AND I THANK HIM FOR HIS LEADERSHIP. THIS BILL AS WELL AS THE OTHER TWO BILLS CONSIDERED ON THIS FLOOR TODAY ON DRILLING AND MARKET SPECULATION IS A CLEAR RECOGNITION BY THIS HOUSE MAJORITY THAT AMERICA'S ENERGY POLICY CANNOT BE ONE DIMENSIONAL. WE'VE HE HEARD A LOT OF FINGER PROINTING ON THE NOOR TODAY AND THE FINGER PROINTING IS RELATIVELY EASY, BUT THE FACT OF THE MATTER IS WE ALL NEED TO COME TOGETHER. I DON'T JUST MEAN REPUBLICANS AND DEMOCRATS IN THE CONGRESS OF THE UNITED STATES. BUT ALL 300 MILLION OF NEWS THIS COUNTRY. NEED TO COME TOGETHER AND UNDERSTAND THAT WE HAVE 3% OF THE WORLD'S OIL SUPPLY AND HAVE 25% OF THE DEMAND. IT DOES NOT TAKE A GREAT MATHEMATICIAN TO UNDERSTAND, THEREFORE, THAT SIMPLY DRILLING FOR NEW PRODUCT WILL NOT SOLVE OUR PROBLEM. THAT IS NOT TO SAY BY ANY SPRETCH OF THE IMAGINATION, THAT THAT SHOULD NOT BE DONE. THESE BILLS TAKEN TOGETHER AND WHEN COMBINED WITH OTHER ACTIONS TAKEN BY THE MAJORITY ON ENERGY ARE A CLEAR REFLECTION OF THE ALTERNATIVE TO THE REPUBLICAN SOLE FOCUS ON DRILLING TO THE EXCLUSION OF ALTERNATIVE AND RENEWABLE SOURCES OF ENERGY. LET NO ONE BE MISTAKEN. DEMOCRATS DO NOT OPPOSE FURTHER DRILLING, DISCOVERY AND PRODUCTION OF PRODUCT. PERIOD. ALL WE ARE SAYING IS -- ASLY EXPLAIN IN MORE DETAIL SHORTLY IS THAT THE OIL AND GAS COMPANIES SHOULD UTILIZED -- UTILIZE THE 68 MILLION ACRES, THAT'S 68 MILLION ACRES, CURRENTLY AVAILABLE TO DRILL ON. WHICH CONTAIN, ACCORDING TO EXPERTS, OVER 100 BILLION BARRELS OF OIL. NOW, WE USE ABOUT 7 1/2 BILLION A YEAR IN THIS COUNTRY. SO THAT IS APPROXIMATELY 14 YEARS OF OIL. THAT'S WHAT THE EXPERTS TELL US. NOT DEMOCRATS AND REPUBLICANS, THE EXPERTS TELL US ARE AVAILABLE ON THESE UNTAPPED RESOURCES CURRENTLY AVAILABLE. CURRENTLY LEASED. I TELL MY FRIENDS, NOT ONLY TO THAT, BUT THEY CONTAIN HUNDREDS OF MILLIONS OF CUBIC FEET OF NATURAL GAS. NOW, IT'S THE CHAIRMAN OBERSTAR'S BILL. IT PROMISES AMERICANS RELIEF FROM OUR $4 PER GALLON GAS PRICE. TOMORROW, NO? -- TOMORROW? NO. NEXT WEEK? NO. NEXT MONTH? NO. VERY FRANKLY, WE HAVE BEEN TOO LONG DELAYING OUR INVESTMENT IN ALTERNATIVE ENERGY SOURCES AND ALTERNATIVE TRANSPORTATION MODES. BUT IT DOES PROMISE THAT IN THE FUTURE WE WILL BOTH HAVE THE CAPABILITY TO PROVIDE MASS TRANSIT FOR OUR PEOPLE AND TO PROVIDE FOR THE ALTERNATIVE TO LOWER DEMAND WHICH THEREFORE SHOULD LOWER PRICES AS WELL. IT AUTHORIZES 1.7 BILLION OVER THE NEXT TWO YEARS TO PROVIDE GRANTS TO MASS TRANSIT AUTHORITIES, TO REDUCE PUBLIC TRANSIT FARES AND WILL HELP TRANSIT AGENCIES DEAL WITH ESCALATING COSTS. THAT IS A RATIONAL RESPONSE TO INCREASED DEMAND. AND JUST THE FIRST THREE MONTHS OF THIS YEAR, AMERICANS TOOK ...