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Floor Remarks: Energy Prices
Rep. Jim McDermott (D-WA)
House of Representatives
July 16, 2008

Mr. Speaker,

When the President took office, gasoline cost less than $1.50 a gallon and a barrel of oil was selling for around $30.  But on this President’s watch, gas has jumped to a staggering $4.50 a gallon and oil is nearly $150 a barrel.

Despite these facts, the President would like the American people to believe that he has proposed a credible new plan to lower energy prices.  But, consider this. The President’s invasion of Iraq, and tacit military threats against Iran, have destabilized the Mideast and driven oil prices out of control.

Big oil has had leases, access and decades to drill on millions of acres off the continental shelf of the U.S., but they chose instead to drill down into the wallets of the American people. Oil companies are indeed exploring today – they are exploring the upper limits of their stock prices by using their billions in profits to buy back stock, not reinvest for the benefit of America.

We still don’t know what was said in the Vice President’s secret meeting with industry when gas was $1.50 a gallon. The President didn’t offer a new plan on energy; he offered more of the same old plan and look where that has gotten us.

Thank you.