July 22, 2008 CONGRESSIONAL RECORD — SENATE S6997 On the issue of market speculation, I down the doors. Let’s take a look. Jan- work. All we are waiting for now is for have concluded three fundamental uary blacked out. February blacked the Government paperwork. points: One, American consumers out. March blacked out, April—go This is no way to run a country. should not bear the burden of those through the calendar—May blacked I yield the floor, and I suggest the ab- who seek to manipulate markets. Two, out, June, July. And the charge from sence of a quorum. the United States should not push our the other side of the aisle is that com- The ACTING PRESIDENT pro tem- financial services trading to foreign panies are not producing on their pore. Will the Senator withhold his re- countries. We should not replace exces- leases fast enough. quest for a quorum? sive speculation with excessive regula- The bottom line is, there are many Mr. BARRASSO. I will withhold the tion. And three, we should strengthen reasons why there may not be active request. the futures trading markets. This can exploration and production on lands al- f ready under lease. If Congress is seri- be done through investing in additional RECESS research, requiring transparency, put- ous about producing oil on existing ting more cops on the beat, and leases, then Congress needs to criti- The ACTING PRESIDENT pro tem- strengthening requirements on foreign cally review the process needed to de- pore. Under the previous order, the boards of trade. velop oil and gas wells. Senate stands in recess until 2:15 p.m. Efforts to address market manipula- As of late June in Wyoming’s Powder Thereupon, at 12:32 p.m., the Senate tion require a careful balance. In- River Basin, there were 2,589 applica- recessed until 2:15 p.m. and reassem- creased visibility into transactions tions to drill that were awaiting ap- bled when called to order by the Pre- must not turn into onerous regula- proval by Federal bureaucrats. These siding Officer (Mr. CARPER). tions. are on land where the company has al- f More importantly, steps to curtail ready paid for the lease but is not yet STOP EXCESSIVE ENERGY SPECU- speculation must be combined with permitted to drill. They have paid the LATION ACT OF 2008—MOTION TO real solutions to address the under- rent, but they have not yet been given PROCEED—Continued lying fundamental of domestic supply the keys to move in. and demand. We must insist on efforts The vast majority of the applications The PRESIDING OFFICER. The Sen- to increase our energy supplies, pro- face extensive administrative delays. ator from Pennsylvania. mote conservation, and encourage en- What is the current law? The current Mr. CASEY. Mr. President, I wish to ergy efficiencies. We would be failing Federal law requires that permits be speak on the legislation that is before the American people if we did not talk either issued or deferred within 30 days us, on the question of dealing with en- about increasing the domestic supply of the day the Government receives the ergy and in particular the price of gas- of energy. completed application. That is right, oline. We have had months now of non- I must comment on proposals to pun- the law says Federal bureaucrats must stop talk in Washington about gas ish companies that some believe are give an answer in 30 days. Well, there prices. not developing leases as quickly as are many instances where there is not Across the country, in my home they should. This is a ludicrous argu- even the acknowledgment that the sub- State of Pennsylvania and in the Pre- ment. Frivolous lawsuits and substan- mitted application was received. More- siding Officer’s home State of Delaware tial administrative hoops dramatically over, the applications sit for months and in so many other places around the delay oil and gas exploration and pro- and months, in some cases even over a country, people are frustrated. They do duction even on valid existing leases. year, and still Federal bureaucrats not feel Washington has been respon- These punishing tactics being proposed have not processed the application to sive to the concerns they have, and it are akin to leasing an apartment, only drill. is about time we did a lot less talking to have your landlord withhold the In a small provision that was slipped and do some acting and some legis- keys and complain about why you into this year’s consolidated appropria- lating. It is for that reason I stand be- haven’t moved in yet. Rather than pun- tions act, these production companies fore you to talk about this issue in a ishing existing operators, we can and now have to, in addition to all the pa- broad sense, but in a particular sense, should streamline the permitting proc- perwork, pay $4,000 every time they re- in terms of the legislation we have a ess. quest a permit to drill—a permit that chance to vote on this week or next Recently, I was in the part of Wyo- is on land that they have already week and certainly no longer than ming known as the Powder River leased and paid for, a permit that is that. Basin. It is in the northeastern part of not being processed in a reasonable, I wish to commend Senator REID, the the State. I heard firsthand about the timely manner, and a permit that may majority leader, and Senator DURBIN, obstacles people are facing when they not be processed for months or even the assistant majority leader, and oth- try to find more oil and gas. American years. ers for bringing a number of measures producers are routinely faced with There are over 850 drilling permits, to the floor aimed at addressing the rules and regulations that limit drill- just in Wyoming, that have been spe- high prices of gasoline. Since we start- ing for one reason or the other. cifically delayed due to policy develop- ed working on gas price legislation 2 Typical restrictions are related to ment, environmental delays, and even months ago, prices in Pennsylvania both occupancy of the land and the litigation. For people to say that oil have risen 40 cents, from $3.60 to $4.00. time during the year American pro- and gas operators are sitting on leases The average Pennsylvania family now ducers can operate. Examples of prohi- without any intent to drill is inten- is spending $2,792, almost $2,800 more bitions include extensive restrictions tionally misleading. In my State, the on gasoline than they were just 7 years for bird roosting, for bird nesting, for producers want to drill and they are ago, at the beginning of the current ad- migration, and for wildlife feeding. waiting to drill. They are simply wait- ministration. The seasonal prohibitions currently ing for the Government traffic cops to On top of that, people in Pennsyl- limit exploration to a small fraction of give them the green light. vania, who are the second largest users the year in many areas. As we can see For people who claim they want to of home heating oil in the whole coun- from this chart, some areas are off lim- increase domestic supply of energy on try, are eyeing the approaching cold- its to produce for all but 10 weeks of leases that have already been paid for, weather months and wondering how the year, from August 16 through Octo- there is a place you can focus your ef- they will be able to afford to heat their ber. This is the only time of the year fort. Focus on the thousands of permits homes, especially older citizens and they can produce. If this calendar rep- nationwide, and especially in my home low-income people living in rural resented the blackout dates for using State—permits that have not yet been areas, where they have to travel far our frequent flier miles rather than the granted, permits that are being held up distances to go to the grocery store or dates blacked out for finding the en- while waiting for the Government bu- to go to work or to live their lives. A ergy that powers our airlines, I guar- reaucrats to act. The leases have been few weeks ago, I met with some home antee you that outraged citizens all paid for, the workers are ready, and lit- heating oil retailers from northeastern across this country would be pounding erally, today, standing by ready to Pennsylvania, in my home area. That

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00017 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S6998 CONGRESSIONAL RECORD — SENATE July 22, 2008 is where I live and that is where they this debate, I think there is more than The PRESIDING OFFICER. The time live. Now, these are retailers, not some ample evidence to suggest they are is unlimited. people in Washington but retailers in wrong, and there is other evidence to Mr. DURBIN. Mr. President, pending northeastern Pennsylvania, and their suggest they are deliberately mis- before the Senate is the energy issue, No. 1 request was to end excessive oil leading people. Let’s be honest about and, of course, America would expect speculation. it. Unfortunately, the counterproposal that. If I went back to my home State These retailers are on the frontlines in this Chamber and down the street in of Illinois—if I went to any State—and of this oil crisis, and they see families the House is to simply drill our way to stopped the average person on the struggling to pay all their bills. One of energy independence. We know that street and said: Got any problems? the people I met with was Ron will do nothing to lower gas prices. They would say: How about gas prices, Kukuchka, and he told me the story of The Bush administration’s own En- Senator? Are you paying attention? a customer last winter who stood in his ergy Information Association has Because if you are paying attention, store and literally counted out three clearly stated that if we opened the en- you will notice that as we drive down piles of cash: The first one was for this tire Outer Continental Shelf ‘‘any im- the street in the morning on the way to woman’s home heating oil, the second pact on average wellhead prices is ex- work or back home from getting the was for her prescription medication, pected to be insignificant.’’ Insignifi- kids from school, you take a look at and the third pile of cash she had to cant. Again, that is the Bush adminis- the signs at gas stations and they are put on the table, literally, was for food. tration’s energy information office. startling. They are going up all the At the end of her counting, she had $30 Aside from the larger issue of world time. When you pull in to fill up, if you to pay for the next month’s rent. oil prices and limited American oil re- can afford it, you are putting more Tammy May, a woman from Pleasant serves, there are practical reasons that money on the counter than you have Gap, PA, was quoted in the paper last drilling would not work. The world’s ever done in your life. People are say- week—and I read her brief statement fleet of drill ships, which are used for ing: What is going on here in America? to Chairman Bernanke in talking exploratory drilling of new oil and gas We can’t afford this anymore. about the issue of recession and the wells, are booked solid for the next 5 I took my little Ford pickup truck to economy—and this is what Tammy years—5 years. Even if we waived every a Shell station in Springfield, IL, a May said. And keep in mind this isn’t environmental law, oil companies couple of weeks ago, and at the end of some Washington analyst, some politi- would be unable to start pumping oil the day, it cost $61 to fill up that little cian or someone here debating this for years. pickup truck. I thought to myself: Glad issue. This is the reality Pennsylvania President Bush has acknowledged I don’t have to do this very often. But families are facing. Tammy May said: that increased domestic drilling would some people have to do it once a The house payment is first, then day care, not lower gas prices at the pump. It is week—and sometimes more often—and then we worry about gas, then food. merely, in his words, ‘‘psychological.’’ it is a serious problem. It is real cash That is the life of Tammy May, and Psychological. Well, psychology is not money coming out of their pockets as that is the life of too many American going to solve our energy problem, and they are struggling to keep up with the families. It is unconscionable—it defies neither will gimmicks and some of the cost of living. description to even say it—it is uncon- things that have been pushed in this What is going on here? Well, over the scionable to allow this to happen to Chamber recently. last several years, several things have families living in the richest country A series of goals to reduce gasoline happened. One of the things that has in the world. Is it any wonder people consumption through efficiency and al- happened, we know for sure, and there across this country are fed up, and in ternative fuels is our only hope, and is no question about this, the big oil some cases angry, about no action in the only way to achieve those goals is companies have steadily increased Congress? to map out a strategy, and then, as the their profits since President Bush and So once again, a lot of people in this advertising tells us, do it. Do it and Vice President CHENEY came to office, Chamber, but especially I think on this pass legislation. That is what the peo- dramatically increasing them to the side of the aisle, are trying to pass a ple in Pennsylvania and all of America point where these businesses—the oil bill to deal with the high price Amer- are expecting and demanding of Con- companies—are making more money ican families are paying at the pump gress—leadership to chart a course than any business in the history of the while we continue to work as a nation that gives us real solutions, along with United States—not just in the oil busi- to implement long-term energy solu- some immediate relief. ness but any business. They have bro- tions. That is why I am proud to co- The bill we are debating will bring ken the records in reporting these prof- sponsor the Stop Excessive Energy some sunlight—it is not a magic its. Speculation Act of 2008, because I wand—to the futures market so regu- Of course, they want to explain it to think it is a proposal with the poten- lators will have the information they us, and so they buy full-page ads, if you tial to impact gas prices. It is not a need to rein in excessive speculation take the time to read them in the magic wand, it is not some quick fix and detect price manipulation. newspaper, explaining we are not mak- for gas prices, but it has the potential Will this bill solve all our energy ing that much money. They compare to have a positive impact on this issue. problems? No, it will not. But it has themselves to other industries and Here is some testimony to that ef- the potential to provide relief to fami- companies, and yet the bottom line is fect. Last month, the managing direc- lies who are paying to line the purses there is pretty dramatic increases in tor and senior oil analyst of of the futures market middlemen while their profit-taking. In fact, they are Oppenheimer & Company said: we implement a long-term solution to breaking all records. This ad, of course, The surge in crude oil price, which more end our reliance on oil, and in par- was paid for by, as they say, the people than doubled in the last 12 months, was ticular to end our reliance on foreign of America’s oil and natural gas indus- mainly due to excessive speculation and not oil. try—something called energytomorrow due to an unexpected shift in market fun- So I hope my colleagues will support .org. damentals. the bill, and I hope we can work in a Most of these ads are being sponsored So says an analyst at Oppenheimer & collaborative way across the aisle and and paid for by the people who are Company. And the CEO of Marathon across the Capitol, in the House of Rep- making the money. The American Pe- Oil, not some Democrat who is trying resentatives, to lay out real solutions troleum Institute is one of the major to make a point or some Washington for the problem that is facing Amer- sponsors of this advertising, saying: We political scientist, the CEO of Mara- ican families. are not making that much money. But thon Oil said: I yield the floor. Americans think differently, because $100 oil isn’t justified by the physical de- The PRESIDING OFFICER. The Sen- in addition to this chart showing the mand in the market. It has to be speculation ator from Illinois. oil company profits, this one tells us on the futures market that is fueling this. Mr. DURBIN. Mr. President, how what has happened to the price of gaso- So for those who want to make the much time is remaining in this seg- line since President Bush took office. case that speculation is irrelevant to ment? It is not current because it still shows

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00018 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S6999 the price of gasoline below $4 a gallon. the United States, 2 percent; some say not drilling on the acreage they cur- I know in my hometown of Springfield 3 percent. That is an estimate of all of rently lease, something this next map and in Chicago, the price is way over the possible oil we could drill, if we will kind of show you from a viewpoint $4. It may be closer to $4.50. I wish it could drill everywhere, all the time, of the Western United States what I were not going up, but I am afraid it and do it as quickly as possible—2 to 3 am talking about. might. percent. All of the colored portions of this So we have seen oil company profits Now, that is an eye opener to think map of the Western United States rep- rise and the price of gasoline go up as that so little of the world’s oil reserves resent Federal lands that are being well. There are various ways to look at are actually within the control of the leased for oil and gas exploration. If this. You can say to yourself: Some- United States of America. So to say you will look carefully, the black sec- thing is wrong and I need a solution drill now is to give access to 2 percent tions are those that have been leased and—most people say—I need it right of the oil. Well, is it enough? Take a and are in production. The red, which away because I have to fill up again look at the oil consumption. The U.S. dominates and overwhelms this map, is next week. So what are you going to do consumes about 24 percent, almost one- federally leased lands that oil and gas right now to deal with it? Well, honest fourth of all of the oil that is produced companies are not actively using. They people, in responding to that, will tell and refined, and the rest of the world: have set the lands aside. So to argue you there is little we can do today to 76 percent; 2 percent of the supply, 24 that they do not have opportunity for change the price of gasoline tomorrow. percent of the consumption. To argue oil and gas drilling ignores the obvious; But there are things we can do in the that we cannot drill our way out of it they do. short-term that will have an impact. is fairly clear. We do not have enough Then they say: Well, what about the The Republican side of the aisle has oil in the command and reach of the Outer Continental Shelf? This gets sen- one approach, the Democratic side of United States to solve our economy’s sitive because there are communities the aisle a slightly different approach. needs. We are going to have to look be- along the Gulf of Mexico and the West- The Republican side of the aisle is ar- yond drilling for oil into other options ern United States that have environ- guing we should drill now—we need to as well. mental concerns about offshore drill- drill for more oil, right now. The obvi- I think that is one of the realities the ing. ous argument being that if the supply other side of the aisle has not acknowl- The fact is, a lot of offshore land should increase, prices should go down. edged. But there is oil available and under the control of the Federal Gov- That, of course, is their argument. land available to be drilled. There are ernment has been available for oil and They overlook what the Senator from 68 million acres of Federal land, con- gas exploration for a long time. There Pennsylvania mentioned a few minutes trolled by our Government, by us as are 68 million acres leased to oil com- earlier—if we decided today, if we taxpayers, that has been leased to the panies. Of that, 33.5 million are off- picked out one piece of territory in the oil and gas companies. shore. Again, the red sections are United States or off our shore and said: We have said to them: Would you be leased lands, Federal lands, leased to We think there is oil here, and so we interested in drilling on this land for oil and gas companies that they are are going to drill for it, we are going to oil and gas? They have put money on not touching, that they are leaving to bring it up out of the ground, take it to the table, signed leases to have that sit idle as they come to Congress and the refinery and turn it into gasoline right to 68 million acres of land. We be- argue: We need more millions of acres and we will feel the impact on price, it lieve that acreage could produce 4.8 bil- to explore. would take us, the estimates are, any- lion barrels of oil. That would nearly These are lands they are paying to where from 8 to 14 years for that to double the total U.S. oil production. lease, and they are not exploring. This happen. That 4.8 billion barrels of oil equals is the situation where we have a real It is a pretty massive investment to more than six times the estimated challenge, a challenge that reflects the go into drilling, with all the sorts of peak production of the Arctic National reality of what we are up against. seismological and geological testing Wildlife Refuge, which is another thing The reality is this. There are oppor- that has to be done, and they have to that is brought up often. tunities to responsibly drill for oil and secure the equipment in a market that So, currently, of the 68 million acres gas. We think those opportunities are is now kind of pushed to the limit. under lease from the Federal Govern- there now, and we can add to them in It takes a long time. So to argue ment for oil and gas, the obvious ques- a sensible way. So exploration and pro- ‘‘drill now’’ is to say ‘‘drill in 8 to 10 to tion is, why are not the oil and gas duction is part of the answer to the 12 years and then hope that it makes a companies drilling there? They believe gasoline and oil prices that we face difference in the marketplace.’’ there is oil and gas, they paid the lease today. But it is not enough. It is not Many people are arguing that point to do it, but they are not using it. They enough. of view. They are arguing that we have set this aside and they are not We know in this long time lag be- should be drilling for more oil. In fact, using it. They are not drilling on this tween deciding to drill and actually the same ‘‘people of America’s oil and land. And we have not stopped offering bringing up oil, we have to think about natural gas industry’’ are buying full- land to the oil and gas companies. what we can do now to make a dif- page ads in many newspapers around Just recently, since January of 2007, ference. Well, here is one idea: We have the country saying: Smart energy poli- we made 115 million acres of Federal what we call the Strategic Petroleum cies and good energy politics involve land available for the oil companies to Reserve. It is 700 million barrels of oil drilling more now. bid on oil and gas companies, to drill that we have set aside for the safety So the industry that wants to benefit for more oil and gas, 115 million acres and security of the United States. We from the drilling, the industry that is offered. What is that the equivalent of? have said, if the time ever comes when to profit at a record level from the Well, this little line represents the something awful occurs, we cannot drilling is buying the advertising, and line of I–80 across the continental bring the oil from overseas that we our Senators on the other side of the United States from New Jersey to Cali- currently need, we have this little aisle have accepted this battle slogan. fornia. And the 115 million acres is the stockpile—not so little stockpile—of This is what they tell us we need to do equivalent of taking a 62-mile-wide strategic petroleum that is available. is to drill now. But, of course, there are swath along I–80 from coast to coast 62 We are making the suggestion that some realities they often overlook in miles wide. That is how much land we we take 10 percent of it, some 70 mil- making this drilling now argument. have made available to the oil and gas lion barrels of sweet crude oil, and re- Here is one that you cannot ignore. companies to bid on for exploration. lease it over a period of months on the It is the reality that we have to be How much have they actually bid on? market. The belief is, if the Federal very sensitive to—it is this. This is the Only 12 million acres—12 million acres. Government sells that, first it will percentage of world oil reserves. And if When the other side argues there is not bring in money. That is oil that we you look, the country with the largest an opportunity for more oil and gas, to paid less for. Now it is commanding percentage is Saudi Arabia, 20 percent say, well, why did they not bid on the higher prices. And, secondly, more sup- of known oil reserves. Then you look at acres that were offered? Why are they ply on the market in the short term

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00019 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7000 CONGRESSIONAL RECORD — SENATE July 22, 2008 should bring down the price of a barrel long overdue. If they had been moving tion, perhaps even manipulation, in of crude oil and the price of the prod- on this before, they would not be in the some of these markets. Our bill says, ucts made with that crude oil, whether situation they are in today. So making and I think we should, put more regu- it is gasoline or jet fuel. more of those vehicles available is a lators in charge of the energy futures So immediately it will start bringing smart move. industry to make sure everyone is down prices. The Democratic side is Mr. Pickens believes we should have playing by the rules, to make sure calling for continued exploration in the more of these vehicles fueled by nat- some of the major traders are not push- millions of acres that are already ural gas. It would have less of a nega- ing up the prices strictly for profit tak- available to oil and gas companies; tive impact on the environment, it is ing. and, secondly, selling out of the Stra- more plentiful in the United States, I cannot see what the problem is with tegic Petroleum Reserve 70 million and it could, in fact, fuel our economy. that kind of regulation. We support barrels or so of oil to bring down the There are those who argue we should that. We want more and more markets market price and to make gasoline and move to another technology, plug-in to be disclosing. I want to know who is other products more affordable. hybrids. You come home at night, you trading in these massive amounts on That could have an immediate im- plug in your car, your truck, it is good energy futures and driving up the price pact. Is it the answer to our concerns? for 40 miles in the morning, which is of a barrel of oil. No. It is a temporary move, but we all we need each day, before the gas en- Regulating that is a sensible thing to need it. At a time when airlines are gine kicks in, and it does not pollute. do. I want to make sure the markets cutting back 20 percent of their sched- In the process, you get electricity from are available for commercial applica- ule and laying off 20 percent of their sources that are also clean. tions so that if an airline such as employees and more to follow, at a Yesterday in my office was a man Southwest, which has received quite a time when businesses are struggling who is involved in wind energy. My bit of attention—if Southwest does try against the possible recession, and the State, which I never dreamed would be to protect its future cost of jet fuel by turnaround in our economy, we need to a major player when it comes to wind hedging or buying futures in the oil provide that help. energy, has wind farms popping up all market, that is a good thing. And the But we need to do more. We have to over, literally hundreds of those wind markets should be there for them. But look beyond exploration and even the turbines generating electricity without if some wealthy investment bank de- Strategic Petroleum Reserve to the polluting. cides they want to move around a cou- real honest challenge we face; that is, The opportunity across America is ple of billion dollars and play the mar- coming up with an energy policy so we almost limitless to replicate that tech- ket on oil prices, and people across do not find ourselves in the predica- nology once we have made an invest- America are paying higher gasoline ment we are in today with the Repub- ment in the infrastructure of trans- prices as a result, I am not sure I am licans arguing, keep on drilling and do mission and distribution lines. But going to stand by and applaud that. not worry about tomorrow, and others that is part of the overall picture. I want to make sure there is a sen- coming up with solutions that might America’s energy policy involves re- sible market, well regulated, with rea- have a temporary benefit but not a newable and sustainable sources of en- sonable limits in trading. So we believe long-term benefit. ergy. We cannot talk about the energy speculation is an important part of this What is the long-term answer? Well, issue without raising two other impor- issue. Time and again, Republicans the long-term answer can be found tant issues. One is our Nation’s secu- have come to the floor over the last from a number of people, one of whom rity. As long as we are dependent on several days saying: Oil speculation is is a fellow whose name you can hardly Saudi Arabia and the Middle East for not the problem. I disagree. ever forget: T. Boone Pickens. Mr. T. our oil, we are going to be drawn into The second thing is, we have to ad- Boone Pickens, who has made several foreign policy choices that we do not dress the oil companies. The profit tak- billion dollars in the oil industry, is want to face. We will be drawn into ing that is going on there is hardly now spending some of his money on tel- wars and challenges domestically and ever criticized on the other side of the evision advertising. You can hardly diplomatically that we never would aisle. It should be. The oil companies miss him if you are in Washington and have faced if we were not so dependent. are doing quite well, at the expense of other parts of the country. So reducing our dependence on for- average families, businesses, and Here is what Mr. Pickens recently eign oil is a small thing from our coun- farms. So putting together a com- said: I have been an oilman all of my try from a security point of view and prehensive energy package involves re- life, but this is one emergency we can- also from the environmental side. I am sponsible exploration and production. not drill our way out of. But if we cre- one who believes in global warming. I It involves releasing oil from the Stra- ate a new renewable energy network, believe it is a serious problem that is tegic Petroleum Reserve to bring we can break our addiction to foreign getting worse. If we do not do some- prices down on a temporary basis. oil. thing about it, we are going to leave a Also, we need investments in tech- What he is saying is what we all in- much different world to our children nology and research so the cars and stinctively know: there are ways for us and grandchildren. So as we think trucks we drive are more fuel efficient. to reduce our consumption of energy about our energy challenge, we need to We need ways to make sure buildings and still have a strong economy and a put together with that challenge an an- and others things we invest in are good life in America. The changes are swer which meets the environmental greener and more energy efficient. We not going to be dramatic; they have to challenges to reduce our pollution. I need to be thinking about new tech- be thoughtful. think we can do that. I think we can nology and research that moves the First, we need cars and trucks that put these things together. And in com- Nation forward so the economy grows are more fuel efficient. My wife and I bining them into an integrated energy but not at the expense of the average bought a Ford Escape hybrid a few policy, we can find ways to reduce our person trying to pay gasoline bills and years ago. It is no Prius. It gets about energy consumption without compro- not at the expense of an environment 27 miles a gallon. That is pretty good mising our quality of life or the growth children will need to live in to have the by most standards. If you drive a Prius, of our country. good life we have had in this world. you might get 45 miles a gallon, to give I have listened carefully to the other I hope we can have a comprehensive you a comparison. So we can do better side as the Republicans have come to approach. We have offered Republicans when it comes to cars and trucks that the floor. And there are two things one basic procedural opportunity, but I we build, make them more fuel effi- which you will never hear as they get think it couldn’t be fairer. We have a cient. up and speak: First, they are not crit- speculation bill. We have offered them: I read in this morning’s New York ical of speculators. They are not crit- Bring a speculation bill before us. You Times that Ford Motor Company has ical of those who are speculating in the can have your debate. We will face the decided to get away from the SUVs and energy futures market. same vote. Let’s see who wins. We have heavy trucks and start building more Many people believe, and I am one of an energy bill. Bring your energy bill fuel-efficient cars and trucks. That is them, that there is excessive specula- before us. Let’s have a debate. Let’s

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00020 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7001 have the same vote one way or the lulose wood products. Senator ISAKSON neither side will get 60 votes. What we other. Let’s see who wins. How much and I have talked about that. Our need is some bipartisan participation, fairer could it be? They get to devise States have a good bit of waste wood in and we need to do some things. their own amendments, put what they the forest that could be a nice improve- Eighty-five percent of our offshore want in, and bring it for a vote. That is ment, and perhaps produce a good bit oil and gas is under a moratorium. We fair. I hope they will accept it, and I more, even than corn ethanol. have blocked the Air Force’s ability to hope this important debate will start But I want to go back to the situa- use synthetic fuels produced from coal. soon. tion. Are our colleagues on the other We—I say ‘‘we,’’ I mean the Demo- I yield the floor. side who claim to be interested in help- cratic majority, in truth—slipped that The PRESIDING OFFICER. The Sen- ing America get through this terrible through in the last Energy bill that ator from Alabama. economic time not going to discuss passed. Mr. SESSIONS. Mr. President, I ap- with us how to produce more energy at Our colleague, Senator OBAMA, a preciate many of Senator DURBIN’s re- home? I can’t believe that. The only Member of this Senate, the nominee of marks. I don’t see why in the world we thing that is consistent with that pol- the Democratic Party for President, can’t reach some sort of bipartisan icy, which we have seen for some time praised Vice President Gore’s speech consensus on how to go forward with now, is the consistency of former Vice and has not made, to my knowledge, the national crisis that is hitting us President Gore’s statement this week one specific criticism of it. In the today. that he wants to take all of our elec- former Vice President’s speech, he did He and others have hinted that they tricity and produce it from nonfossil not in any way suggest nuclear power are willing to produce more energy in fuel sources, which is unthinkable. Un- as one of the solutions to the difficulty America rather than spend $700 billion less there is some monumental break- we are in, which is pretty much un- a year of our wealth exporting it to through, it is not possible. It is not thinkable, if one gets my drift. It has countries such as Venezuela or Saudi going to happen. It cannot be the basis to be done. Arabia to purchase the 60 percent of oil of a sound energy policy by any respon- Nuclear power is making a comeback we use. But they don’t propose that. sible official in America, it seems to around the world. According to the The only legislation they have pro- me. Maybe I am wrong, but I don’t World Nuclear Association, 129 plants posed is the speculation bill. I suspect think so. are currently on order or under con- there are a lot of things we can do to After the price of gasoline spiked, we struction in 41 countries and 218 more deal with speculators who are acting ended up with our majority colleagues have been proposed. We have 104 in improperly. I support that and don’t offering a cap-and-trade bill that they America. It makes 20 percent of our have any problem with them, although wanted to pass that, in effect, would be electricity. Fifty percent is coal, 20 I think we want to be careful and not a major tax on energy, which the EPA percent is natural gas, 20 percent is nu- only repeal the futures market, appar- said would raise the price of gasoline clear, 10 percent is all the rest, with ently, as some would suggest we should by $1.50 a gallon and could double the less than 1 percent coming from wind do. I think we should move on it, and price of electricity. This is what we are at the present time. These European we have a lot to do in that area. seeing here. I don’t think that is rea- countries, advanced countries, have But I have been asking myself, why sonable. come to clearly recognize that nuclear is it that we are not seeing any sub- Our goal should be to change the ex- power is the best way to produce clean stantive effort on the majority side to tent to which we have to use fossil base load power without it emitting deal with the clear crisis we have? And fuels. I am for limiting them. I am for pollutants. England, the United King- the crisis is that the entire world is better efficiency. I am for geothermal. dom, has recently commissioned eight using more oil and gas; Saudi Arabia, I am for solar, if we can make it work. new reactors, reversing its recent pol- Venezuela, and other countries are re- I am for wind, if we can make it work. icy to abandon nuclear power. Ger- ducing their production, even Russia, I The whole Southeast is generally rec- many’s Chancellor Angela Merkel has understand, and Mexico. As a result, ognized as not a place where any wind also recognized the importance of nu- we have shortages. That is how specu- energy can be efficiently produced. clear power in meeting their chal- lators manipulate. They are able to What we have to do is be realistic lenges, calling for a halt to the odd manipulate when there is a shortage. about the multiplicity of steps it takes plan they had to close down their exist- We need to fundamentally—do some- to be independent and to reduce our ing reactors. The American people also thing about the shortage. When we CO2 emissions, our global warming support the expansion of nuclear have a choice—and we clearly do—we gases, and to make our environment power. Of course, France has 80 percent should produce our energy from Amer- cleaner. of its power coming from nuclear, and ica, keeping all that wealth here and I will take a moment and ask the Japan is soon to pass the 50-percent not sending it abroad to countries, desk how much time I have used. I mark. According to an MSNBC poll, 67 many of which are not our friends. would like to be notified when I have percent of the American people support That is so basic, it goes beyond logic. used 10 minutes. building more nuclear powerplants. I had a little idea, maybe, as to what The PRESIDING OFFICER. The Sen- I see the Chair is calling my time, is going on here. It came to me when ator has used 61⁄2 minutes, and the and other Members are here to speak. I former Vice President, former Demo- Chair will be pleased to notify the Sen- do believe that in any component to cratic President Al Gore, in his speech ator when 31⁄2 minutes is up. move to clean, nongreenhouse-gas- this week, renounced all fossil fuels Mr. SESSIONS. I thank the Chair. emitting energy, nuclear power has to and declared that this Nation ought to I ask unanimous consent that the be a part of it. I have not seen that in have as its policy to eliminate fossil time allocated to the Republican side my colleagues’ plan, zero from the fuels totally from making electricity be limited to 10 minutes per speaker. Democratic side on this issue. It is in 10 years. That is one of the most The PRESIDING OFFICER. Without something we must do. breathtaking statements I have ever objection, it is so ordered. I yield the floor. heard. Fifty percent of our electricity Mr. SESSIONS. Senator DURBIN did The PRESIDING OFFICER. The Sen- today is coal; 20 percent is natural gas. say we need to have an opportunity to ator from Georgia. What he is saying is, we don’t produce offer amendments and vote on amend- Mr. ISAKSON. Mr. President, in just any more, and we are going to make all ments and let’s talk about how to de- short of 2 weeks, the Senate will leave of our electricity in 10 years from re- velop a national energy policy. I take for what is the traditional August re- newables—wind, solar, and biofuels. We that as a good statement. The only cess. There is one thing about which have already hit 5 percent of our fuel thing I am worried about is that will be every Member of this Senate today for gasoline from corn ethanol. Most one of these deals in which we on both agrees upon, not a single dissenting people—I think everybody agrees— sides say: Your amendment has to have statement from anybody—the largest agree we are at about the max we can 60 votes to pass and our amendments problem and biggest issue facing the possibly get from corn. So I think have to have 60 votes to pass. We do American people today is the rising there is some real potential with cel- that a lot of times because we know cost of energy and specifically the high

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00021 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7002 CONGRESSIONAL RECORD — SENATE July 22, 2008 cost of gasoline. It would be sad and yield are the same people who, in some of America, and find a willingness and disappointing if this Senate adjourned way or another, have no limit on the a heart to find common ground. Our for a recess in August without having positions they can take or offer in the country faces some significant chal- addressed the energy problem in a commodities market. I think the posi- lenges economically today, and what- meaningful, bipartisan, multifaceted tion limits ought to be equalized across ever our differences may be politically, way. the board, whether you are a user or a we should be united in finding common In the speech I made on the floor 3 speculator or a Wall Street banker. ground to solve those problems, and weeks ago, I made the statement that So those are both good positions. But the biggest is the price of energy to the it was time for Republicans and Demo- that is the only thing the bill address- American family. It is impacting every crats to put the elephants and the don- es—speculation—when there are so single thing they do. keys in the barn. It is time for us to many other things we need to do. No. 1, So I come to the floor today to wel- find a way to find common ground, set on the production side, we do need to come the ability to debate this legisla- aside those divided issues, and put on start exploring our own resources. It is tion, to want to talk about dealing the table those issues which both of us true, it will take 10 years to get some with speculation—but not speculation know will help to solve the rapidly in- of those resources to produce. But the alone. We should not make ourselves creasing price of energy and the long- very fact we finally make up our mind feel good by passing one bill that deals term problems it portends. to do it will make it 1 day shorter each with one issue and only one component Last Thursday, Senators BINGAMAN day we have made up our mind. If we part and go home and say we did some- and DOMENICI brought to the Senate put it off today, it is 10 years from to- thing. We should take pride in taking two renowned experts on economics morrow before we get the production. all the facets we can agree on—what- and energy. They testified for over 4 We ought to go ahead and get it. ever they might be—incorporating hours in Dirksen room 50. About half- Where we have significant dif- them in a bill, and leave here in August way through that testimony, Senator ferences—such as ANWR; we can de- knowing we did something for the peo- CONRAD of North Dakota posed the fol- bate that separately—but there are ple who have sent us up here to rep- lowing question to both of them. He other issues where there should be no resent them, the people of the United asked: Gentlemen, if you could, please debate, either in the OCS or extracting States of America. tell me, where is it America has gone the shale oil in Colorado, North Da- I yield back the remainder of my wrong? After pausing for a minute, the kota, and Montana. Conservation, en- time. economist leaned back and said: For 25 couraging a savings—we ought to be The PRESIDING OFFICER (Mr. years, the United States has encour- working to do everything we can to en- SANDERS). The Senator yields the floor. aged consumption and discouraged pro- courage Americans to conserve. The Senator from Minnesota. duction. We should be encouraging pro- Quite frankly, Americans have al- Mr. COLEMAN. Mr. President, noth- duction and discouraging consumption. ready gotten that message. For all the ing—nothing—is more urgent, more The lightbulb went off in my mind. rapid transit, mass transit in my city important today, and nothing is of He is exactly right. The policies of this of Atlanta, the buses are full, with greater significance to the American Congress, of our leadership, Republican standing room only. So is the subway. people than dealing with our energy and Democratic, have looked the other Ridership is way up. The traffic is crisis. Gas is $4 a gallon. Every time way. We looked the other way when we much better because people are start- you fill up, it is like getting a smack in dodged the bullet of the Arab oil em- ing to find economical ways to travel. the face. My constituents say they bargo in the 1970s. We forgot about the We ought to incentivize more and more don’t know what is going to get filled lines, the shortages, the caps. Some- of that. up first: their tank or their credit how, we looked out to another day to We ought to incentivize conservation limit. solve the problem. wherever we can. We also ought to look We have to cut to the chase. Ameri- That other day has come. I suggest to at those things such as nuclear energy. cans are furious with Congress. They you there are multiple things we all I know the Presiding Officer today has are not just angry about our inability agree upon, if we will put our partisan- shared with me the common ground he to get something done, they are fearful ship aside and do it. I encourage the and I have on a safe, reliable way to that political leaders on both sides of majority leader to allow, when we get produce energy in nuclear. It does not the political aisle are more concerned to cloture, all amendments to be of- pollute. It does not contribute carbon. about winning elections and partisan fered and debate to be open and free- It is proven to be reliable around the arguments than they are about pro- flowing and for us to be willing to put world. tecting our Nation. all issues on the table. Mr. President, 19 percent of our en- I am glad the leader has brought an Let me begin. S. 3268, the bill before ergy today comes from nuclear. In 20 energy speculation bill to the floor, us, deals with speculation. I have read years we could take it to 50 percent, and that is a piece of this issue. I will through the bill. I want to commend and we could reduce our carbon foot- talk about that a little later. But we two parts of it. print, while geopolitically we could need a full-throttled debate. We have No. 1, I commend transparency. Most have a tremendously positive effect on to put everything on the table. The of us in this body are not familiar with our country. Renewable sources of en- American people expect us to do all we speculation or the speculative markets ergy should be incentivized across the can, not take a piece and get involved or commodities. We all need a better board, as biofuels should be the same in a political debate, and perhaps walk education and more facts to get it, and way. We should not have selective en- away with nothing being done and say the exchanges ought to have absolute couragement in tax policy. We should we put it on the table. This is not transparency so we know what is going have open encouragement on all re- about what you put on the table. This on all the time everywhere. search and development, whether it is is about whether you are serious about Secondly, I commend the portion on synthetic, renewables, or biofuels. dealing with this issue of under- position limits. I learned the other In essence, I have simply come to the standing that, yes, we have to deal day—and I believe this is an absolutely floor to say this: We all know precisely with more conservation; that, yes, we accurate statement—that all the users what the problem is. We all know there have to deal with new technologies to of commodities—airlines that buy fu- is not one answer. It is not just specu- cut energy use; that, yes, we have to tures in petroleum, cereal makers who lation. It is not just exploration. It is deal with speculation; that, yes, we buy futures in grain—all have position not just conservation. It is not just have to deal with finding more energy limits, meaning there are limits to wind. It is not just solar. It is not just and consuming less—all of it. which they can speculate. hybrid vehicles. It is not just plug-in To simply address and pass a specula- But did you know who does not have cars. It is all of those things. tion bill alone to address the energy a position limit? The investment bank- But the solution lies in the heart of crisis would be like using a garden hose ers on Wall Street. The same people a Senate that is willing to put its par- to put out a forest fire. The issue is who brought us the subprime crisis by tisanship aside, address the No. 1 issue that great, the challenge is that great, securitizing high-risk loans at high facing the people of the United States and the American people expect us to

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00022 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7003 deal with this in an honest way. If you nology by boosting domestic energy supplies perate. This is your job, this is what you disagree with whether we should do so we can lower the price of gas and reduce were elected by the people to do. more exploration in the Outer Conti- our dependence on foreign oil. She is right. This is what we were nental Shelf, then vote on it. But this Americans get it. They understand elected to do. is not something in which we can sim- that with $4 a gallon gasoline, we need The majority leader has called up a ply put something on the table and tell a comprehensive energy plan, and we bill focused on speculation in the en- the American public we have dealt need it yesterday. The great news is we ergy commodity markets, which is cer- with it. They are smarter than that. not only have the capability to produce tainly one of the areas we should act They deserve better than that. more and use less, the natural and on. As former chairman and current America is blessed with remarkable technical resources to solve this energy ranking member of the Permanent energy resources, but we have tied our crisis, but I also believe there is Subcommittee on Investigations, I hands behind our backs—keeping vast enough room for compromise. There have worked with my friend and col- oil and gas deposits off limits in the are Democrats and Republicans work- league Senator CARL LEVIN on this Outer Continental Shelf, not to men- ing together, Democrats who under- issue of market manipulation and ex- tion potential oil shale. Just consider: stand we need to find more energy and cessive speculation in the commodity We currently have 85 percent of off- bring it to the surface, use it. markets for years. I am proud of the shore acreage off limits—in the lower We have to figure out a way to get work we did to close the Enron loop- 48 States—to development and 100 per- past this divide, this idea that if we put hole as part of the farm bill. I, along cent of at least 800 billion barrels of re- it on the table and we have generated with many others in the Senate, have coverable oil from oil shale off limits. a debate, somehow we have done some- been looking into the effect of in- If we developed the entire OCS, we thing, because we have not. There is creased speculation in the commodity could see an additional perhaps 86 bil- not a full-throttled, honest effort to markets on the price of oil. lion barrels of oil and 420 trillion cubic deal with this problem unless we put it I hope the majority leader will allow feet of natural gas. on the table, have the debate, and we speculation amendments so we can The argument is made: Well, there come to some conclusion. The answer consider other approaches to dealing are areas that are not being used is not complicated: Find more, con- with speculation, such as a proposal re- today. Listen, I am a believer of if you sume less. You have to do both. There cently introduced by Senator LEVIN don’t use it, lose it. But where is the are folks working on plans right now. and Senator FEINSTEIN that I have co- logic in saying we have production in We can authorize deepwater drilling sponsored. But what we need is an areas that are producing oil today that in America’s Outer Continental Shelf. amendment process that allows produc- may be closer to shore but still off- By the way, plow the Government reve- tion and efficiency amendments to also shore, and somehow we have drawn nues from the OCS into a fund to fully be considered. this arbitrary line that says we can’t fund renewable energy, fully fund en- We keep hearing about this concept: go right next to it? Oil is not found in ergy efficiency programs, fully fund If we do what we did with landing a quadrants or areas. There are veins some of the programs that I know the man on the Moon, by the end of the that run across. Americans expect us Presiding Officer is concerned about— decade we can get this done. If you re- to do everything we can to take the low-income heating assistance. Folks flect, at that time the Russians put pressure off so they can live their lives are going to be impacted this winter Sputnik in space first. It was a blow to and enjoy their lives. when the price of natural gas goes the American ego. When President If we can push forward energy-saving through the roof and the price of home Kennedy set forth his vision: We will technologies at our fingertips, we could heating oil goes through the roof. If we land a man on the Moon by the end of see an immediate impact on prices. For have the opportunity to bring in re- the decade, we did not have computer one, Congress should accelerate the sources to fund those things, it is a technology to get to the Moon, never production of plug-in hybrid electric win-win for everybody. mind to get back. But Americans came cars and trucks, which would dramati- We need to allow exploration of ways together with a vision and a plan and a cally reduce the cost of fueling vehicles to tap into America’s vast oil shale de- resolve. for consumers and lower the demand posits. We need to expand electricity I suggest that you did not land a man for fuel. generation from new nuclear plants. It on the Moon with a single-stage rocket We should expand tax incentives to is not enough to say: Let’s wait until that went halfway there. You have to produce and purchase vehicles running we figure out what to do with the get to the moon, and you have to get on alternative energy and fuel cell waste. I always tell folks, the French back. You did not land a man on the technology. There are lots of options are not braver than we are. Whether it Moon—or you are not going to end the out there. We have to get serious about is 75 percent or 85 percent of their en- challenge we have now to do something it. ergy that comes from nuclear energy, about the price of oil if you say no to Americans know we have tremendous they reprocess the waste. If you say we new exploration, if you say no to new energy resources, and when many can- are going to wait to solve the problem, expanded nuclear production, if you not afford to drive to work, it infuri- it means you are not for expanding the say no to oil shale exploration. You ates folks if Congress refuses to use use of nuclear energy, and that is a cannot be saying no to new opportuni- those resources. Many share the frus- mistake. ties and then, in the same breath, say: trations of a Minneapolis man who We need to do it all. We need to fund We need a man-on-the-Moon commit- wrote: technological breakthroughs in battery ment. We need a commitment that is We need energy independence. Why should technology to bring plug-in cars and real, that is across the board. Put it all we be paying for our energy from the very trucks to the market. We need to pre- on the table, and then make some deci- countries that want to kill us? DRILL do- vent energy futures speculation from sions. mestically now! We have vast resources of artificially inflating prices. We hear the argument that says: our own that should be tapped. One thing stands in the way of doing Well, if we move forward with new pro- From southern Minnesota, a man ex- what the American people sent us to duction, some of it is not going to take pressing his anger at Congress’s inac- accomplish, and that is political effect for 10 years. When I was mayor tion asks: gamesmanship. of St. Paul, I took over a city in which How much economic pain must Americans A woman in rural Minnesota with a we abandoned the areas along the suffer before Congress changes course? Gaso- 9-year-old son and struggling with a 67- shores of the Mississippi, what I called line prices are at $4.00 a gallon and rising. mile commute summed up a lot of the the retreat of the industrial wasteland. . . . It is time to do something different. frustration out there when she wrote to We had industries there, and they Most Americans want energy independence. me: stepped back, and it was barren. So Or at least not to be held hostage. I am sick of the lame excuses I hear from when I talked to folks about planting That is what this is about. all of you. I would really appreciate it if you trees, they would always say—I re- They want to create new jobs here in could stop politicking and do something be- member this because it rings true America. We should do that with new tech- fore the people of this Country get more des- today—the best time to plant trees was

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00023 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7004 CONGRESSIONAL RECORD — SENATE July 22, 2008 20 years ago, 10 years ago. The second us $5,000 per second, tax cuts for the The oil companies control an enor- best time is now. The best time to have wealthiest Americans that could cost mous amount of land. When you add it done the exploration was 10 years ago. more than $4 trillion before the next all up, it is an area more than 12 times The second best time is now. decade is out, and that has caused the the size of my home State of New Jer- My friends who will come to St. Paul value of the dollar to drop and inves- sey. So why would signing over yet this year for the Republican National tors to buy more commodities, such as more land to them have any effect at Convention will see tens of thousands oil. all? of trees that are in full bloom because The oil futures market used to be pri- It is not that companies don’t have we planted them when I was mayor marily a place for companies to pay in enough land to drill on. That is not the more than 10 years ago. advance for oil supplies they knew they bottleneck. The bottleneck is that, for Energy is the same way. It sure would need. But now the futures mar- 20 years, oil companies have been would have been better to open up ket is overcome with runaway specula- underinvesting in oil exploration and deepwater drilling 10 years ago, but tion, with people buying futures be- in the infrastructure, the equipment, that does not mean we should not start cause they are betting the price will go and even the engineers needed to do ad- now, or else we condemn Senators in up. Some experts say speculation is ditional drilling. Here is what the CEO of the Amer- 2018 to rehearsing and rehashing this adding as much as 50 percent to the ican Petroleum Institute—the trade or- same debate. cost of every barrel. With oil prices ganization representing all of these I wish to share one last letter from a this high, oil companies are raking in companies—said last month: constituent who wants us to get be- record profits—sums of money that are bigger than the GDP of some countries. Every single available drilling rig, drill yond the partisanship and get to work. ship is in use—being used right now. You Dan writes: But instead of reinvesting that can’t go and drill when you don’t have equip- I am a middle class Minnesotan and have money in their business and in renew- ment. We are not magicians as an industry. become very concerned over the last several able energy possibilities, and expand- So all of this clamor for more land years about our elected leadership in the ing production to meet our country’s doesn’t do anything about that reality. Congress. Are they working for the people of growing needs, oil companies are in- For all of this land, this water, the this country or the political parties they be- vesting in their own share price by long to? Now is the time to address energy rights, all of these land rights—all of buying back their own stock. That may that doesn’t even deal with that. If we issues, not after the fall election. It is time be good news for Wall Street, but it is to open up areas in America to exploration. give them even 1 more acre, what bad news for anyone struggling to pay Finally, he goes on to ask: would it mean? to fill up their gas tanks. That is part of why it would take so Do you think the founding fathers of this That is how we have gotten to $140 a long—as long as a decade—to get to the country would be proud of the political proc- barrel oil—tight supply, high depend- first drop of oil from the Outer Conti- ess today? ency and demand, a Bush budget deficit nental Shelf. Even if we wanted to, if I think this is exactly what we that is weakening the dollar—oil is we thought it were good policy—which should be asking ourselves. If ever traded in dollars—speculation in the I do not—the capacity isn’t there. there were a moment for us to come to- market, and the oil companies’ greater There is a reason they don’t have the gether as a nation to protect and pre- concern for boosting their share price equipment to drill more: They are not serve our freedom and our liberty, as than for boosting production. reinvesting in their own businesses. our Founders did more than 200 years Some of my colleagues on the other They are only investing in their own ago, that moment is right now. side of the aisle have suggested all it stock. Last year, ExxonMobil spent We recently celebrated our Nation’s would take to bring down oil prices about $21 billion in capital expendi- day of independence. As I traveled to would be to allow oil companies to drill tures, such as buying new equipment, Minnesota, I found no signs of retreat off the east and west coasts of the compared to more than $35 billion it or fear about America’s ability to meet United States. Here is the problem gave to its stockholders. this energy crisis head on. They were with that: The companies already have, What we see here in this chart is, in certain we can reach energy independ- as we have said before on the floor, 68 fact, billions of dollars of big oil stock ence, that we can stop being held hos- million acres of Federal land under buybacks. You can see that from 2002 tage by thugs, tyrants, Saudi sheiks, lease that they are largely not exploit- to 2007, it has increased over five times Ahmadi Nejad, Chavez, and others. Yet ing. The Federal Government will be what it was 6 years ago. So the reality they were uncertain Congress would be opening 2.3 million additional acres to is we have a lot of money from big oil able to summon the courage and con- them in October, and they have over going back into big oil stocks, raising viction necessary to set this Nation on 200 million more acres they don’t lease, the value of these stocks, but doing a new path. but they could if they wanted to. The nothing about what the CEO of the We must act on a comprehensive en- oil companies clearly think there is oil American Petroleum Institute talked ergy bill before the August recess, and on all those millions of acres or else about. In the first quarter of this year, with there is no better time to do it than they would not be leasing the land. But oil prices sky high, ExxonMobil de- now. Let us do the job we were sent they are not using it. cided to spend almost $9 billion on here to do. To get an idea of the scale that is in- stock buybacks alone—$9 billion in the In 1994, Members of Congress worked volved, here is a map showing how first quarter. They spent almost a full into the August recess to pass a crime much territory the oil companies con- 40-percent less on actually exploring prevention bill. If we cannot pass a trol in the Gulf of Mexico. The red area for oil. The situation is more extreme comprehensive energy bill with solu- represents all of those unused acres. It at ConocoPhillips, which told its inves- tions big enough to match the size of is a huge portion of the gulf region tors that its stock buybacks this quar- this crisis before the August recess, that is going completely undeveloped, ter will come to about $2.5 billion or then I don’t think we should leave for and that has been available to them al- nine times its budget for exploration. the recess until we do. ready. Yet all of those red areas go un- On the whole, the five biggest inter- I yield the floor. developed. national oil companies used more than The PRESIDING OFFICER. The Sen- Here is an even more impressive half of the cash they made from their ator from New Jersey is recognized. map—the map of how much of the businesses in stock buybacks and divi- Mr. MENENDEZ. Mr. President, here western United States oil companies dends last year, up from only 1 percent is the situation we find ourselves in control. The black portions show where in the early 1990s. with respect to oil. Global supplies are oil companies are exploring and, again, An expert at Rice University who tight, global demand keeps rising, and the red section shows where they are studies how oil companies spend their our country has a dangerous depend- not exploring. As you can see, it is money summed it up very well. She ence we haven’t yet begun to break. overwhelmingly staggering, all of those said: Meanwhile, the Bush administration red sections of places where they al- If you’re not spending your money finding has run up massive budget deficits, in- ready have the ability to pursue, which and developing new oil, then there’s no new stigated by war in Iraq that is costing they are simply not pursuing. oil.

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00024 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7005 There is a very simple economic re- by 800,000 barrels a day—is that since Sometimes, if you go to the Archives ality here: While families are strug- April we have continued to see record building here in Washington, on its gling to make ends meet, the oil com- gas prices—prices going up. In recent portal it says, ‘‘What’s past is pro- panies are flush with cash. We have weeks, Saudi Arabia has increased logue,’’ and I would remind Americans seen big oil profits steadily increasing their production by 500,000 barrels of some of these facts. We were all told under this administration, from ap- every day. What happened? Gas prices we had the most advanced tankers in proximately $22 billion or so in 2002 to continued to go up. the world and that they would prevent nearly $120 billion in 2007. That is So how is it that if we had 800,000 any spills from happening, but we all about $100 billion more. barrels a day in reduced demand—gas also, I hope, remember the devastation There is a simple economic reality prices went up—and 500,000 barrels a off the coast of Alaska after the crash here. Families are struggling to make day in new production by Saudi Ara- of the Exxon Valdez. We all remember ends meet, but the oil companies are bia—a combination of 1.3 million bar- that after Hurricanes Katrina and Rita flush with cash. Instead of investing in rels a day—how does the Bush-McCain there was, yes, a human tragedy and the new equipment they say they need drilling plan compare to these recent there was also an economic tragedy. to pursue the lands they want, they are events wherein prices have gone up, There was an environmental tragedy giving themselves a big payback and notwithstanding that shift of 1.3 mil- off the gulf coast. I have read com- plowing their cash back into their own lion barrels a day? ments by some who say: Oh, nothing stocks. If we open all our shores and risk all happened. Look at that. The infra- At some point, oil companies need to our tourism, fishing industries, and all structure and the technology is so ad- recognize they have been trusted to the economies of all the coastal States vanced, we didn’t get one drop of spill- manage natural resources from public to oil production, the first drop of oil age after Hurricanes Katrina and Rita. lands, and there are times when they wouldn’t be seen until the year 2017, Wrong. False. Seven hundred thousand have a responsibility greater than and oil production would peak in the gallons of oil spilled into the Gulf of boosting their bottom line. With gas year 2030. What could we get in the Mexico, and over 7 million gallons of and food prices through the roof, and year 2030? We would get 200,000 barrels oil leaked offshore from the infrastruc- the economy sputtering, we arrived at a day. Well, my God, if a reduction of ture that supports offshore drilling. that point long ago. So when people 800,000 barrels a day has done nothing Now, here is a picture. This is not my say, ‘‘We need to drill more,’’ I say, tell and gas prices went up, if the Saudis picture; this is a picture from the U.S. it to the oil companies. Tell them to are pumping out 500,000 new barrels a Coast Guard. What did they do to try use their profits to invest in more day and prices go up, how is it that get- to deal with the oil that leaked? They equipment and drill in the 68 million ting 200,000 barrels a day in the year burned it to try to dissipate it. If I saw acres they already have leased. 2030 is going to reduce gas prices to- Basically, when oil companies say this off the New Jersey shore or in morrow? It is a sham being created by North Carolina or Florida or California that giving them more acreage would those who want another grab for their increase the amount of oil they or Oregon or Washington, I would say oil company friends, as we have seen that is a major disaster. Yet we have produce, it is like saying, if your car is over the last 7 years by the two oilmen about to run out of gas, you need to colleagues who say not a drop—not a in the White House. drop—spilled. False. Wrong. Not true. pull over and install a bigger tank. The To put that number another way, the problem in that situation isn’t the size Between commercial fishing, sport amount of gas we could get from off- fishing, forestry, and tourism, drilling of the tank, and the problem we face shore drilling is equivalent to a few ta- right now isn’t that oil companies would pose a threat to coastal econo- blespoons per car per day. Together, an mies that are over $200 billion a year. don’t have enough land to drill on. The 800,000 barrels-per-day reduction in de- problem is they are not drilling on That is how much our coastal econo- mand, an increase of 500,000 barrels per mies generate along the east and west what they have. Not to mention, even day of Saudi production equals that 1.3 if offshore drilling produced every drop coasts—over $200 billion a year. That is million barrels-per-day shift in the part of what led President Bush’s fa- optimists are talking about, it would market. Yet we still have record gas not even be close enough to affect gas ther to declare, when he was President, prices. So if this massive shift has no when he put in place the moratorium prices one way or another. Even Presi- impact, it is clear the production of dent Bush’s own Energy Information on offshore drilling, that: 200,000 barrels a day in the year 2030 Administration admits that all we are Certain areas of our coast represent unique will do absolutely nothing at all about talking about is a drop in the bucket natural resources. In those areas, even the gas prices today. It is simply wrong to that will have no effect whatsoever on small risks posed by oil and gas development think that opening offshore drilling may be too great. the price at the pump. Let me put offshore production into will lower gas prices. I don’t consider this type of contami- So one might ask: Why are oil com- perspective. What our colleagues say is nation a small risk, but even the first panies asking us to hand over more the panacea, the solution to every- President Bush said: ‘‘Even those risks land when they already have so much thing, is misleading. The way they say posed by oil and gas development may that is unused? It seems to me there is this, you would think if we drill tomor- be too great.’’ only one explanation. Oil companies row, open up new land around our Even what he considered small risks Outer Continental Shelf, guess what aren’t actually in a rush to drill in were too great. This is far beyond spurts right up? Let this happen tomor- those areas, but they are in a rush to small risks. It is what led President row and you will get gasoline in your control as much Federal land as pos- Bush’s brother, Jeb, the former Gov- tank for a lot less. sible before their friends in the Bush ernor of Florida, to say: ‘‘Protection of I think the American public under- administration leave office. The oil those resources is of paramount impor- stands this much better than that. It companies’ strategy right now is to tance to the State of Florida.’’ understands it takes a decade before we grab control of as much Federal land Now, those Bushes got it straight. see the first drop, and it understands it and water as possible before January 20 They understood. takes until 2030. Let’s talk about need- of 2009, the date the next President of In my home State of New Jersey, we ing relief now, not in 2030. Even then, the United States takes office. They cannot escape those risks, when drill- what do we get? are trying to take advantage of the ing would happen less than 100 miles Since April, Americans have re- current energy crisis to take control of off our shores. The New Jersey shore sponded to record high gas prices by more public property and boost their generates tens of billions of dollars in using over 800,000 barrels a day less— profits. The GOP plan to open our revenues each year, and it supports 800,000 barrels a day less than we did 1 shores to drilling isn’t only about oil about a half a million jobs. We have al- year ago. This is the most significant prices, believe me; it is about share ready seen in the past the devastating and sudden drop in oil demand since prices. That plan comes with a serious economic effects of medical waste the 1970s. pricetag: a vast increase in the risk to washing up on our beaches. New Jersey What has happened—notwithstanding the health of our coasts and the econo- families and businesses cannot afford the fact that we have reduced demand mies they support. the risk of an oil slick on the scale of

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00025 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7006 CONGRESSIONAL RECORD — SENATE July 22, 2008 the Exxon Valdez crash or the spills term relief so an energy crisis such as and the computer can’t decide to be- after Hurricanes Katrina and Rita, this does not happen again. come a country powered by wind tur- with sticky crude forcing beaches to That moves us to the ultimate goal. bines, solar cells, and geothermal close, killing wildlife, collapsing prop- This country should be far more aspira- plants. There is no reason we can’t de- erty values, and destroying our econ- tional in its view of this issue. We cide to move toward powering our Na- omy in the process. should approve the renewable energy tion with innovative, clean energy, es- We need real barrels coming out of tax extensions bill, which our col- pecially since we have the technology the ground, not paper barrels filling leagues on the Republican side have op- to get started. nothing but big oils’ balance sheets. It posed, that would help continue the Two Americans were the first to fly. is time to take action to shore up our rapid growth of wind and solar and pro- As one engineer said at the time: ‘‘The energy security and drive down the vide an incentive for the purchase of Wright brothers flew right through the price of gasoline. plug-in hybrid vehicles. This will help smokescreen of impossibility.’’ First, we need to take action to us begin the transition to new energy It is time we showed we believe that lower gas prices now. The Federal Gov- sources so we are not so vulnerable to ending this energy crisis is incredibly ernment should release oil from the the rising costs of fossil fuels, not to possible. Strategic Petroleum Reserve to pro- mention what it does to our environ- If we want to bring down the sky- vide immediate relief. We can have a ment and global warming. high price of oil, stop shipping our swap where we can take the light We should clamp down on rampant money overseas in exchange for foreign crude—we can actually, in fact, make oil speculation and burst the specula- oil and make our economy soar again. money on this—and get the type of tive bubble that has caused oil prices It is time we did everything we can to crude we need and, at the same time, to skyrocket. get a real program for energy independ- help try to affect the price by having We should be acting now on global ence off the ground. That is our real that immediate surge of oil into the climate change legislation that lays challenge. That is our real oppor- marketplace. out the framework to completely tunity. That should be our real mis- In addition, I have joined with Sen- change our economy from one that is sion. ators FEINGOLD and DODD to introduce based on oil and other fossil fuels to an I close once again by saying that this the Responsible Federal Oil and Gas economy based on renewable energy. comment about offshore drilling, that Lease Act, which requires oil compa- That is a real plan, not just a plan to it is the way we are going to solve all nies to show they are either producing go out in search of our next oil fix. our problems—800,000-barrel reduction oil or gas on public lands or making Increasing the share of oil we in demand, prices went up; 500,000 bar- progress exploring or developing them produce here at home is important, and rels more production by the Saudis, gas on current leases before they get their we should make sure there are incen- prices went up; 1.3 million barrels and hands on more land, when they are not tives for oil companies to produce, but change, prices went up; 68 million acres even producing on that which they authorizing drilling in the Outer Conti- of land the oil companies have they have. nental Shelf would just be a distraction don’t use, that is another reason prices We have also introduced the Respon- and would do nothing to bring down go up—restrict the demand. sible Ownership of Public Land Act, gas prices, now or ever. The bottom line is, let’s move for- along with Senator DURBIN. The bill Drivers are calling out for us to bring ward in a way that meets our challenge would charge oil companies a fee for down gas prices, not to prop up oil not only today but tomorrow. We are a every acre of land they lease but fail to companies’ stock prices. Our Govern- country that can do. We are a country use for production. The combination of ment needs to stop holding the oil com- of infinite possibilities. It is time to go these measures could give the oil com- panies’ hand and start holding them beyond the shortsighted, narrow view panies the incentives they need to get accountable. American families and that, in fact, we must risk all of our barrels of oil off their balance sheets businesses deserve a government that coastal economies, $200 billion a year, and into the marketplace. works for them, not just for the people for something that won’t produce one In addition, I will be offering an who sell us our oil. drop of oil for a decade, won’t receive amendment to make sure oil that is A mother can’t fill the family car full production until 2030, and won’t do produced on land owned by the people with the predictions in oil companies’ anything now or in the future about re- of the United States gets used by the annual reports. A business can’t ship ducing gas prices but will ultimately people of the United States. Right now, its products with so-called likely re- say to future generations of Americans oil companies shift 1.5 million barrels serves. What makes the engine of our that we, in the expediency of the mo- per day of domestically produced oil economy run today is what comes out ment, were willing to risk not only overseas. So 1.5 million barrels a day of the ground, not what is written on those economies but the natural re- produced in the lands and waters of the paper. What will make our economy sources of this country for something United States shift overseas. Last year, run tomorrow is our ability to transi- that would do absolutely nothing about that meant over half a billion barrels tion beyond this addiction. gas prices. of oil per year was taken from U.S. Making a major commitment to cre- We can do better than that. That is public lands and sent abroad. Now, we ate the economy of the future, free what this debate is all about, and that are talking about using the Outer Con- from the liquid shackles of oil, would is the opportunity we have. tinental Shelf and getting 200,000 bar- send a clear message to the world that I yield the floor. rels in the year 2030, while we have America is ready to lead again. That is The PRESIDING OFFICER. The Sen- been sending over 1.5 million barrels a the message we should be sending. ator from Oklahoma. day to other places in the world—oil We have to ask ourselves: Since when Mr. INHOFE. Mr. President, I know that comes from public lands. have we been a country that is afraid we are all under confined time. I have If we are going to endanger our own of a challenge? Since when have we a lot more to say than time will allow. environment and deplete our own re- waited for others to innovate, waited I just listened to these remarks, and I sources, certainly we should be the for others to rescue us from the dan- wonder, why do people think the Amer- ones who benefit from it. Not that I be- gers we face, waited for other nations ican people are so dumb they don’t un- lieve that should be the case, but in to take the lead? derstand supply and demand? terms of taking a risk for our own When we entered the Second World A couple weeks ago—and no one can lands and public resources—certainly War, our allies knew we were in it with ever accuse the Washington Post of not to drill off the coast, but to the ex- our hearts and souls. When President being partial to conservatives or Re- tent that we have drilling going on now Kennedy announced we would go to the publicans, but they came out with an and we have land they are not drilling Moon, friend and foe alike knew we editorial, and they said: Why do Mem- on, that ultimate production should be would not rest until we had allowed bers of Congress think they can repeal used here in the United States. Over mankind to take that giant step. the law of supply and demand? You can half a billion barrels are sent abroad. I refuse to believe a country respon- say it all you want, but we have to We need to bring medium- and long- sible for the light bulb, the telephone, have more supply.

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00026 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7007 Ever since the 1995 veto of the bill Democrats won’t let us explore it. It is ply and resolve the problem, the energy that would allow us to go offshore to something I think the American people crisis we have right now. The No. 1 increase our supply, go to ANWR, go to understand and understand very clear- problem in America—talk with my oil shale, the Democrats have voted ly. wife, talk to any State, they will tell against increasing supply since that ANWR is another area. It contains 10 you the No. 1 problem is the price of time. That was the middle nineties, billion barrels—back at the time Presi- gas at the pumps. We can solve it with and now we are paying for it. I can re- dent Clinton vetoed the bill—that greater supply. member coming to the floor of the Sen- would be coming through the pipeline I yield the floor. ate back then when President Clinton today in resolving these problems we The PRESIDING OFFICER (Mr. vetoed the bill that would allow us to have. WEBB). The Senator from New Hamp- increase our supply and saying the day Rocky Mountain oil shale—that is shire. is coming when we are going to be the big one. That is the one that has 2 Mr. SUNUNU. Mr. President, I rise to sorry we did this. trillion barrels. Right now, they can- speak today on the topic of energy, a I am very proud that the other day not go after them, they cannot con- topic that is obviously consuming President Bush called for action by tinue technology, they cannot explore Members of both Chambers of Con- Congress in four areas. One is the for that, they cannot produce it be- gress. It is something everyone in the Outer Continental Shelf, about which cause the Democrats have a morato- country is focused on, and for good rea- we have been talking. The others are rium. Yet, if you go to the States son—gasoline at $4 a gallon and oil ANWR and America’s oil shale. where this is located—Colorado, Utah, reaching $140 a barrel. Even in the heat To give an idea of the capacity, this the Western States—they all want to of summer, people are concerned with is called supply. We know what our de- do it. It would be great for the econ- how they are going to pay to heat their mand is; everyone is demanding. This omy, it would be great for America, homes this winter. is supply. We called for it. We can have and it would not take any time at all We need a sound, balanced approach all the supply in the world, but if we to get this done. to energy. This approach certainly has don’t have the refining capacity, we Imports. Opening the Nation’s access not been any part of the debate we are not going to be able to use it. to reserves on the Outer Continental have had in Congress in recent months We had the Gas Price Act. I thought Shelf, ANWR and oil shale would cut because all the discussion seems to that was one that would offset any our Nation’s trade deficit in half. We center around the idea of speculation, kind of objection to the idea that we have recently been watching T. Boone which is something we need to address should be refining in this country. It Pickens, and we should listen to him. and should be concerned about, but was using some of these closed military He talks about some things we can do rest assured, it is not the lion’s share places, along with EDA grants, to with wind energy, but he talks about of the problem. We need to do more allow them to have refineries in Amer- natural gas, and that is a partial solu- than just look at ways to appropriately ica. We don’t have the refining capac- tion to the problem. I have a bill that regulate our financial markets. ity in America, and we need to have it. would allow compressed natural gas to If we look at the bill on the floor, it We need to have the supply, and we be fully utilized. Right now, there are has fallen into that same trap. This is need to have the capacity to refine the some obstacles with the EPA and oth- a bill which does not deal with con- oil. ers, but I agree with T. Boone Pickens; servation, it does not deal with alter- Polling—and I think the Democrats that if we pass this bill, we will be able native and renewable energy, it does should be looking at this—is not where to utilize that. As he said, we need to not deal with energy research, it does it used to be. The recent polling data continue to produce, continue to ex- not deal with electricity production, from Rasmussen showed that 67 per- plore, because we cannot run the great- and it does not deal with new produc- cent of the voters support offshore est machine in the history of mankind tion of oil or natural gas or any other drilling. Only 18 percent oppose it. The on solar and wind power right now. We kind of energy. same poll also found that 64 percent be- hope that day comes, but it is not here. I think people across the country lieve that if offshore drilling is al- We could cut our trade deficit nearly look at a debate such as this and they lowed, gas prices will go down. And in half. According to the Energy Infor- scratch their heads: How can people se- they will. There have been several edi- mation Administration, the United riously think they are going to have a torials which we have made part of the States spent more than $327 billion to positive impact on energy prices in the RECORD which have shown the market import oil in 2007. That is roughly half medium term or the long term if they response when things such as this hap- of the $711 billion trade deficit we had are not really doing anything about ei- pen. When we open capacity, the mar- last year. So not only will we get ther supply or demand? There is no ket will respond. cheaper gas for Americans at the pump question, we do need to continue to Another poll found that 81 percent of merely by increasing capacity, increas- work to use less energy, save energy, Americans support greater use of do- ing the supply that is out there, but we and conserve energy. However, we also mestic energy resources. By a margin also would do some great things in need to work to find more energy, de- of more than four to one, Americans terms of our trade deficit situation. velop new alternatives for energy pro- surveyed supported the United States Why should producing America’s own duction, and develop new reserves of tapping into its own domestic energy resources be a partisan issue? It energy at home. Those are the kinds of reserves. We are the only country in shouldn’t. But the Democrats in Con- changes that will make a real dif- the world that does not tap our own re- gress refuse to increase the supply of ference in the long term, but they will serves. energy, and the gas prices keep rising. also make a real difference in prices With regard to offshore, I listened to We have seen recently that all we have today because the energy futures mar- the arguments, which are really kind to do is open that and the markets will ket is just that—a prediction of what of ludicrous. When you stop and realize immediately respond. I feel this is the price of energy will be in the fu- that offshore we have the capacity of 14 going to happen. I cannot imagine that ture. If the markets, businesses, indus- billion new barrels, and people come the polling is going to get much more try, and investors are convinced that down and say—I heard the assistant favorable than it is today. there will be a concerted effort to do a majority leader say a few minutes ago There is one State—I won’t mention better job saving energy—using less— that there are 68 million acres out which State it is because it is consid- and do a better job of producing en- there that are not being explored, not ered to be pretty much a liberal ergy—finding more—then those prices being produced, not being drilled at State—that 3 years ago, only 28 per- will, without question, come down. We this time. There is a very good reason cent of the people in that State wanted need legislation that makes aggressive for that—because there is no oil on to drill offshore and in ANWR. Today, steps in all of these areas, and to think them. Oil isn’t everywhere, but where it is 68 percent. It doesn’t get much that we could just deal with one area you know it is, you need to go after it. better than that. one time with a very modest approach So 85 percent of the land where there is I suggest, Mr. President, we get the and have an impact is simply mis- an opportunity to bring oil in, the Democrats to join us, increase the sup- taken.

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00027 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7008 CONGRESSIONAL RECORD — SENATE July 22, 2008 Regulation is important. Regulation but in the long term as well? Well, we of those reserves. Of course it will take is important because it ensures that need a little more substance, don’t we? time. Everything takes time. It takes the markets have integrity. Regulation And I think that starts with conserva- time to build a new wind farm. It takes ensures that investors, whether it is a tion—the idea of using less energy. time to construct a new nuclear power- pension fund or a mutual fund, or a It is important to note this is one plant. It takes time to have the con- farmer who is hedging prices for the area where this Congress has taken a servation proposals I talked about ear- potential of an increase in energy positive step, passing for the first time lier reach their full impact. But that is prices in the future, have confidence in in 32 years an increase in fuel effi- all the more reason to start acting the marketplace. ciency standards for cars and trucks, today. Any time we have a financial mar- and raising that fuel efficiency require- Without question, an American com- ket, we want to make sure disclosure is ment to 35 miles a gallon by the year mitment to take better advantage of appropriate. In the case of energy fu- 2020. That will make a difference, and resources here at home will have an tures, we want to make sure we have we need to work to make sure that is impact on the predicted cost of energy appropriate position limits and infor- fully implemented. out in the future. It will bring down mation that is being shared across dif- But we have already seen, if we look the cost of energy today. ferent platforms so that we understand back over the last few decades, the im- The PRESIDING OFFICER. The Sen- what those positions are, what their pact that conservation can have, be- ator’s time has expired. volumes are, and what might be influ- cause today our economy uses over 30 Mr. SUNUNU. Mr. President, I ask encing pricing. We also want to make percent less energy to produce a dollar unanimous consent for 1 additional sure that we have information that of goods or services than we required 30 minute. The PRESIDING OFFICER. Without might be important to bring to bear if years ago. Legislation such as the con- servation measure I described and was objection, it is so ordered. there is a case of price manipulation, Mr. SUNUNU. Mr. President, con- pleased to support, will help keep us on which is against the law and should be servation, clean renewable energy, and track to improve conservation. prosecuted to the fullest extent of the production—this is a balanced ap- law. Second, clean renewable energy. Again, this pending legislation does proach, and it is the only approach The question is really whether what that will attack on all fronts and en- nothing to encourage alternative, re- this bill addresses and only addresses— sure that we bring down the cost of en- newable energy, and yet we have legis- the idea of regulation in the markets— ergy for all Americans. whether this bill as written would sig- lation that the Senate previously con- A final point I want to make is that nificantly affect price. I don’t think it sidered that has strong bipartisan sup- even as we act in these areas, there is would have a significant impact, but I port that would expand the incentives one other area we need to act on, and suggest you don’t take my word for it. for wind, solar, geothermal, biomass, that is helping those who don’t have Let’s look at what investors and finan- and high-performance wood-burning the financial means to work through cial experts and regulatory agencies systems. We have that legislation. It the coming winter months and the high has passed the Senate 88 to 8. It ex- have to say about the current problem. cost of energy. Senator GREGG, who is Just in this past month, Warren tends the production credits. And it is now on the floor, has introduced legis- Buffett, an intelligent investor, well good for the environment, of course, as lation to double funding for the Low known, candid, honest, certainly not a we all know renewable energy is. In Income Heating Assistance Program, Republican, had this say: New Hampshire, where we have a and to do so in a way that is fully paid It’s not speculation, it’s supply and de- strong history of sustainable forestry, for. I am proud to cosponsor that legis- mand. We don’t have excess capacity in the incentives for high-performance wood- lation, and it is legislation that should world anymore and that’s why you are seeing burning systems are good for the local also be included in this final energy oil prices increase. economy, and it plays a real part in re- package. The Chairman of the Commodity Fu- ducing our dependence on energy im- We need an opportunity to offer tures Trading Commission says: ports. amendments on renewables, on low-in- We haven’t found evidence that speculators So we have conservation and we have come heating assistance, on produc- are broadly driving these prices. renewable energy, but with oil reach- tion, in order to make this a meaning- The International Energy Agency— ing $140 a barrel, it is not realistic to ful energy package that makes a dif- not beholden in any way to American think we can reduce our energy im- ference for all the people in the coun- politicians or American investors on ports if we don’t produce more here at try by bringing down those energy Wall Street or Main Street—says: home. We need domestic production of costs we see every day at the pump and oil and domestic production of gas, in There is little evidence that large invest- across the country. ment flows into the futures market are caus- addition to these clean renewables and Mr. President, I thank you for the ing an imbalance between supply and de- conservation initiatives. time, and I look forward to the oppor- mand and therefore contributing to high oil One of the previous speakers talked tunity to offer amendments, which I prices. about 10 to 15 billion barrels of oil in hope will be supported aggressively on Chairman Ben Bernanke, testifying the northernmost part of Alaska, bil- the floor. before Congress, said: lions of barrels of equivalent reserves The PRESIDING OFFICER. The sen- If financial speculation were pushing oil on the Outer Continental Shelf, deep ior Senator from New Hampshire. prices above the level consistent with the offshore. And most importantly, today Mr. GREGG. Mr. President, I first fundamentals of supply and demand, we we have the technology to take advan- congratulate Senator SUNUNU, my col- would expect inventories of crude oil to in- tage of these reserves in a way that is league and friend from New Hampshire, crease. But, in fact, available data on oil in- more efficient than ever before, and in for his excellent statement, and I agree ventories show notable declines over the past a way that protects the integrity of the with everything he said, especially the year. environment better than ever before. part about cosponsoring the bill I in- These individuals and organizations The time is now to employ this tech- troduced. But Senator SUNUNU brings a are not political in nature. They share nology, to unlock this opportunity, and unique perspective to this issue be- the same goal a good legislator would in doing so to have a real impact on cause he is the only engineer in the have, or anyone in America, to try to the cost of energy in the United States body, having graduated from MIT, and bring down prices. They recognize that and around the world. he understands the physics and the simply adding new regulations to the The same individuals who are oppos- chemistry and the technology issues of futures market is not going to have a ing these initiatives today opposed getting more production. Thus when he significant effect on the fundamental them 5 years ago, 10 years ago, and 20 speaks on those issues, we all need to problem of supply and demand. years ago. Unfortunately, we didn’t listen. So the question is: How do we have take action 5 years ago or 10 years ago, I rise, as he and many of my col- an impact? How do we enact legislation and now they say: Well, if you allow leagues do today, to ask about why we today that will have an effect on en- additional production deep offshore, it aren’t taking up a more in-depth en- ergy prices, not just in the near term will take some time to take advantage ergy bill than just one that deals with

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00028 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7009 speculation—and speculation being at cane Katrina was that we did not lose we say to the world we are going to use the margin of the problem, according a barrel of oil from the production that oil, we are going to take advan- to the leading experts on this. sites, from the drilling sites in the Gulf tage of that oil, the price of oil on the When I was home this weekend, I of Mexico. So we have proof beyond world market will adjust to reflect filled up my wife’s car and it cost al- doubt that oil can be extracted in a that. most $70. Now that is what you call safe way, and we should be extracting And equally important, we will be painful. The people in New Hampshire it. keeping those dollars in the United and across this country, when they pull Why should we be sending billions of States. These are hard-earned Amer- into that gas station, are asking them- dollars annually overseas to govern- ican dollars. People spend their weeks selves whether they can afford the ments and individuals who have no use working hard to produce that income, price of this gas. People in the North- for us—whether it is in Venezuela or and they want to have that income re- east and in the colder parts of this Iran—when we can be buying American invested here in the United States. country are worried about what is oil and producing American product They do not want to send it to Iran or going to happen this winter when the here in the United States in a safe and to Venezuela to be reinvested there. price of home heating oil has to be environmentally sound way? It is com- They want it to be reinvested here. met. It is a scary time, and we, as a mon sense that these opportunities And the way you reinvest here is to Congress, have a responsibility to do which sit there should be taken advan- buy product here. something about that. tage of for the American people, and So we need to produce more, but It doesn’t take a lot of expertise to that we conserve more and we create most especially we need to have a de- know there are two ways you can ad- more renewables. bate on this floor which allows us to dress this problem: You can produce Yet when a bill comes to the floor discuss these issues in a formal, con- more energy—hopefully American en- which is supposed to involve the major structive way so we can have amend- ergy—and you can consume less energy energy debate of this Congress, what ments and people can decide what is through conservation. This bill that happens? The other side of the aisle the best policy, not shut off debate, as has come to the floor here today basi- says they are only going to allow one is being proposed. What is the fear that cally does neither. It doesn’t produce issue to be discussed: speculation. They pervades the other side of the aisle more and it doesn’t conserve more. It are not going to allow the issue of that they are not willing to discuss the simply attacks speculators, who, ac- drilling on the Outer Continental issue of the Outer Continental Shelf? I cording to most of the experts, haven’t Shelf, producing more American en- am willing to take on the issue from an been the major problem in this runup ergy, to be discussed or voted on or environmental standpoint. in the area of the cost of energy. policies to be pursued. They are not I think I have a pretty good environ- The problem is pretty obvious. There going to allow oil shale and the extrac- mental record. I am willing to defend are 2.5 billion people between China tion of oil shale to be discussed or the idea of going on the Outer Conti- and India who are starting to use sig- voted on or addressed in a way which nental Shelf to produce energy from an nificant amounts of energy as they will allow us to pursue that course of environmental standpoint. I know it is move into a better lifestyle. That has activity. There is no initiative that is good policy from the standpoint of pro- created massive new demand, and sup- going to be allowed to be brought to duction. The same is true of oil shale. ply has not gone up because there has the floor and no amendment on the The same is true of nuclear power. been no significant increase in supply issue of expanding nuclear power, Let’s bring those issues forward here, across the world, especially supply here which is the cleanest form of energy we put some policies in place that allow us in the United States. So the price has have and that doesn’t create more en- to use those type of energy resources gone up and gone up dramatically. vironmental hazard in the way of so we can reduce the cost to the Amer- The solution isn’t, as has been pro- greenhouse gases. All of those issues, ican people of the price of their energy posed from the other side of the aisle, which common sense tells you we and also keep those dollars in the to not export American energy any should be addressing, are taken off the United States. longer, which would give us half a day table. All that is wanted from the At the same time, we do need to pur- of savings in oil; or to go into the Stra- other side of the aisle is a political sue an aggressive course in conserva- tegic Oil Reserve and use that all up, vote to give them cover in the next tion and in renewables. That is why I which will give us 3.5 days of additional election. am supporting, along with Senator EN- oil. The solution is to look for major Well, the American people aren’t in- SIGN, Senator CANTWELL from Wash- new production sources in the United terested in cover for the election, they ington, a bill to reauthorize the renew- States, as well as conservation initia- are not interested in the politics of the able tax credits so energy sources such tives. next election, they are interested in as wind and biomass can be aggres- For example, if we use oil shale, we doing something that has an imme- sively used and effectively used. have, between 3 States—Utah, Colorado diate and long-term effect on the price Unfortunately, that bill has also been and Wyoming—2 trillion barrels in re- of energy and makes our Nation stopped on the floor of the Senate. It serves of oil shale, and it can be with- stronger. should not be. We should be pursuing drawn from the ground in an environ- Now, why does action in the area of that course of action as aggressively as mentally safe way. What does that rep- production—which may, as the Senator we are pursuing alternatives which resent? That represents 40,000 days of from New Hampshire said, take 5, 10 give us more production. oil that could be produced—American years to bring on—have an immediate You know, my experience in Govern- oil. It is only common sense that we effect on the cost of energy? Because ment is that when you confront an should pursue American oil production, the price of a barrel of oil is based on issue, and there is a commonsense solu- when we can do it in an environ- what is the expected supply in the out- tion to that issue, most people usually mentally safe way—which we can—and years. And if the international commu- get it. I think most people, at least in when it is sitting there. The American nity knows America is going to step up New Hampshire, get it, that this issue people understand that. and start producing energy, the price of energy, which is so huge and so im- On the Outer Continental Shelf, we of the barrel of oil goes down. portant to everybody’s lives, especially have billions of barrels of oil sitting The world community knows we are as we head into the winter, requires an there available, and we know we can sitting on 2 trillion barrels of reserve aggressive response in the area of more produce it in an environmentally safe in oil shale—three times the amount of production and more conservation. way. Why do we know that? Because we oil Saudi Arabia has. If we say to the They also understand, and most peo- have had examples of it. Hurricane world we are going to access that oil, ple understand, you cannot produce Katrina, a force 5 hurricane, came the price of oil will be affected signifi- more unless you actually go out and right up the Gulf of Mexico and de- cantly today, even though it may take look for it. I mean it is common sense stroyed one of our greatest cities. It a few years to get it on line. We are sit- that you cannot produce more unless was a horrific event. But one thing ting, as I said, on billions of barrels of you look for it. The way you look for it that didn’t happen as a result of Hurri- oil on the Outer Continental Shelf. If is you look where it is. Where it is is in

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00029 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7010 CONGRESSIONAL RECORD — SENATE July 22, 2008 the oil shale of the West and in the rently, the Spokane VA is inves- of them are serving their third or Outer Continental Shelf. tigating all of those cases. I have spo- fourth and sometimes fifth deploy- We have proven beyond any doubt ken to Secretary Peake, and he has as- ments. This is a stress that is taking a that both of those resources can be sured me his team is on the ground toll on everyone. used effectively and in an environ- taking a hard look to see what went For many of them, it gets worse mentally sound way. At the same time, wrong and what they can learn from when they come home to the pressures we know that there are other sources that case. But while I appreciate the of everyday life or financial strains or of energy that are available to us, such work Secretary Peake and the Spokane family problems. That is especially as nuclear, and that there are ways to VA are doing, the fact is this is a seri- true for members of the National conserve, such as advancing the elec- ous problem across the country. Guard and Reserves because, unlike tric car and advancing other initiatives Every suicide is a tragedy. Those Active-Duty troops who return from in the area of renewables. young men and women are someone’s battle to go to a military base where So it is a degradation of our responsi- son or daughter, someone’s best friend, there is a support network, many of bility as a Congress, in my opinion, to possibly someone’s spouse or even a our Guard and Reserve members go not take up this issue and address it parent. Our hearts go out to all of home right away to family pressures across the board; take on all the dif- those families and their friends. These and to civilian jobs they need to start ferent elements of it so the American deaths are an urgent reminder that we right away. people have some confidence that we have to keep our eye on the ball. We The military and the VA have to up- are actually moving forward and we owe it to all of our servicemembers and date their resources and outreach ef- are not simply trying to dot a political veterans to demand that the VA and forts to match the challenges our ‘‘I’’ for the next election or to cross a the Department of Defense make it a troops face when they return. That ‘‘T’’ for the next election so we can national priority to bring those num- safety net has to be in place before claim we did something here on one bers down. they ever leave the military. That item of the overall problem. I acknowledge that the VA is taking means we must have creative programs This is a time to take some action. I steps to reach out to our veterans and that help our servicemembers transi- certainly hope we do not leave, that their families to let them know that tion from that battlefield back to the this Congress does not recess without help is available. This week, in fact, home front. It means providing family having done something constructive in the VA is rolling out a public service and financial counseling to any serv- this area and something that meets the campaign in Washington, DC. It is part icemember who needs it, and it means commonsense test of the American of a 3-month-long pilot program, and developing a way for the military or people, which is we need to produce the VA is going to be running a series the VA to follow up with our service- more American energy and we need to of ads on TV, on buses and trains, and members, especially those who have al- conserve more American energy. on the subway. Those ads are going to ready asked for help with psychological I yield the floor and I suggest the ab- highlight the VA’s 24-hour suicide pre- needs. We have to also encourage our sence of a quorum. vention hotline. The number for that is servicemembers and veterans to seek The PRESIDING OFFICER. The 1–800–273–TALK. It will help assure our care when they need it by breaking clerk will call the roll. veterans it is OK to ask for help. I down the barriers that prevent them The assistant legislative clerk pro- truly applaud the VA for that effort be- from asking for help. ceeded to call the roll. cause it is a good step. We have to ab- The VA and the Defense Department Mrs. MURRAY. I ask unanimous con- solutely get the word out to veterans have to take strong steps to change the sent that the order for the quorum call and their families. If this helps prevent military culture so that servicemem- be rescinded. one tragedy, then it is more than worth bers no longer fear that seeking care The PRESIDING OFFICER. Without it. will be viewed as some sign of weak- objection, it is so ordered. I applaud the VA. I hope the Defense ness or one that could hurt their ca- Mrs. MURRAY. Mr. President, I ask Department will also publicize that reer. Even more important, service- unanimous consent to speak as in number among its Active-Duty troops members and veterans must be con- morning business but for the time to so when they leave the service, they vinced if they ask for help, doctors and count against the 30 hours. will already be aware of it. But this is staff will take them seriously and pro- The PRESIDING OFFICER. Without only a step. An ad campaign is only as vide the care they need. objection, it is so ordered. good as the resources that are there I personally have heard too many VA HOTLINE when our servicemembers call and ask tragic stories about veterans who have Mrs. MURRAY. Mr. President, we for help. gone to the VA in distress, only to face have had a very important debate If we truly are going to make a dif- a doctor who underestimated their today about energy which I spoke ference, we need a much bigger effort. symptoms and sent them home to an about earlier today. I come to the Sen- We have to do more to reach out. We end in tragedy. When someone with a ate floor this afternoon to talk about have to do more to break down the bar- history of depression or PTSD or other another issue that is also important; riers to those seeking mental health psychological wounds walks into one of that is, to raise awareness about one of care. We need to back up those efforts our VAs and says they are suicidal, it the most heartbreaking and alarming with enough resources and money to should set off alarm bells for everyone. consequences of the wars in Iraq and ensure that when a veteran goes into We can’t convince veterans or service- Afghanistan. the hospital asking for help, the VA of- members to get care if they think they In the 5 years since we invaded Iraq, fers the best care possible. will be met with lectures and closed we have seen a disturbing increase in While I applaud the idea of publi- doors. That is simply unacceptable. At the number of young men and women cizing the suicide prevention hotline, I the very least, we have to ensure that who are returning home, struggling believe the military and the VA must staff at military and VA medical cen- with the psychological impact of the reach out long before our young men ters have the training to recognize and war and then, sadly, take their own and women pick up that phone and call treat someone who is in real distress. lives. About 1,000 war veterans who are for help. That is going to take cre- Finally, we have to provide the re- being treated by the VA attempt sui- ativity and leadership. sources to back up all of these efforts, cide each month. It is a problem that is The VA and the Defense Department starting with making sure that the sui- affecting many communities across the can’t keep doing things the way they cide prevention hotline is staffed with country. have always done them because the enough trained professionals to provide Earlier this month, we lost a young wars in Iraq and Afghanistan are not real help to someone in need. I hope man in my home State of Washington, like any we have fought before. Our that will be the case. Unfortunately, just hours after he went to the VA in All-Volunteer Force has been on the this administration has failed for 8 Spokane to ask for care. He was, in ground in these two countries for long years to make good on its prom- fact, the sixth veteran in that commu- longer than we fought in World War II. ises and provide the resources for our nity to take his own life this year. Cur- Troops get very little downtime. Many veterans to carry them out. Time and

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00030 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7011 time again it has taken leaks and scan- prepared to care for their unique As ranking member of the Senate dals to get the administration to own wounds. In order to do that, we need Committee on Agriculture, Nutrition, up to major problems at the VA—from strong leadership and attention to de- and Forestry—the committee with ju- inadequate budgets to rising suicide tail in Washington, DC, in Spokane, risdiction over commodity futures rates about which I am talking today. WA, and everywhere in between. trading—I have an obligation to ensure Its response to rising costs has been to At the end of day, this is not about that legislation dealing with such mat- underfund research and cut off services bureaucracy. It is not about protecting ters is appropriately analyzed. Unfor- for some of our veterans. We have to do turf. It is about saving lives. I am glad tunately, the committee of expertise better than that. Servicemembers and the administration plans to increase did not have an opportunity to review veterans need more than an 800 number its outreach. It is a pilot program. It is this legislation before it was brought to call. They need psychiatrists and only a small step. We have to make to the Senate floor, and for that reason psychologists who understand the hor- this a national priority to address this many problems exist within this lan- rors of war and the stresses our troops tragedy. guage. feel. The administration has to back up When dealing with issues of such We also have to make sure we have its efforts by reaching out to our serv- complexity, we cannot afford to ignore the facilities and systems set up to ac- icemembers, veterans, and their fami- the potential unintended consequences commodate the troops who will be en- lies. We have to break down the bar- that will surely result from this ap- tering the VA system in the next dec- riers that prevent our servicemembers proach. What if we are wrong and we ade. We have to fast-track research and veterans from seeking and getting actually drive up the price of crude oil? into the signature injuries of this war, mental health care, and we have to What if we miscalculate the true bur- such as traumatic brain injury or post- provide adequate resources. den we are placing on the over-the- traumatic stress disorder, so we under- No matter how anyone feels about counter market and such activities mi- stand how to diagnose and treat those this war, our troops are heroes. They grate to foreign markets? What if we conditions. We need to speed up efforts have done everything we have asked of reduce liquidity in the market so much that will enable the DOD and VA to them—and more. It is time our com- that our physical market participants share records so that fewer service- mitment measured up to theirs. have limited hedging opportunities? Mr. President, I yield the floor. As I said, this issue is extremely members slip through the cracks as The PRESIDING OFFICER. The Sen- complicated, and the factual data is they transition from Active Duty to ator from Georgia. veteran status. Now is the time to in- Mr. CHAMBLISS. Mr. President, I lacking, which, unfortunately, allows vest in research and infrastructure. We rise today to express my sincere con- everyone to paint the picture conven- cannot afford to wait. cern about the manner in which this ient for their own cause. I am sure you Many of us are familiar with the body is considering energy-related leg- all have heard conflicting reports. For story of Joseph Dwyer, a young Army islation. example, some claim that in recent medic, made famous in a photo taken My constituents are interested in years noncommercial participation, or during the first week of the U.S. inva- meaningful policy that will address the speculation, in the oil markets has not sion of Iraq. In that photo, we have extremely high energy costs they are changed when compared to the propor- seen Joseph running toward safety facing today. They know that in order tion of commercial participation by with an injured Iraqi child in his arms. to deliver real results, we must develop those who actually have a stake in the It is an epic image of bravery and com- legislation designed to address the en- physical commodity, while others say passion. tire problem—supply, demand, and that speculation in the oil markets has When he came home, Joseph strug- market oversight. increased from 37 percent to 70 percent gled to fit back into civilian life. He They are not interested in why one in recent years. suffered from PTSD and, tragically, policy proposal is more worthy than This is quite a discrepancy in the earlier this year, he died of what police another and therefore should be ad- facts. The truth is that neither of these are treating as an accidental drug over- dressed before the other necessary ele- claims is proven completely accurate. dose. That photo of Joseph Dwyer cap- ments of the solution, which is no Why? Because the category used to de- tured the incredible work our troops doubt the debate we will be having termine commercial participation in- are doing every single day. But, sadly, today. We need to deal with increased cludes swap dealers who actually trade Joseph’s story is also now an example supply from both traditional energy on behalf of both commercial operators of what far too many veterans face sources and next-generation sources, as well as speculators, and we simply when they come home. The photo of improve conservation of resources, and do not have the data to verify which Joseph was taken during the first week ensure greater market transparency claim is accurate. of this war. Now, more than 5 years and oversight. The Commodity Futures Trading later, we ought to have the resources I recognize that for meaningful, com- Commission is now in the process of in place to treat the psychological prehensive legislation to pass, both getting more segregated data from wounds of war as well as we do the Democrats and Republicans are going these swaps dealers to determine how physical ones. But we don’t. to need to work together, which means much activity is truly speculative in I ask my colleagues to put them- everyone will not get everything they nature. But data separated out in this selves in the shoes of a parent or want, and we will all have to accept a manner is currently not available. We spouse who has lost a child, a husband few things that do not necessarily ap- simply do not know yet how specula- or a wife, or someone they know to sui- peal to our interests. But that is what tion participation may or may not cide. I want them to think of all the it takes to forge a workable com- have increased compared to participa- questions they might be asking. We promise. Democrats and Republicans tion by those we would consider phys- might not be able to provide all the an- need to come together and determine ical market stakeholders. swers, but we should at least be able to what we can agree to, rather than I only mention this as an example of say we are doing everything we can to bringing legislation to the floor of the conflicting data upon which some of address the problem. Senate that, frankly, is designed to of- those proposed policy changes are We know there are many dedicated, fend one side or the other. predicated. I am not claiming that one hard-working VA employees who spend For this reason, I have sought to side or the other is correct. But I do be- countless hours providing our vets with work with my colleagues on the other lieve we need to have accurate data be- the best treatment possible. We also side of the aisle, and have found that fore we seek to make major modifica- have to recognize the system is still many within this body want to develop tions in the manner in which these fu- unprepared today for the influx of vet- a bipartisan proposal that will yield tures markets operate. erans coming home. As I have told my real results. Unfortunately, the bill be- I want to be perfectly clear about colleagues before, a recent RAND study fore the Senate today seems more in- this: I am not opposed to all aspects of shows that one in four veterans is tended to divide the Senate rather than the bill before the Senate today. In struggling with PTSD. It is the duty of unite us in an effort to develop a mean- fact, I believe many of the components the VA and of a grateful nation to be ingful solution. designed to yield more transparency in

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00031 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7012 CONGRESSIONAL RECORD — SENATE July 22, 2008 these markets are necessary and that lected from commodity market participants over the long term are a direct result of they could be improved upon and en- suggests that changes to futures market reg- speculation or systematic market manipula- acted. We must ensure that the infor- ulation are necessary, the PWG stands ready tion by traders. Rather, prices appear to be mation both the regulators and Con- to assist lawmakers in crafting such modi- reflecting tight global supplies and the grow- fications. ing world demand for oil, particularly in gress use to ensure proper oversight is However, the PWG believes that bill S. emerging economies. As a result, Congress accurate to warrant our actions. 3268, as introduced, would significantly harm should proceed cautiously before drastically However, this language goes far be- U.S. energy markets without evidence that changing the regulation of the energy mar- yond what I consider reasonable, espe- it would lower crude oil prices. Among its kets. cially absent factually based data to several provisions, it would require the This mirrors exactly my concern CFTC to define and promote ‘‘legitimate’’ support such radical changes and a about this particular piece of legisla- thorough review of the potential unin- trading and significantly curtail other types of trading in the futures, OTC and overseas tion. If we have a knee-jerk reaction to tended consequences. I truly believe markets. Such unprecedented restrictions on the issue of speculation in the markets, that a reasonable market oversight market participation could reduce market li- and we are wrong, what we are going to component could be developed as part quidity, hinder the price discovery process, do is we are not only going to destroy of a bipartisan, comprehensive pack- and limit the ability of market participants the energy markets in this country, age, but, unfortunately, this approach to manage and transfer risk. Provisions in but we are going to take those legiti- the bill also may harm U.S. competitiveness is only distracting us from developing mate operators, those legitimate inves- more reasonable and balanced legisla- by driving some trading to overseas markets or to more opaque trading systems at a time tors in the energy markets, and we are tion. when policymakers are trying to encourage going to drive them overseas. We are I have in hand a letter from the U.S. greater transparency. Should this legislation going to have no control whatsoever Department of the Treasury, among become law, the chances of significant unin- over their buying and selling of con- others, dated July 21, 2008. It is a letter tended consequences in the markets would tracts, whether it be oil, and the next from what is referred to as the Presi- be high. thing we know it will be other food dent’s Working Group on Financial This legislation would regulate for the first time certain OTC transactions simi- products that are dealt with in the Markets. It is a group made up of the commodity world on a daily basis. Secretary of the Treasury, the Chair- larly to on-exchange transactions. It has been the long-held view of the PWG that bi- So I think we need to listen to the man of the Securities and Exchange lateral, OTC derivatives transactions do not experts. We need to make sure we take Commission, the Chairman of the require the same degree of regulatory over- the time to develop the right kind of Board of Governors of the Federal Re- sight as exchange-traded instruments be- policy, with the right kind of expert in- serve System, and the Acting Chair- cause they do not raise the investor protec- formation, having input into the legis- man of the Commodity Futures Trad- tion and manipulation concerns associated lation, whatever it may be. At the ing Commission. with exchange-traded instruments. Regu- lating these OTC instruments could prove right time, let’s have a bill on the floor We requested that group—which is that encompasses not only the energy the group that is viewed in this town as costly and difficult to administer by both regulators and the industry given the size markets themselves and any type of the most expert group on issues related and nature of the market, might not provide additional restrictions or regulations to the financial markets—we asked meaningful regulatory data, and could nega- we need to put there, particularly from them to take a look at S. 3268, the bill tively affect the ability of U.S. firms and a transparency standpoint, but also we before the Senate now, seeking to put markets to compete globally in these types need to deal with the overall issues of more restrictions on speculators in the of transactions. To date, the PWG has not found valid evi- additional domestic exploration. We oil commodities market, and to see need to deal with the issue of conserva- what they thought about the particular dence to suggest that high crude oil prices over the long term are a direct result of tion, whether it be through lessening bill—not the issue of speculation, but speculation or systematic market manipula- the use of gasoline, diesel, or whatever. the bill itself. tion by traders. Rather, prices appear to be The PRESIDING OFFICER. The Sen- First of all, Mr. President, I ask reflecting tight global supplies and the grow- ator has 1 minute remaining. unanimous consent to have the letter ing world demand for oil, particularly in Mr. CHAMBLISS. Plus, we need to printed in the RECORD. emerging economies. As a result, Congress make sure we are developing the right There being no objection, the mate- should proceed cautiously before drastically kinds of incentives in the automobile changing the regulation of the energy mar- rial was ordered to be printed in the industry, as well as for consumers to RECORD, as follows: kets. We look forward to working with Congress encourage the manufacture and pur- JULY 21, 2008. on these important energy market issues and chase of vehicles that are operated by Hon. SAXBY CHAMBLISS, U.S. Senate, appreciate your seeking our views. alternative methods, whether it is elec- Washington, DC. Sincerely, tricity or natural gas, or whatever it DEAR SENATOR CHAMBLISS: In response to HENRY M. PAULSON, Jr., may be. your July 16 letter, we are providing the Secretary of the Treas- So I urge we move cautiously, we not views of the President’s Working Group on ury. react too quickly, and we be very care- Financial Markets (PWG) concerning S. BEN S. BERNANKE, Chairman, Board of ful in our approach to this issue and 3268—legislation addressing regulation of the the bill that is on the floor today. U.S. energy futures markets. Governors of the The PWG is concerned that high com- Federal Reserve Sys- Mr. President, I yield the floor. modity prices, including record oil prices, tem. The PRESIDING OFFICER (Mr. LAU- are putting a considerable strain on Amer- CHRISTOPHER COX, TENBERG). The Senator from Colorado. ican families and businesses. Proper regula- Chairman, Securities Mr. ALLARD. Mr. President, I rise tion of the energy futures markets is nec- and Exchange Com- today to discuss an issue that is in the essary to ensure that prices reflect economic mission. forefront of every American’s mind. factors, rather than manipulative forces. To WALTER L. LUKKEN, Americans nationwide are struggling this end, the PWG worked with Congress to Acting Chairman, with high gas prices. I attended a press enact, as part of this year’s Farm Bill reau- Commodity Futures Trading Commission. conference the other day with people thorization, additional regulatory authori- who administer programs that provide ties for the CFTC to regulate certain over- Mr. CHAMBLISS. I want to take a the-counter (OTC) energy transactions on minute to read a couple of statements for the poor, they talked about how the electronic exchanges. The PWG also supports in the letter. The PWG refers to the poor are being disproportionately af- the recent steps taken by the CFTC to im- bill, talks a little bit about what it will fected by high fuel prices. The part of prove the oversight and transparency of the do, and then it says: the American population being most energy futures markets. severely affected is those who operate The PWG agencies also are participating in . . . the PWG believes that [the] bill S. 3268, as introduced, would significantly harm on the margins, such as our poor, such an Interagency Task Force on Commodity as small business people, who tradi- Markets that will provide a staff report on U.S. energy markets without evidence that the role of economic fundamentals and spec- it would lower crude oil prices. tionally contribute a huge amount to ulation in the commodity markets in the It goes on to say: our economy. Many times they do not near future. If this staff report or the anal- To date, the PWG has not found valid evi- have the ability to store their re- ysis of other data the CFTC has recently col- dence to suggest that high crude oil prices sources for when the economy turns

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00032 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7013 down, so these small businesses, and Public Employees’ Retirement Associa- cept amendments, like the ones I hope these poor Americans, are being im- tion of Colorado that says you are to offer, that will do just that. pacted disproportionately. going to invest members’ money in Thank you, and I yield the floor. Higher gas prices not only affect our that part of the stock market that is The PRESIDING OFFICER (Mr. LAU- ability to get around, but increasingly going to, in a safe way, give you the TENBERG). The Senator from Idaho is they are affecting each facet of our ev- best return. Energy stocks match that recognized. eryday life. Energy builds into our criteria. Mr. CRAPO. Mr. President, I rise to economy from the natural resource The day after President Bush lifted join the sentiments of my colleagues level right on up to the final product the Presidential moratorium on drill- from Georgia and Colorado who have that goes out to the market and is uti- ing on the Outer Continental Shelf, oil spoken about the importance we must lized by the consumer. prices fell nearly $7 a barrel. Let me place as a nation on implementing an Fuel costs are making transpor- say that again. We experienced a drop effective and meaningful energy policy tation, construction, and food costs of almost $7 per barrel in 24 hours be- in this country as quickly as possible. rise. Recently, oil hit $145 per barrel cause action was taken that got us The United States is far too dependent and, from the beltway to Middle Amer- closer to putting additional supply on in our energy policy on petroleum, and ica, $4 a gallon gas is the frightening the market. This translates into cheap- we are far too dependent in terms of norm. er gas. the petroleum which we utilize from In the face of these challenges to the The national average price for gas foreign sources. American economy and consumer, we yesterday was almost 5 cents less per We need to diversify our energy pol- have failed to take the steps that are gallon than it was before the Presi- icy, and we need to do it quickly. By necessary to address this problem ei- dential moratorium was lifted. This that what I mean is that while we are ther in the short term or the long shows that instead of blaming inves- seeking to become less dependent on term. Unfortunately, the legislation we tors, we need to look for ways to in- petroleum, we must aggressively de- are considering today would do little to crease supply. We do this by finding velop and produce our own sources of change that. more sources of energy and using less. petroleum to help stabilize and control The legislation before us today would One of the most promising sources of the increasing and spiraling cost of oil. do little if anything to reduce oil domestic energy is found in the West, We also need to look at alternative and prices. Blaming investors misses the much in my home State of Colorado. renewable fuels. We need to strongly primary cause of high fuel prices: Near- The oil shale found in Colorado, Utah, move into nuclear power. We need to ly 2 years of failed congressional en- and Wyoming could yield between 800 work on conservation aggressively. It ergy policy that has done little to in- billion to 1.8 trillion barrels of oil. This is estimated that as much as 30 percent crease availability of fuel resources. is more than the proven reserves of the of the world’s consumption of energy That is the cause, and time and time entire country of Saudi Arabia and cer- could be reduced through effective con- again, we have looked at legislation tainly enough to help drive down gas servation measures. That is another that tries to disrupt the market—the prices and bring us closer to energy huge source of energy—simply not con- market that provides an opportunity independence. Making us less depend- suming. for the businesses of this country to ent on foreign oil. We in the United Yet as we have all of these alter- supply energy to its consumers. States cannot currently begin to plan natives and options out there, we are This Congress has been ignoring one how to utilize this resource because of faced today with a bill in the Senate of the fundamental rules of economics: an ill-advised moratorium. and a process to handle this bill that Supply and demand. Instituting poli- Why aren’t we taking steps to utilize severely limits our ability to evaluate cies that disrupt the free market does this resource and cut back on the $700 and, hopefully, adopt meaningful alter- not increase supply. Worldwide supply billion we send overseas annually for natives and to establish a sensible com- for energy is being outpaced by a grow- fuel? Because the Democrats in the prehensive national energy policy. ing demand. Senate and in the House of Representa- The bill we have before us today has President Bush is doing his part by tives have prevented the Department of one item in it, and that is a regulatory removing the Executive order that lim- the Interior from even issuing the pro- change, or governance, of the futures ited the drilling for oil and gas off the posed regulation under which oil shale markets, often called the speculation Outer Continental Shelf. development could move forward. How bill. Certainly—and I will talk about it The majority party now wants to do they try to correct this misguided in a moment—certainly, we can debate shift blame from this Chamber to in- policy? By blaming investors and pro- whether there is a need for increased vestors, who they would have you be- posing a piece of legislation that will regulatory support and for evaluation lieve are robber baron speculators. If potentially make things worse by in- and oversight and management of our only it were so simple. There is no ne- creasing oil market volatility and futures markets. I believe there is farious fiend sitting in a dark room eliminating investment opportunities. room for that, though I believe the bill waxing his black mustache playing the I support some CFTC reform, such as that is before us is not well written. market like a mandolin. So who is in- providing them resources to improve However, while we are doing so, we vesting then? Pension funds are, for current oversight and get more cops on ought to also take this opportunity— one. They are making an investment in the beat. I do, however, have major and Americans should be glad an en- the growing strength of energy stocks concerns with efforts that would im- ergy issue is on the floor of the Senate, and bonds. pede the free market with additional but we ought to take this opportunity, In Colorado, the Public Employees’ regulations. This is especially impor- with a bill on the floor of the Senate, Retirement Association—we refer to it tant now that financial markets are to look at the other ideas about how as PERA—has seen oil companies as an global in scale. Attempts to regulate we should achieve energy independ- attractive place to invest their mem- the market would only apply in the ence. The circumstances we face now bers’ money. Their 2007 investment United States. This could cause eco- threaten not only our economic secu- overview listed two oil companies in nomic activity to move offshore and rity but our national security, and their top 10 stock holdings, including help build foreign capital markets that Americans should cry out for this Con- their No. 1 valued stock. compete against the United States, gress to take solid comprehensive ac- Is their greater interest in investing? making us less competitive. This would tion now, not to simply face one issue Sure there is. But it is primarily be- cause us to lose jobs. that arguably is not even at the core of cause short supply of oil has caused its Instead of focusing on blame, we the need for the solutions. value to increase. This would happen should be focusing on our resources, The Senate ought to work the way it with any commodity in a similar situa- finding more domestic resources, such has worked in the past. Let me give a tion. Conversely, when we take steps to as oil shale and using less through con- couple of examples. Bill after bill after increase supply, prices will go down. servation. We need more supply and bill, the way this Senate has histori- If I remember correctly, there is a less demand. As we move forward in cally worked, was brought to the floor, guidance principle that applies to the this debate I hope the Senate will ac- amendments were filed, a robust debate

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00033 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7014 CONGRESSIONAL RECORD — SENATE July 22, 2008 was held on the amendments, votes sure manipulation is not occurring, the for the last 15 years. If you look to the were taken on many of the amend- current situation is most likely not oil shale reserves, right now the United ments, and at the end of the process, being driven by that speculation. That States has more than three times the after the Senate worked its will, the is exactly what the President’s work- oil reserves than Saudi Arabia in the bill moved forward for final passage. ing group said to us in the letter that States of Colorado, Utah, and Wyo- In 2005, when we were considering en- was sent to Senator CHAMBLISS today. ming—huge amounts of reserves. When ergy policy, that is exactly what hap- I will quote that again: you look at the reserves we have, it is pened. In the Energy Policy Act of 2005, To date, the President’s working group— about 1.8 trillion potential recoverable there were 235 amendments proposed to That again is the Secretary of the barrels of shale oil, which is the equiv- the bill. Of that 235 amendments, after Treasury, the Chairman of the Federal alent to hundreds of years of supply of the process worked its way, 57 were Reserve System, the U.S. Securities oil at current rates of consumption. adopted. There were 19 rollcall votes on and Exchange Commission, and the Why should the United States continue amendments, and it took 10 days for Commodity Futures Trading Commis- to refuse to engage in production of our the Senate to complete this action. sion Chairmen— own supplies, when we can do so in Last year, as the Senate considered To date, the President’s working group has ways that will protect and preserve the the Energy Independence and Security not found evidence to suggest that high environment and will make it possible Act of 2007, again, there were 331 crude oil prices over the long term are a di- for us to be far less dependent on for- amendments filed, 49 of which were rect result of speculation or systematic mar- eign sources of oil? adopted. We had 16 rollcall votes on ket manipulation by traders. I don’t have much more time, but I amendments, and it took 15 days on The fact is supply in the world has think it is important for us in the Sen- the floor, but the Senate worked its leveled off and some fear will begin de- ate to recognize we truly face a crisis, will and the ideas of Americans from clining and demand in the world has and this issue should not be dealt with all perspectives were able to be brought skyrocketed. As a result, those who in- in a partisan manner. There are ideas forward and debated on the floor of the vest in the futures market for oil are across this Chamber from across this Senate. speculating it is going to go up. If we country, by many people, that range What are we faced with now, as gas want to address the issue, we will ad- from more production to oversight and prices are over $4 per gallon in this dress supply and demand issues. regulation of investment markets, to country? A bill that brings forth one Now, those of us who want to see the conservation, to electric cars and other solution; namely, to regulate the fu- United States more aggressively en- types of efficiencies, to a number of tures markets, and then offers one gage in its own production are often different ideas, many of which are very other vote to the Republicans as an al- told: Well, there is already 68 million helpful and can be a part of the solu- ternative. That is a far cry from the ro- acres of Federal land that is open for tion. Wind and solar and other alter- bust, full debate on policy this issue production. Let’s force those lands to native and renewable fuels need to be deserves in this Senate. be where we produce and we would not incentivized, but we will not get there Now, those who have brought forth then have to go look elsewhere. if the debate is restricted, the bill with regard to speculation Well, the fallacy in that argument is If the people of this country are de- argue that with a bill dealing with that 85 percent of the lower 48 Outer nied the opportunity for the Senate to speculation alone, it could reduce the Continental Shelf and 83 percent of the engage in a robust effort to develop a price of gasoline by 20 to 50 percent. onshore Federal, nonpark, nonwilder- comprehensive national energy policy, The reality is the academics and the ness lands are off limits for exploration it is my sincere hope that, as we move economists state it is not speculation; and production, and of that 68 million forward, we will be allowed to have an instead, it is supply and demand. War- acres that is talked about, not every open amendment process, where Sen- ators can vote their conscience on a ren Buffett, for example, says: acre the United States puts up for ex- ploration yields oil. In fact, the per- broad array of solutions and that we It is not speculation, it is supply and de- can then send a strong, powerful bill to mand. . . .We don’t have excess capacity in centage for onshore leases is only the world anymore, and that’s what you’re about 10 percent which actually ends the President and a powerful message seeing in oil prices. up ultimately being productive for oil. to the market. I yield the floor. Walter Lukken, the Chairman of the If you go into the offshore, the success The PRESIDING OFFICER. The Sen- Commodity Futures Trading Commis- rate is a little higher—about 33 per- ator from North Dakota is recognized. sion—the Commission that monitors cent—and the deep water offshore is at Mr. DORGAN. Mr. President, there is these issues—says: ‘‘We haven’t evi- about 20 percent. an old saying that when all is said and dence that speculators are broadly My point is, these acreages that are done, in most cases, more is actually driving these prices.’’ being talked about that have been said than done. Perhaps that applies The International Energy Agency leased for exploration and potential best to this debate. states: production are not all going to be pro- Should we resolve our energy prob- There is little evidence that large invest- ducing oil. In fact, the large majority lems and make us less dependent on ment flows into the futures market are caus- of them will not produce oil. Those the Saudis, Iraqis, and Venezuelans? Of ing an imbalance between supply and de- that are capable of successfully being course. Are we too dependent on for- mand and are therefore contributing to high put into production are aggressively eign oil? You bet. Up to 70 percent of oil prices. . . .Blaming speculation is an easy being pursued. In fact, the law today our oil comes from outside this coun- solution which avoids taking the necessary requires that if they are not pursued steps to improve supply-side access and in- try. Are we addicted to oil, as Presi- vestment or to implement measures to im- and put into production, then the dent Bush has suggested? Of course. prove energy efficiency. leases are lost. How do you deal with the addiction to So for those who want to avoid the The Chairman of the Fed, Ben oil? Well, every 10 years, our colleagues United States getting more aggressive Bernanke says: come to the floor and say let’s drill in its own production to say: Well, we more holes, bigger holes, deeper holes. If financial speculation were pushing have 68 million acres, so let’s go there, prices above the level consistent with the Do you know what? The debate is all fundamentals of supply and demand, we are missing the point. The point is, about false choices. The suggestion has would expect inventories of crude oil and pe- there is a tremendous amount of oil in been made that people on this side of troleum products to increase as supply rose the U.S. reserves that we could utilize the Senate Chamber don’t want to and demand fell. But, in fact, available data to defend and protect the security of produce anymore. That is absurd, and on oil inventories shows notable declines our economy and our Nation. they know it. That is what we insist over the past year. Here are a couple examples: 14 billion because that is the narrative they have The point is the experts are making barrels are available on the Atlantic created for this issue. They don’t want it clear to us that although we do need and Pacific Outer Continental Shelf. to do what needs doing, so they want to to aggressively improve the capacity of What does that mean, 14 billion bar- create a series of false choices. our country to conduct oversight and rels? That is more than all the U.S. im- Let me describe the issue of drilling. evaluation of our futures market to be ports from the Persian Gulf countries Drill more. Well, I support drilling

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00034 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7015 more. I worked with several others in I have asked the question: Will some- only 3 million have been leased. Let’s this Chamber to open lease 181 in the one come to the floor of the Senate and do that. In lease 181, there are 8.3 mil- Gulf of Mexico. I was one of four Sen- describe to me what happened in sup- lion acres available. There is plenty ators who began that process. There is ply and demand that justifies a dou- available if you want to do drilling. 8.3 million acres in the Gulf of Mexico bling of the price of oil and gas in a Even as we do that, how about helping that has been open for 2 years. There is year? They never do because they us get rid of the speculation in the no oil activity on it right now, despite can’t. The Secretary of Energy can’t. marketplace and restore this market the fact there are proven reserves of oil The head of the Commodity Futures to what it was intended to do. Do you and natural gas. Trading Commission can’t. Despite the choose to stand on the side, when This is a map of Alaska, and this is fact both of them repeatedly have said somebody says whose side are you on? the National Petroleum Reserve Alas- what is happening with the price of oil They say: Let us think about that. We ka, NPRA. This happens to be 23 mil- and gas is the fundamentals of supply are going to be on the side of the oil lion acres, 20 million of which aren’t and demand. Oh, really? Where? De- speculators. Really? Or I am going to even leased yet. But they are all open scribe it to me. Nothing has happened be on the side of those who don’t want for production. We supported that. in the fundamentals of supply and de- us to become less dependent upon the Here is a place you can drill. There is mand that justifies doubling the price Saudis. It is fine if $500 billion, $600 bil- more oil here than there is in Arctic in the last year. What has happened is lion or $700 billion a year is sent out- National Wildlife Refuge, which has be- brain dead regulators, who are sup- side our country in pursuit of oil. That come the hood ornament for their ar- posed to be wearing the striped shirts, is OK. That will not weaken our coun- gument. So why aren’t we drilling in the referees that are supposed to call try. We all know better than that. We the NPRA? It is open. the fouls, have sat back and said: Do don’t need an overnight epiphany to Many Republicans say that Demo- whatever you want to do, have a good understand what is happening to our crats don’t support drilling. In my time, have a party, a carnival. country. These relentless price in- home State, we have the Bakken shale, Speculators have taken over the mar- creases and the unbelievable depend- a seam 10,000 feet down. We have 75 ket. There is a very important reason ence we have on foreign sources of oil drilling rigs producing oil, drilling for to have a futures market. It is to allow are injuring this country. Every con- oil in the Bakken shale, just in western legitimate hedging of risk between pro- sumer in this country is damaged al- North Dakota. There is similar activ- ducers and consumers of a physical most every day. Which airline next will ity in eastern Montana. A U.S. Geo- product. This market became some- declare bankruptcy or liquidate? How logical Survey finished the assessment, thing much different than that. The many trucking companies aren’t in and it is the largest contiguous assess- regulators have said we will issue no- business anymore? Ask farmers what it ment in the history of the lower 48 action letters so we don’t have that to is going to cost when they try to fill States. They released that 3 months see. We are willfully blind and deaf and their tanks with a load of fuel. Then ago at my request. There are up to 3.65 don’t care very much what is going on. can you conclude this doesn’t matter? billion barrels of recoverable oil. We I know they will deny that, but that is You cannot conclude that. We ought to are drilling there right now. Don’t tell the fact. be here debating what to do. It ought me we are not for drilling. I am for So you have a regulatory body that to be obvious. I have said before, if you more drilling. I am for much more con- doesn’t regulate, a market that is bro- are running the high hurdles, you have servation, energy efficiency, and re- ken, and then we have folks waltz in to decide to jump the first hurdle in newable energy production. I am for all here and thumb their suspenders and front of you. The first hurdle, it seems those things, but it seems to me you say: You know, we cannot be talking to me, is to address this relentless ought to do first things first. about speculation because there is no speculation and put downward pressure We have a broken market called the speculation. We have had testimony be- on gas and oil, on prices. oil futures market. It is a commodities fore our committees by some pretty market with which producers and con- Let me describe what our Energy In- good people who say that as much as formation Administration said. They sumers can hedge risks of a physical 20, 30, up to 40 percent of the current commodity, but it is now broken. It said there is no question about specula- price is due to rampant, relentless tion. The only way you can conclude was created in 1936. The law that cre- speculation. ates it has a provision called ‘‘excess this is not speculation is to look at Let me describe it from the stand- this chart and not see it. On this chart, speculation,’’ because they were wor- point of Mr. Fadel Gheit. I have talked here is the price of oil. It is kind of like ried about excess speculation. When to him by phone. He testified before a Roman candle on the Fourth of July. Franklin Delano Roosevelt signed the the committee. This is a man who Here is what our Energy Information bill creating the oil futures market, he worked, for 30 to 35 years, as a top en- Administration told us. We spend warned about excess speculation. Well, ergy analyst for Oppenheimer & about $100 million a year for this agen- here we are. The speculators have Company. He said this last fall: cy, which has the best and the bright- taken over this market. If you wonder There is absolutely no shortage of oil. I am est, to evaluate supply and demand and if that is the case, I will show you the convinced that oil prices should not be a come up with this. I put this chart to- result of a House of Representatives in- dime above $55 a barrel. gether because I want everybody to see vestigation. In 2000, 37 percent of the I call it the world’s largest gambling hall. how wrong they have been and con- trades on the oil futures market were It’s open 24/7 and totally unregulated. It is clude why. speculators. Now in 2008, it is 71 per- like a highway with no cops and no speed Take November of last year. They cent. They have completely taken over limit, and everybody is going 120 miles an said this would happen to the price of hour. that market. oil. Then, in January of last year, they To my colleagues who say ‘‘supply So we bring a bill to the Senate that said the line will look like this. In and demand’’—and said: says let’s establish a distinction be- March of this year, they said it is going . . . I wonder, why do people think that the tween those who are legitimately hedg- to look like this. You can go back to American people are so dumb they don’t un- ing—that is trading for legitimate May of last year, a year ago. Obvi- derstand supply and demand? hedging purposes and all others. All ously, this isn’t where the price went. He misunderstands. The American the others will be subject to strong po- It went up like this. Is that because the people aren’t dumb at all. They get it. sition limits to try to wring the specu- people estimating it were stupid, They are sick and tired of driving to lation out of the system. It is a reason- maybe didn’t sleep well, didn’t finish the gas pump and paying these prices. able thing to do, in my judgment. school, or had no common sense? That They are sick and tired of seeing the My colleagues come to the floor of is not why. They didn’t understand this price of oil double in one year, and the Senate and say: No, let’s go for is not about supply and demand any then they look at supply and demand more drilling. That is their narrative. I longer. and realize nothing has happened in say, OK, let’s do drilling. How about in This is about a speculative binge that supply and demand to justify it—noth- the National Petroleum Reserve? We is driving up the price of oil in a man- ing. set aside 23 million acres there, and ner that is completely disconnected

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00035 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7016 CONGRESSIONAL RECORD — SENATE July 22, 2008 with supply and demand. I understand excessive speculation to set the market Iraq, and Venezuela. I am sorry, I we have people talking about that, and right, that we should do a lot of think that policy is nuts. I understand the world is changing. I things—and conservation is the cheap- This country needs to mobilize and understand the Chinese want to drive est and most obvious option. The other pull together. This is not about Repub- cars and people from India want to thing we ought to do is do some licans or Democrats. It is about a drive automobiles. I understand there change. We ought to decide that in the game-changing strategy that says: will be maybe 300 million, 400 million, next 10 years we are heading toward Here is where we have been, and right to 500 million more cars on the road 10, hydrogen fuel cell vehicles. Maybe be- now, we can’t go there in the future. 20, 30 years from now. I understand tween now and then, we will move We need a different kind of energy fu- that. But that hasn’t changed signifi- quickly toward electric-drive vehicles. ture. cantly in the last 12 months. There is We are going to have a completely dif- My point is just to do first things nothing that changed with the esti- ferent future with substantial new first. The first thing on the floor of the mate of future demands in the last 12 wind energy, solar energy, and geo- Senate is about speculation. Mr. Presi- months that justifies this line. thermal energy development. We are dent, 47 Members of the other side have That is why we bring a bill to the going to build a superhighway trans- indicated in one form or another, floor of the Senate that says let’s at mission system, just as President through one comment or another, in least agree, on a bipartisan basis, to do Dwight Eisenhower did with the inter- their home state or here in the Senate, first things first. Then you say, well, state system. That way we can use the that speculation is a part of the prob- we need to support drilling, conserva- wind belt from Texas to North Dakota lem. If that is true, and I believe every tion, energy efficiency, and more re- and the Sunbelt across the Southwest Member on this side of the Chamber be- newables. You bet your life—although, can displace significant portions that lieves that, that ought to add up to 97 I would say many of those who have we currently get from fossil fuels for Senators. I don’t know who the three spoken on the other side are not quite electricity. We can do all of that, but others are who apparently have not voiced an opinion, but we ought to be so enthusiastic about the other side of only if we start pulling together as a able to pass legislation that fixes a bro- energy that is renewables and con- country. servation and energy efficiency. I have watched this debate this after- ken futures market. Just as quickly, we ought to be able We have many airlines in this coun- noon. It is the most disappointing de- to agree on a wide range of other try. Obviously, that industry is one of bate because we have people coming to issues. Yes, we should include some the heaviest users of jet fuel. We have the floor of the Senate who are the drilling in areas that are open and not had seven bankruptcies recently. They ‘‘just say no’’ crowd. Just say no. No being drilled on. We should also look have said it means thousands less jobs. matter the question, just say no and more aggressively at conservation and Normal market forces are being ampli- then develop some little narrative that energy efficiency and make a dramatic fied by poorly regulated market specu- allows you to say no and make people lation. The Nation needs to pull to- change to renewable energy in the think you are saying yes. longer term. We ought to be able to do gether to reform the oil markets and How about this issue? The market is that. The American people should ex- solve this growing problem. That is broken. It has resulted in the doubling pect that of us, and we ought to be able from the airline industry. You prob- of oil and gas prices in the past year, ably saw the newspaper yesterday—and to meet that expectation. and there is no justification in fun- I know others are going to come to this is not unusual—‘‘Jet Fuel Costs damentals of supply and demand to Push Midwest Air to End Flights to 11 speak this evening. make that happen. How about having Just so the American people under- Cities.’’ It is happening across the us pull together and say: Let’s fix the stand, we agreed to a cloture motion country. I would understand this if, in broken market and put downward pres- on a motion to proceed. That means we fact, this was a circumstance where sure on oil and gas prices. Don’t use voted to shut off debate, not on this supply and demand had changed in a something else as an excuse. When you legislation but on whether we should radical way, and we would decide in talk about something else, I am going proceed to the legislation. So we had this country that, you know what, we to say: I am with you on that; I think that vote, and now the minority is say- have to confront supply and demand. we ought to do a lot of everything. ing to us: No, you cannot proceed to We have to do that in the longer term. Don’t use that as an excuse to do noth- the bill; you need to speak for 30 hours. But that is not what this is about. ing here, but let’s at least do first There is a 30-hour requirement. Usu- I said earlier today, in my judgment, things first. ally, it is waived back, but in recent the drill now—and I am for drilling There is plenty of reason for the times, on everything, it has been re- now, so let me be clear—the drill now American people to be disappointed in quired. So now, for the next 30 hours, mantra is a yesterday forever strategy. what they hear from their Govern- we will have people obfuscate; thumb It is good that every 10 years they ment. It is so frustrating to be here their suspenders; wear blue suits on the come to the floor and say the solution and understand what needs to be done Senate floor; and talk about this, that, to our energy issues is to drill now. If and yet does not get done because we and the other. We are not making yesterday forever is comfortable for have people who believe they were born progress because the minority is saying you, good for you. I don’t think it is a to be a set of human brake pads and we have to spend 30 hours before we good policy. I think we need to use this stop everything at all times. can even get to the bill of which I have circumstance at this intersection and On a number of occasions, I have de- been speaking. It is an unbelievable say we are going to fundamentally scribed on the floor what we have done. procedure. In most cases, cooperation change America’s energy future. We Think for a moment. We split the would simply suggest that we work to- can do that. John F. Kennedy didn’t atom. We spliced genes. We cloned ani- gether. Unfortunately, there is a big, wake up one day and say: I am going to mals. We invented plastics. We in- growing problem that is hurting this give a speech and say I think America vented radar. We invented the silicone country. Yet if we work together and is going to put a person on the Moon, chip. We invented the telephone, the find a way to fix it, then it makes a lot or I hope that perhaps someday we can computer, and television. We decided of sense to me. put a person on the Moon. He could to build an airplane and learn to fly it. I am someone who is respectful of have said we are going to try to see if We build rockets. We walked on the other opinions, but in this case, I think we can get someone to walk on the Moon. We cured smallpox. We cured there is a mountain of evidence that Moon. That is not what he said. John polio. should lead us to fix this market and F. Kennedy said: It is unbelievable what this country put some downward pressure on oil and By the end of this decade, we are going to accomplishes. Yet, somehow we decide gas prices. Following that, we can, in a have a man walking on the Moon. what we should do is continue a strat- matter of days, it seems to me, work He just declared it. That is our goal, egy of being dependent, for 60 or 70 per- on a wide range of other issues that what we are going to do. This would be cent of the oil we need to run Amer- deal with all of the issues I just de- an awfully important intersection for ica’s economy, certain oil producing scribed. We can put America in a much us to decide, after we take care of this countries like Saudi Arabia, Kuwait, better place if we decide to do that.

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00036 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7017 Mr. President, I yield the floor. I sug- diesel fuel consumption. It is coming Now, if you were to take that situa- gest the absence of a quorum. from the American consumer, and it tion today, what that creates, instead The PRESIDING OFFICER. The should be going back into Americans’ of having a monopoly of dependence on clerk will call the roll. pockets instead of going overseas. So oil, you have an option and a competi- The bill clerk proceeded to call the we are seeing too much of that taking tion, which is going to reduce price. roll. place right now. You can pull up at the pump and say: Mr. BROWNBACK. Mr. President, I We have some options, and different Okay, I want to put in E–85 ethanol—85 ask unanimous consent that the order people have talked about different percent ethanol and 15 percent gaso- for the quorum call be rescinded. ones, but I want to highlight several line. What is the price on ethanol The PRESIDING OFFICER. Without that I think are key for us to be look- today? Versus: Okay, let’s see what it objection, it is so ordered. ing at for our future in producing is on gasoline versus methanol. What is Mr. BROWNBACK. Mr. President, I more. One is the oil shale regions of it I can get here? The car or the pickup rise to speak on the Energy bill that is Wyoming, Utah, and Colorado. I have a can read any of the fuels. This is a on the floor today. This is a great de- quick picture of this. I think some peo- technology that is estimated to cost bate, it is a needed debate, and one ple, hopefully, have seen this. about $100 per car to put it in but is that is happening every day across our Here is an area that has been frozen priceless in creating options and com- country, in every community and at out of production by law that could be petition for the fuel sources in the every gas station and coffee shop—as brought into production. It has huge United States. to how to get these energy prices down reserves in it—500 billion or more po- Somebody asked me at the press con- and what we need to do to get these en- tential—and it is being held off the ference that Senators LIEBERMAN and ergy prices down. So I am delighted we market. So while we transfer billions SALAZAR and I held on this: Well, isn’t are getting the chance to talk about it and trillions of dollars of wealth to re- this going to hurt plug-in technology on the floor. gions of the world—and in many cases or plug-in cars? I said: It is my esti- I think people across the country are they don’t like us—we are holding off mation and hope that in the future you absolutely, there is no question about production of areas in the United are going to be able to buy a plug-in it, completely fed up. They are tired of States that we could produce from in hybrid flex-fuel car that you plug in at it. It has hit them directly and it has an environmentally sound way. We night, go the 20 miles on electricity—it hit them hard. It is making people have huge reserves here, and that is a hybrid, so it recharges and uses change lifestyles or even do without es- makes no sense to most people across that electricity whenever it can in the sentials simply to be able to get to and my State of Kansas as to why you vehicle—and then it is a flex-fuel vehi- from work or to and from appoint- would do that. What is the purpose cle, so you can use ethanol, methanol, ments, schools, and hospitals. This is a here? We can do this in an environ- gasoline, or any combination thereof. big, huge problem that Americans are mentally sound way. We can do it with That creates that competition on fuel facing daily and that we need to ad- American technology and know-how, sources, whether it is electricity, eth- dress and that we need to solve and we and we need to get that done. anol, methanol, or gasoline, and we need to deal with. Another thing we need to do, particu- will reduce price. These are things we Unfortunately, this base bill does not larly from my vantagepoint, coming need to do to move forward and get off go to the heart of the question. I am from the Midwest, is to do more with of our reliance on foreign oil and the delighted we are having a chance to biofuels. A recent study from Merrill addiction we have to foreign oil. talk about it, but I wish we would go to Lynch found that the world’s use of We also need to innovate. I am going the heart of the question of what we biofuels has kept oil prices 15 percent to show a chart here of what I thought need to do, which is to produce more, lower than they would be without these was a very innovative project in the to create more options for people alternative fuels—15 percent lower. So western part of my State that is still across the United States, and to con- you are looking at 60 cents a gallon of on the drawing boards. It has been serve. that $4 gasoline that is being held blocked to date, but it is an integrated A fact that I think people are recog- lower because we have biofuels. That is bioenergy center near Holcomb, KS. It nizing, but one we don’t talk nearly as something we need to continue to do was going to use coal-fired technology much about, is the huge transfer of more of. to produce electricity. They were going wealth that is taking place from this We are producing ethanol plants to take their CO2 emissions and run country to other places. This year throughout the Midwest and through- them through an algae reactor. They alone, importing a million barrels of out the country. We are moving into were projecting they would reduce 40 oil less per day in the first 5 months of cellulosic ethanol, and we have the percent of the CO2 emissions, running this year would have reduced the year- first four of those plants coming on it through the algae, and then taking to-date trade deficit by more than $14 line. It is an innovative technology of the algae and making it into biodiesel. billion. If we had imported a million taking, in many cases, what we would So you have this integrated center barrels of oil less a day, we could have refer to as agricultural waste and turn- where you have this sort of biodiesel reduced that trade deficit by $14 bil- ing it into ethanol. That is a key part and algae reactor fuel as well associ- lion. It would have increased our GDP of our growing and our marketplace ated with it because of the heat pro- and increased domestic employment that we can utilize. duction, and the use of that and the and certainly had some impact on I think we also need to look at other ethanol plant where you can get these prices. That is something we don’t talk fuel sources, such as methanol and bio- integrated systems together. At the about as much, but it is a big part of diesel. Earlier today, a tripartisan end of the day, you reduce your CO2 the equation as well. group of my colleagues and I intro- emissions, increase your fuel produc- Obviously, we need more domestic duced a bill that would require 50 per- tion, and it would be good for the econ- energy production. We are witnessing cent of the new cars made in the omy. So you are balancing the econ- this massive transfer of wealth because United States, or sold in the United omy, energy, and the ecology of the en- we don’t have adequate domestic en- States by 2012, to be flex-fuel vehicles. vironment. You get the three Es bal- ergy production. Every year, to buy These are vehicles that you can pull up anced together and moving forward in oil, America sends well in excess of to a gas pump and put gasoline, eth- an innovative made-in-America type of half a trillion dollars to foreign coun- anol, methanol, or any combination of plant. tries. In fact, in 1972, Saudi Arabia’s those three into the car. This is a goal Those are the sorts of innovative so- foreign exchange earnings were about the big three auto manufacturers in lutions that we need to move forward $2.7 billion. That was in 1972. In 2006, it the United States say they can with and to discuss in this debate so was over $200 billion. Clearly, we are achieve—50 percent by 2012—and then that we create a competition. We need having a huge transfer of wealth. And we up it to 80 percent 3 years later, to create options, we need to produce where is that wealth coming from? It is adding a 10-percent increase of the new more supply, and by producing more coming from people pulling up to gas cars that have to have that option of supply, we are going to reduce price in stations and filling up their pickups; the flex fuel. this price point. And by producing

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00037 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7018 CONGRESSIONAL RECORD — SENATE July 22, 2008 more supply in the United States, we the total amount of monies that can be This is just the onshore leases. If you are going to stop the transfer of wealth put in hedge funds, into the commod- look at the 34.5 million acres, of those, to the degree that we have seen taking ities futures markets, to protect the 3.2 million acres are suspended while place from the United States, out of pension funds, rather than saying this review problems are being worked out. our pocketbooks, and into, unfortu- is the silver bullet that is going to cure You have 1.1 million acres that are tied nately, the pockets of our competitors, the increase in energy prices that we up in the development of land use who, in many cases, don’t like us. have. plans. You have 760,000 acres that are I am the ranking member on a sub- Mr. President, I thank my colleagues blocked from any development by ac- committee that has held hearings on for the chance to be able to speak on tive and ongoing court litigation. You this particular bill, and that is the Ap- this bill. My colleague from Alaska, have 645,000 acres that are waiting the propriations subcommittee that funds whose State is absolutely critical to completion of legally required environ- the Commodity Futures Trading Com- expanding our energy supply, is here to mental impact statements. You have mission. We have looked at these speak further about the need for pro- about 450,000 acres that are awaiting issues. And while we are having an im- duction. revisions of their EISs after reviews, portant debate here—I think it is a I yield the floor. and you have 500,000 acres that are tied good discussion—I think the hearings The PRESIDING OFFICER (Mr. up in the production-permitting proc- we have held have been very positive in MENENDEZ). The Senator from Alaska ess. reflecting on how much money has is recognized. Walking through the numbers, when been coming into a number of places in Ms. MURKOWSKI. Mr. President, I we are talking about inactive, what the futures market. Yet if we are going appreciate the opportunity this does ‘‘inactive’’ mean? If you look at to get the answer to the basic question evening to bring to light some of the the status of many of these, you see here of trying to reduce price, the clear comments that have been made on this there are a multitude of reasons they way is to deal with the supply-and-de- floor earlier about what is happening are not producing: litigation, permit- mand equation—increasing supply and with existing leases across the country, ting process, land use plans, other acre- reducing demand—and not just saying: the oil and gas leases that exist, and age is on hold until companies can find Okay, it is all because of speculation whether the oil companies are sitting and lease drilling rigs, and then all of that these prices are going up. on these leases—whether they are pro- the other exploratory equipment that I do believe it would be wise for us to ducing energy. I will try to assess what they need to go into these exploratory limit pension funds, the amount pen- we are talking about when we look at wells. This is not an easy proposition, sion funds can put in the commodities the leasing status of the oil and gas op- given the level of activity in the oil market, but primarily as a feature of portunities around the country. and gas patch right now. how you help the pension funds, be- Some have suggested that perhaps I can tell you for a fact that it is ex- cause commodity markets are inher- the oil and gas companies are sitting tremely difficult to get the drilling ently volatile, moving wildly at var- on these leases, that they are not pro- rigs, the exploratory rigs, that we ious times, and it seems not to be a ducing energy, in an effort to drive up need, and there is a wait for those. wise place to put large amounts of pen- the prices of oil and gas. I suppose that Even more acres already have been ex- sion funds. But this bill goes far be- is a creative theory but, honestly, it is plored, but they are awaiting confirm- yond that, to the point that the Kansas one that has so many holes in it, it is atory or additional exploratory wells City Board of Trade—it is on the Mis- like installing a screen door on a sub- to determine whether the hydrocarbon souri side of Kansas City, but a number marine. It is bound to sink. find is large enough to be economical of people working there live in Kan- At best, the charge is based on a re- to produce. Just because you find a lit- sas—is strongly opposed to this and view of what I consider to be incom- tle bit doesn’t mean that it is going to thinks it will hurt the commodity fu- plete data viewed through a prism of be economical to produce. You have tures market rather than help it. You little actual knowledge of the difficul- other tracts that are waiting for infra- are going to hurt the price discovery ties of producing energy from any indi- structure to be built to get their oil or mechanism, and you may well, in the vidual tract. At worst, the charge is a gas to market. long term, end up driving up prices smokescreen to cover up the opposition You have heard me say on the Senate through these features. They have been to the production of more oil and nat- floor many times, we have incredible in my office previously drawing atten- ural gas from where it is likely to be natural gas supplies on the North tion to outside funds coming in and found, and not necessarily from those Slope, all in the northern part of Alas- saying this is something that ought to areas where the opponents want it to ka, but we do not have the infrastruc- be looked at, but when they look at be located. ture to get that gas to market. this answer, they are saying it is way Currently, of the 45 million acres on- In other cases, complex coordination over the top. It doesn’t fit the need shore in the United States under oil is needed among a host of differing that we have of the day. and gas lease, about 10.5 million acres lease holders to determine the future I wish to make the point on where we are producing energy, with the remain- for new energy provinces that haven’t need to limit the pensions funds in the ing 34.5 million acres not yet in produc- yet been finished. Then, of course, you commodity futures market. As public tion. Offshore, of the 49.3 million acres have some of the tracts that have ei- pension funds have grown in size and under lease, about 15.2 million acres ther demonstrated very disappointing expanded their investment portfolios are producing. These are statistics on initial shows of the hydrocarbons or beyond traditional equity and bond in- which I think we are all in agreement. they are just too small to be economi- vestment activities, significant losses These are the known leases out there. cally produced without production by some major pension funds have led What that means is, of the Nation’s from nearby tracts that have more oil. to greater calls for scrutiny and inves- current 67,700 oil and gas leases, about The overwhelming number of the tigation. 30,000, or 44 percent, are producing oil tracts, the lease tracts that exist out For example, the San Diego County and gas at this time. there, simply do not hold any hydro- pension fund lost about half of its $175 I can understand how, at face value, carbons that anyone has been able to million investment in a hedge fund you look at that and say that doesn’t find. Companies may not yet have had when the fund crashed due to what look like a very good track record, enough time to return them to the turned out to be a disastrous bet on only 44 percent producing. The num- Government. I have had conversations natural gas, getting into a commodity bers make it seem as if there are lots of with some who, it seems, believe that market. All told, approximately 20 per- leases that the industry is simply not because an oil company has paid good cent of the pension fund’s assets are in- moving on. But I think we need to look money for a lease there must be oil and vested in alternative strategies at those leases and say: What is the sit- gas there. The truth is, while some of through hedge funds and other money uation? What are the facts on the these prelease reviews of the tracts are managers. ground? conducted so some of the companies That is my point here. I think the Let’s take a closer look at these in- are not exactly bidding blind, the level right place to look is a limitation on active leases. of presale review is not sufficient for

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00038 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7019 the companies to have a clear vision of the time that it takes to move the you can’t just operate only 15 percent whether there is going to be sufficient equipment to the site. of the year. Your costs must be incred- oil and gas to be found there. About Just to give an example of what we ible. Yes, costs are incredible up there. two-thirds of the time it is not, it is are talking about, it depends on where A single drill rig can only drill at most not sufficient, and the companies drill you are going. It is not just the begin- two exploration wells per year, and their infamous dry wells. ning of December to the end of May. In part of this is just how we move the As you can see, it is not simply as the e-mail that we received from DEC, equipment. The ice for making the easy as saying there are 34 million it says ‘‘oil companies can begin reg- roads, the weather issues, the fuel, and acres that are not producing oil. The ular travel across the tundra along the the logistics—all these account for examples I have given you are as they coast on December 28. In the upper about 75 percent of the costs for explo- relate to onshore. The same is true for foothills you cannot begin until Janu- ration. The actual drilling actually ac- offshore exploration. We have to recog- ary 24, and in the eastern and lower counts for about 25 percent of the nize that production just doesn’t start foothills’’—this is where most of the costs. once the lease bid has been won. We activity has occurred—‘‘you can com- For all of these various reasons, in certainly know that in Alaska. The mence on January 16 of 2008.’’ the NPRA, the oil and gas industry has complication of lawsuits, the regu- They have about 4 months to do their only been able to drill 28 exploratory latory compliance, the current short- work. They have to be off the tundra in wells since the year 2000. ages we are seeing of labor, of equip- the upper foothills on May 13, and out This is out of the hundreds of leased ment, of infrastructure—they are ig- of everywhere else on May 16. tracts. So far, the area in which they nored by charges of energy lease This is how precise it is. It is not be- have found some prospective tracts is warehousing. cause we are looking at a calendar, and in the Greater Mooses Tooth Unit, but Sometimes when you think about all there is some magic day. It depends on unfortunately, given how far these that goes into exploration and develop- what is happening with the season, how small amounts of oil are from the ex- ment, it is a wonder—at least it is a cold it is. The rules are—and I am isting nearest infrastructure, which is wonder to me—that of the 7,700 new quoting: the Alpine Oilfield, production is an- leases that have been issued in 2007, we The companies can’t get onto the tundra ticipated to still be quite far away. until the ground is a negative 5 degrees cen- Again, to put it in context, this red have about 1,800 that have yet to be ex- tigrade, 30 centimeters down— line here is our existing pipeline going plored. The industry has obtained drill- About a foot— down to Valdez, but you have pipeline ing permits for the first 5,300 of them. infrastructure up here on the coast. I look at that and say it looks as if and until there is 9 inches of snowcover to protect the vegetation. The Alpine field extends to here, and they are doing pretty well. But it nor- the Mooses Tooth area is right in this mally takes longer than a year to start For all those who are saying you can’t do this exploration in Alaska be- region here. But it is 80 to 100 miles to the exploration. The norm is about a 2- cause we do not care about our envi- connect from some of these more pro- to 5-year time period to get through ronment, let me tell you we have been spective finds to the existing infra- the planning, get through the redtape, caring about our environment for a structure. On the other hand, it is before you actually determine whether long time. We put these parameters in about 25 miles between the end of the you have oil. pipeline here and the 1002 area in Alaska is different. As you know, our place because we do care about the eco- ANWR where we are seeking to have an resources, our reservoirs, are quite ex- system. We do care about the condition opportunity to explore and drill. tensive. We have been producing oil of the tundra. We do want you to have an ice bridge that you move this heavy I think what I want to leave folks from Alaska’s North Slope for the last equipment across during the winter with this evening is keeping in mind 30 years and, in my opinion, doing a months and that is removed right after that not all leases are equally prospec- fine job of it. But we recognize that ex- you have done the exploration. Then tive. We know you have some elephant ploration and development in the Arc- when the spring comes, and the sum- finds; Prudhoe was an elephant find. tic is that much more challenging; it is mer, and the thaw happens, there is no We believe the ANWR will also be an that much more complicated. The mark to the tundra because your road elephant field. But we know that for timeframes are that much longer. It has melted. We leave no impact. every big find you have out there, takes us about 6 to 7 years at a min- But when you think about how you there are just as many, if not more, dry imum to get to the point where we are do business in any other field—if you holes. There are leases where the com- able to determine whether there is oil are a construction company, you know panies spend billions of dollars to buy, to be had there. what your construction season is. If as they have this past year in the Gulf In addition to the delays that I have you are a fisherman, you know what of Mexico and in the Chukchi Sea over mentioned, the permitting, for in- your fishing season is. The oil and gas here. There, the geology is very favor- stance, and just the equipment issues, industry in Alaska, they know that able for oil and gas discoveries. But is the requirement that we have in their exploratory season is very lim- mostly companies buy usually a min- place that ice roads be used to locate ited. Essentially we are talking about imum lease, and the cost is a couple of the drilling rigs. You just can’t take 60 to 90 days a year. million dollars per tract, and they are your drilling rig and plunk it out there In the National Petroleum Reserve— really very marginal. Those are the on the tundra. We have very firm and I will put up the map just so people can leases that likely do not contain the set requirements for how that explor- understand what we are talking about oil and gas that are still awaiting ex- atory activity can take place, when it in terms of the geography. This is the ploration. can take place. The companies have to ANWR area. This is State lands. This is We look at how the oil companies are wait until the tundra is frozen. They our Trans-Alaska Pipeline, which is making their investment because cer- have to wait until it is frozen before carrying the existing oil from the tainly from Alaska’s perspective, we they can move the rigs to the sites. It Prudhoe Bay fields down to the south- want to know whether they are invest- is an extremely limited exploratory ern part of the State. This is the Na- ing in oil and gas opportunities up season. When you have a limited sea- tional Petroleum Reserve. north. This last year, the top 25 oil and son like this, it can add years to the In the NPRA, waiting for these frozen gas companies in the United States in- timetable for exploration. conditions to allow for exploration vested $1.15 trillion on exploration and I had asked our DEC, our Department again means that the companies have production, the top 5 companies spent of Environmental Conservation, which between 60 to 90 days during which ac- $765 billion on exploration from 1992 to is the State department that makes tual drilling can take place. The leases 2006, and in both instances industry the determination as to when the com- on the North Slope, then—put it in members invested more than they panies can actually go out onto the context—are available for drilling ac- earned back in profits. tundra and engage in any exploratory tivity between somewhere about 15 per- Now, in part, this is because this work out there. For the 2007–2008 explo- cent to 25 percent of the year. country has not been putting its most ration season, the timeframe in Alaska You put that in context with most prospective tracts for oil and gas dis- was December to May. This includes any other industry and you would say coveries up for lease. You have some

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00039 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7020 CONGRESSIONAL RECORD — SENATE July 22, 2008 777 million acres of lands onshore that incentive for companies to see the de- need more than 2,000 acres of area for are off limits to oil and gas production. velopment of any lease acres they be- disturbance. That is about 62 percent of the Nation’s lieve have the potential they are look- Why do we think we can get by with likely oil and gas potential. ing for, a powerful incentive for compa- that small amount? It is simply be- To bring it back to Alaska, think of nies to speed development of the 68 cause we have advanced our tech- ANWR, the place where the largest on- million acres that some argue is not nologies so far when it comes to oil and shore deposit of oil is likely to be found being developed quickly enough. gas development in the Arctic, the in America. There is a 95-percent We have a ‘‘use it or lose it’’ law in technologies that allow us to drill chance that 5.7 billion barrels will be place. It is a situation of enforcing it, under the surface and go out direc- found, a 5-percent chance that there and we do enforce it. There is no rea- tionally up to almost 8 miles in every will be 16 billion barrels, and the mean son, in my mind, that we need to do direction. The caribou are on top, and estimate is about 10 billion barrels of more in this area at this time. they do not know what is going on. recoverable oil. And it is off limits. It I know I have gone over my time. I You do not have disturbance to the is off limits. had hoped to be able to have a little surface. It is our technology that will Offshore, 1.76 billion acres of our discussion about the distinctions be- allow us to extract a resource and uti- coastline are off limits to development. tween the ANWR area and the NPRA lize the resource and still allow for the This is an area which is believed to area. I do not see any of my colleagues care of the environment, for the ani- hold approximately 80 billion barrels of on the floor at this point in time, so mals that are there, for the caribou oil. with the permission of the Chair, I that migrate through. We want to do it So in kind of wrapping up my com- would like to continue, unless there is right. ments here this evening about the another order at hand. So this is the ANWR area I men- leases, I wish to remind folks that The PRESIDING OFFICER. The Sen- tioned earlier. This is the existing se- when they talk about the ‘‘use it or ator has no time limits. ries of pipelines that spurred off of the lose it’’ rationale or direction they feel Ms. MURKOWSKI. Mr. President, I Trans-Alaska Pipeline built about 30 we should take, they need to remember wish to kind of walk people through a years ago. The line extends to an area that these oil and gas leases around the little bit of the distinction, if you will, about 25 miles to the border of the 1002 country already expire after 10 years. with ANWR, which the American pub- area. So when we are talking about ac- Only in Alaska can companies seek an lic has heard an awful lot about for the cess to the resource, to the infrastruc- additional 10-year extension to bring past 20 years as we have, in our effort, ture that is there, it is not too bad, 25 the leases into production. This is a attempted to open this 1002 area that miles. It is still difficult given the en- right we had granted companies in the was set aside for exploration and devel- vironment, but it is certainly doable. Energy Policy Act of 2005, and we did it opment when the refuge area was es- Let’s go over here to NPRA. NPRA is for the reasons I have outlined for you tablished. 23 million acres in size, 23 million acres tonight, because we recognized that en- ANWR consists of an area that is 19.6 total; 4.4 million acres are new acres vironmentally sound exploration was, million acres—the size of the State of available for leasing, 3.94 of which are in many cases, taking longer than 10 South Carolina. This map is a little available immediately. These are years. I do not think there are any of bigger and helps you put it in context. leases in the northeast and the north- you out there who are going to suggest This is the entire Arctic National Wild- west part of NPRA. If you look at this that, well, we do not want to do it in life Refuge in the State of Alaska. It map, it has the leases themselves. an environmentally sound manner. borders against Canada. And here is These are in the green area. The 2006 Well, if we are going to do it right and our pipeline coming down. This whole leases are in this area here, and then we are going to protect the environ- Arctic National Wildlife Refuge is the the new leases that are coming on are ment, it might take us a little bit size of the State of South Carolina, in the northeast and the northwest longer in a place such as Alaska where again, about 19.6 million acres. area of NPRA. you are only able to explore and engage Also within the Refuge is a huge wil- The crosshatched areas we see here in exploratory and production activity derness area, the ANWR wilderness have been put off; in other words, we for 15 to 25 percent of the year. area. It is 10.1 million acres in the Ref- have deferred these areas. This area You have to ask the question, Why uge itself. Nothing can happen in the here north of Teshekpuk Lake is now should companies spend money on new wilderness area in terms of any devel- protected, 430,000 acres in this area. We leases in an area where they can easily opment whatsoever. It is wilderness. have agreed to this deferral because we be delayed from bringing oil and gas We have established it as such. It will recognize the sensitivity of the eco- online and then lose all of their invest- remain as such. system, the waterfowl that come ment through no fault of their own? The area we are talking about in through there. It is an area that we Companies also have no reason to delay ANWR for development is what is recognize should be off limits. NPRA, producing oil. Each year, they pay be- known as the 1002 area, taken from the in terms of its prospects, the estimate tween $1 and $5 onshore and $6.25 and legislation itself, section 1002. What we is 5.9 to 13.2 billion barrels of tech- $9.50 an acre offshore to keep their are talking about when we ask for per- nically recoverable oil. So the mean leases in effect. So in order to hold mission from the Congress to allow for there is about 9.3. It is right in the their leases, they have to be paying. exploration in ANWR is not permission same ballpark as ANWR. If you recall, Think about what they have already to drill in the Refuge, not permission I said ANWR had a mean estimate of kind of put in place, if you will. They to explore in the wilderness, but per- about 10 billion barrels of oil. So it is have purchased the lease up front, and mission to explore in the area that was about the same. The difference is ac- for many of the leases, they are ex- set aside by Congress for the purpose of cess to the infrastructure and the geog- tremely expensive in terms of the out- exploration and development in this raphy. lays the company has to make. Then 1002 area; it is 1.5 million acres in this Go back to this other map. If you they engage in the pre-exploratory ef- area. have 10 billion barrels estimated in this forts. But we are not seeking to do all of small area and you have 10 billion bar- I keep mentioning NPRA and the the 1002 area with exploratory wells; rels estimated in this larger area, we cost we are seeing there. It is anywhere we are asking for permission to drill in are talking about 1.5 million acres between $50 and $100 million to drill an an area that would be about a 2,000- versus 23 million acres. It doesn’t take exploratory well in the NPRA area—$50 acre area. So when you kind of winnow a math genius to figure out that it is to $100 million to drill. And then what down what we are talking about, it is more concentrated in ANWR; 15 times happens if you drill and there is noth- really pretty minimal in context of the more oil per acre in ANWR than NPRA. ing there? Well, you get to give it back, whole. If you take into account that That is worth repeating: 15 times more but you do not get anything from the the Refuge area is the size of South oil per acre in ANWR than you would Federal Treasury when you give it Carolina, this is the area we are look- anticipate in the NPRA. back. These are costs you have as a ing to explore. And within that area, The other issue is access to the infra- company. So there is a very powerful we have agreed we do not think we structure. When you are looking at 25

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00040 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7021 miles from the end of the pipeline here areas, about 700,000 acres have been re- The assistant legislative clerk pro- to get to the 1002 area and recognize turned by Conoco-Phillips. This is the ceeded to call the roll. that you have opportunities through company that has the most experience Ms. SNOWE. Mr. President, I ask directional drilling so you can mini- in the area. They have already given up unanimous consent that the order for mize impact to the surface, that is not on 267 lease tracts in the preserves. the quorum call be rescinded. too bad of a stretch. But when you are They may well end up turning back an- The PRESIDING OFFICER. Without looking at your more lucrative finds in other 407 tracts covering 2.8 million objection, it is so ordered. these areas, looking at, say, 150 to 200 acres by the end of this year. What Ms. SNOWE. Mr. President, I rise to miles of pipeline to get your resource they are finding is a lot of natural gas, speak today on the legislation that is into infrastructure, it is extremely dif- but the oil potential seems to have pending before the Senate, the Stop ficult to reckon with that. That has dimmed in areas where they are look- Excessive Energy Speculation Act of been one of the issues we have faced. ing. 2008. I believe it does represent a sig- BLM is proceeding expeditiously. They As I said, we have a lot of natural gas nificant action that Congress can take have been working to advance the leas- up there, but we don’t have the infra- right now to help reclaim our energy ing program in the NPRA area. structure. We are working on that. The markets, to ensure the prices that It is interesting because it seems State of Alaska is working diligently. Americans pay at the pump truly re- that some in the House and the Senate Our legislature is actually meeting in flect supply and demand dynamics and have just discovered NPRA. They say, about an hour to take a significant not the additional, backbreaking costs well, you have all these wonderful vote on how we move forward with con- added to a barrel of oil as a result of leases over there and you have all this struction of a gas line. Again, the po- market manipulation and rampant great opportunity. You should make tential for NPRA is certainly there. We speculation. that happen. It certainly does sound believe it is very viable. I mentioned I do not come late or lightly to the easy. I would like to do more to make the mean estimate of about 10 billion issue of speculation. I have worked it happen. But when you are dealing barrels. But the seismic evidence we closely with Senators FEINSTEIN, with geography, as we are, when you are getting back seems to indicate that LEVIN, and CANTWELL, and I could not are dealing with environmental issues, the likelihood for oil is diminishing, commend their leadership enough as when you are dealing with a lack of in- and we are seeing greater gas. we have worked to enhance trans- frastructure, when you are dealing One of the things we also recognize is parency in our energy markets for with a limited exploratory season and that the area that is viewed most pro- more than 2 years. We have success- the extremely high cost, it is not so spective around Teshekpuk Lake here fully collaborated to close the enron easy to make it happen. is the area that has been deferred from loophole through an amendment to the Back in the 1940s, when NPRA first leasing for at least a decade. This was farm bill, which Senator FEINSTEIN and started leasing, 36 test wells were the outcome of lawsuits by environ- I spearheaded. And I am particularly drilled, 45 shallow cores were drilled to mental groups that had opposed the de- pleased that this legislation incor- find commercial oil and gas. But they velopment in this key habitat area for porates components of legislation I in- didn’t find any. In the 1980s, there were waterfowl, the black brant. Our reality troduced with Senator CANTWELL, 28 more test wells. Seismic was con- is that as good as NPRA is and as much which would significantly enhance reg- ducted. In 2000, in the leasing period as we want to see NPRA developed, it ulations on foreign markets that trade then, we saw 28 exploratory wells is less prospective than the Arctic U.S. energy assets. drilled and at least 12 3–D seismic ef- Coastal Plain to the east; again, 15 Now, I understand there is a great forts had been conducted, shooting the times more oil forecast to be discov- deal of discussion, debate, and even dis- 3–D seismic in the area. But again, the ered per acre in ANWR than in NPRA. pute about the process surrounding only small finds that we have come I have had an opportunity this this legislation. Let me say, having re- upon have been in the Greater Mooses evening to give a little bit of perspec- turned to maine almost every weekend, Tooth area. The problem is, to this tive about what is available up in the having spoken to countless Mainers point in time, we haven’t found enough Arctic in Alaska, what we would like and Americans from all walks of life in these areas to justify a pipeline that to be able to provide. But I am also who are literally frightened and des- would be 80 miles, 100 miles to connect trying to leave my colleagues with a perate because they do not know how up. That is a harsh reality. It is going sense of the pragmatism, the reality they are going to fill their gas tanks, to take realistically 6 to 7 years to that comes with oil exploration and how they are going to heat their homes bring NPRA tracts into production. production, not only in the Arctic, this coming winter, how they are going Compare this with the 2 to 5 years in where it is challenging and very dif- to even survive this winter. and the the lower 48. It takes that much ficult, but in the rest of the country. only thing they care about is results. longer. Compare the cost we face for When we say we have these leases that It is the beginning of the process, as exploration in NPRA. You are looking are in play and the companies have it should be, to debate a larger ques- at wells that are costing somewhere be- chosen not to produce, it is only right tion on energy policy. Obviously, this tween $50 and $100 million to do a sin- that we look more closely at these in- is not the end-all and be-all, but it is a gle exploration well. This is compared active leases and ask: What is the beginning of the legislative process to wells that can cost 6 to 10 times less delay? What is the problem? Is it liti- that must start. We must move for- in the lower 48. gation? Is it some kind of a land use ward on this legislation. It is not mu- I don’t want to make excuses for plan delaying it? Where are they in tually exclusive with considering a far Alaska, because we want to develop that process? But to suggest that be- more comprehensive package. In fact, I more. We are ready to develop more. cause we are not seeing actual produc- would say that it must not be mutually But we recognize it does take longer tion here and now, that somehow or exclusive. This body must debate and for the multitude of reasons I have other we are not trying hard enough, consider additional measures as a wide mentioned. ignores the reality of the complica- ranging package, in my view, that ad- One of the things that perhaps has tions the industry faces on a daily dresses the additional pressing energy not been talked about and I might not basis. issues that will both move our country have mentioned in my earlier com- We want to do more. We want to find toward self-sufficiency in the short ments when I was speaking about more, use less, as we have all been say- term as well as, of course, in the long leases is the number of leases we actu- ing. But I think it is important that we term. ally see turned back by the companies. recognize as we attempt to find more, Again, I believe acting on speculation About 700,000 acres of awarded leases we have to be realistic in terms of our as well as our long-term energy strat- since 2000, in the NPRA area, have been expectations. egy must not be mutually exclusive. turned back. If you look at this map— I yield the floor and suggest the ab- The fact is, we can and should enact and I know on the screen you won’t be sence of a quorum. this speculation measure and then able to see the squares—in these areas, The PRESIDING OFFICER. The move immediately to energy legisla- in these areas, in these areas, in these clerk will call the roll. tion. If that means spending every

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00041 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7022 CONGRESSIONAL RECORD — SENATE July 22, 2008 minute of the remaining days of this I posed this very question, with Sen- to an astonishing $5,300, where the session on energy legislation, then that ator FEINSTEIN, to the CFTC Chairman United States is sending as much as is what we must do. The issue is not a in a letter 2 months ago. The Acting $700 billion overseas this year for oil— matter of time but political will. Chairman responded that even if the the largest transfer of wealth in human For the moment, with respect to the CFTC instructed a trader to reduce the history—and where energy costs are legislation before us, this bill today size of his NYMEX West Texas Inter- boosting the price of groceries and does begin the process of enhancing the mediate position, nothing under the transportation, commuting, plane transparency of our energy markets. It Commodity Exchange Act or the Com- fares—arguably every aspect of our should be debated, amended, and im- mission’s regulations would prevent daily lives—I ask my colleagues, in the proved. I do not agree with every provi- that trader from establishing a similar area of energy policy, can we not pass sion in the legislation, but I do think it position for West Texas Intermediate a speculation bill that then leads to moves the process forward. After all, on the ICE London Exchange. What consideration of a larger energy meas- Congress has had more than 40 hearings good are regulations if you can simply ure? on speculation. While I strongly sup- sidestep them and move to another ex- I think of the taxpayer who could use port the intent of this legislation, and change? a $300 tax credit to purchase a high-ef- believe it would be a vast improvement To its credit, the CFTC has since re- ficiency oil furnace, which would save over the current regulatory structure, versed its position after Senator CANT- $430 annually, according to calcula- I think we can agree we should utilize WELL and I pressed the Acting Chair- tions based on Department of Energy our collective knowledge and insight of man by introducing legislation. The data and recent home heating oil energy experts to further enhance this CFTC has now moved forward to estab- prices. But what did we do? We allowed pending legislation. lish position limits for U.S. traders the tax credit to expire—and to date, With the price of oil up $11 one day making transactions on U.S. commod- there are no Federal incentives for and down $8 the next, with testimony ities on foreign exchanges. homeowners to save money and for our and studies indicating that speculation I am pleased the legislation before us country to reduce energy demand. is contributing as much as $25, if not today would codify this CFTC rule for I think of our Nation’s vast reservoir $60, a barrel, there is no question that all foreign exchanges. However, at the of renewable resources that is available swift, decisive action of this kind is re- same time, we should heed Professor to us yet lies virtually dormant. As quired. In fact, last month, during a Greenberger’s admonition and regulate this chart highlights, our entire coun- Senate Commerce Committee hearing, futures markets which are physically try has access to significant wind that chaired by Senator CANTWELL, Pro- located in a foreign country but that may be developed into electricity. On fessor Michael Greenberger, the CFTC’s operate in the United States and trade May 12, the Department of Energy, in a former Director of Trading and Mar- U.S. commodities—exactly like groundbreaking report, stated that kets, testified that foreign trading of NYMEX. wind energy alone could produce up to U.S. commodities is increasing energy This stipulation is exactly what Sen- 20 percent of our Nation’s electricity— prices that Americans are paying, and, ator CANTWELL’s and my legislation 20 percent. worse, the regulation of foreign mar- would accomplish by requiring that If you look at the map of the United kets is inferior to U.S. standards. these foreign markets, which trade a States, you see the potential for wind Americans have a right to know what third of all the contracts for America’s energy. In my State alone, we have $1.5 is occurring in these markets, that West Texas Intermediate, be subject to billion pending for investments await- trade commodities can be costly and the 18 core principles established by ing the outcome of whether we are wreak financial havoc on them. The the CFTC. Only when foreign markets going to extend the tax credits for re- Government Accountability Office adhere to these principles will we be newables. study, which I requested nearly 3 years able to ensure our energy futures mar- But what has Congress done? In- ago, demonstrated just how futures kets are secure and not susceptible to creased uncertainty for renewable en- markets play a key role in price dis- manipulation. With that said, this leg- ergy companies by not extending in- covery but that these markets require islation significantly improves the reg- centives that are scheduled to expire three fundamental criteria: first, cur- ulations for foreign trading of U.S. this year, causing a precipitous decline rent information about supply and de- commodities, and I will be supporting in investment. Projects currently un- mand; secondly, a large number of par- this package because of this basic pro- derway may soon be mothballed. We ticipants; and, third, transparency. It vision. have already seen this occur, when our is transparency that is conspicuously This brings me to the larger point I renewable production tax credit ex- missing from these markets today, es- want to convey to this Chamber today. pired in the past, as indicated by this pecially with regard to foreign markets This bill is indeed a step in the right chart. that trade U.S. commodities. direction. But the problem is, instead Looking at these years, in 2000, 2002, Unequivocally, if U.S. commodities of steps, America should be making and 2004, the production tax credit ex- are being traded overseas, then the for- giant strides. Instead of adding yet an- pired, and there was a pronounced eign market must incorporate the core other year to 30 years of a failed, piece- downturn in electricity production principles established by the Com- meal approach to energy policy, we from a clean American resource. modity Futures Trading Commission should be developing a bipartisan con- If you look at this chart, you can see for the New York Mercantile Exchange, sensus, one committed to landmark, the vast difference in what we did in including position limits and account- comprehensive energy legislation. As a 2007, when there was a bill. When the ability, emergency authority, and daily result, I call on my colleagues to join production tax credit was available, we publication of trading information. to move forward with other policies saw the investments being made. You The absence of these principles along that could be implemented now that see the red arrow going down shows with a lack of transparency could fos- will make a difference for our constitu- where we did not have it, and it had a ter corruption and a gaming of the sys- ents struggling with inordinate prices significant and marked impact in less- tem in these markets, as we witnessed when it comes to energy. ening the investment and causing the with Amaranth and Enron. There are In a world in which gasoline at the underwriting of investments to fail. traders active on the New York Mer- pump costs $4.10 per gallon, according That is unfortunate because clearly the cantile Exchange as well as the ICE Ex- to AAA—obviously, prices vary across Federal Government and the Congress change in London who are buying the the country—and the price of oil is still have a role to play when it comes to same U.S. West Texas Intermediate oil approximately $130 per barrel and could spurring incentives and investments in on both exchanges. How does that hap- easily spike depending on the day, or alternatives, and certainly this is the pen? the events, where the Consumer Fed- case with the production tax credit. Well, I ask my colleagues, what is eration of America estimates that the Seven months ago, we could have the effectiveness of two markets if amount spent annually by American begun to put more than 100,000 Ameri- they sell the same product but one has households on energy in the last 6 cans to work with an extension of relaxed regulations? years soared from approximately $2,600 clean energy production tax credits, if

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00042 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7023 we had passed these incentives as I tion and actions, nor created the incen- homes by half. According to a Harvard called for in the stimulus package al- tives that would encourage this as an School of Public Health study, 65 per- most, what, 6 months ago now. This is alternative, as an investment, whether cent of homes are under-insulated. evidenced by the growth in the indus- it is commercial or residential—and it With 100 million homes nationwide, trial production of wind blades, tur- could be both—yet we are not taking there is a considerable amount of sav- bines, fiberglass, and towers. any action when it comes to this re- ings if we would provide incentives for I recognize that wind energy cannot source that we have in abundance homeowners to make the investments be produced everywhere in our country, across this country. in efficiency. but the manufacturers of wind infra- The evidence in favor of maximizing It is hard to believe we have yet to structure are growing throughout the this particular resource is over- pass tax credits, for example, for my country. Wind is a resource that our whelming. In fact, a Massachusetts In- constituents to retrofit their homes country could be developing right now, stitute of Technology report published with a wood pellet furnace, for exam- if we only extended the modest tax in- in January of 2007 provided an exten- ple, which they are trying to do right centive. sive assessment of the future of geo- now. We can’t pass it here at a time Again, I think this chart is an illus- thermal power in the United States when we are facing the crisis of home tration of the potential for wind energy and concluded it is possible to produce heating oil of more than doubling, across this country; as I said, including nearly 10 percent of total electricity could be close to $5. We have yet to get in my State, where we have $1.5 billion generation by 2050 at a cost of between close to winter, so no one can predict worth of wind power projects available, $600 million and $900 million, which what the cost of home heating oil will awaiting the outcome of whether the would be extremely attractive today to be as we approach the winter or even as Congress is going to extend the tax the energy market. The findings pos- we approach fall. Right now it is some- credits for renewables. ited that geothermal power can be ex- where between $4.62 and 4.79 per gallon, Why aren’t we doing this now? I do panded because of a new drilling tech- depending again on where you live. not understand why we did not include nology that artificially produces the These are the projections and these are this as part of the stimulus package 6 geothermal process at deep levels in what people are paying, and yet we months ago. Certainly, this was stimu- the Earth’s crust. cannot pass a tax credit for people to lative in terms of what it could accom- We could begin this process, but yet retrofit their homes to alternative fur- plish in job creation. We well know again, we are investing little to noth- naces because we are dithering once that. As I said, 100,000 jobs, so obvi- ing toward the production of geo- again. ously the tax credits would have had thermal power, and there are currently It is regrettable that we can’t take an impact on the economy. It would no incentives for homeowners to de- these simple but concrete steps that have had an impact on job creation. It velop clean, American, geothermal can make a difference. We could take would have had an impact on energy heating or cooling systems for their many steps that could constitute via- production, investments for the future, own homes. I ask the question: Why? ble actions that could truly assist this and moving this country forward. There are actions we in this Chamber country, yet we remain timid, stag- These would have been concrete steps could take right now to soften the blow nant, and polarized. Instead of earning that would have sent the right message being incurred already by our citizens the public trust, we continue to lose it. to those who are prepared to make the in every region, every sector, and at It is no wonder the approval levels for investments in alternatives, but we are every income level in this country. Congress are now hovering around 14 fiddling while people are scrambling to Why can’t we move on legislation I in- percent. Some of us are working to figure out how they are going to make troduced last week with Senator transcend party, to reach across the ends meet with soaring energy prices. KERRY authorizing $1 billion in funding aisle, to put political posturing aside Here we could take up the simple act from 2009 to 2013 to help States design for something larger than scoring a of extending what we know will be ex- and implement a crisis response to ad- point here or a point here. I am advo- tended—that is the ridiculous nature of dressing the rising cost of heating oil, cating that we join forces, not out of this whole debate, that we know we are natural gas, and diesel? In very short some idea of getting something done, going to be extending the tax credits. order, grants could be administered to but because circumstances are grave We know, so why don’t we take the States to help provide heating shelters and the potential peril we face is that steps proactively and be aggressive in for communities, as well as energy as- ominous that bold cooperation is the addressing the problems facing this sistance and information to the elder- only answer. country, rather than reacting, rather ly, to consumers, and to small busi- In a recent column entitled ‘‘Dumb than stalling, rather than hesitating to nesses. as We Wanna Be,’’ Thomas Friedman take action on a critical and funda- Why can’t we move on legislation I said as much with regard to our unbe- mental issue when it comes to alter- joined with Senators DODD and KERRY lievable squandering of these tax cred- native energy sources. in introducing last month, which would its. He said: There are sizeable geothermal re- stipulate that if the price of home Few Americans know it, but for almost a sources we could tap into right now. heating oil exceeded $4 per gallon this year now, Congress has been bickering over Last year I met with President winter, the Home Heating Oil Reserve whether and how to renew the investment Grimsson of Iceland who related to me would be released on a staggered sched- tax credit to stimulate investment in solar how geothermal power now provides 93 ule throughout the winter? There are energy and the production tax credit to en- percent of the heat for residential nearly 2 million barrels—2 million— courage investment in wind energy. The homes on his island. This achievement currently available and going unused bickering has been so poisonous that when marked the culmination of a 30-year in the Northeast. It would be an egre- Congress passed the 2007 Energy bill last De- undertaking, the dividends of which cember, it failed to extend any stimulus for gious dereliction of duty for the Gov- wind and solar energy production. Oil and Iceland is only now beginning to reap. ernment to withhold this vital heating gas kept all their credits, but those for wind Not only is the United States the source when the health and safety of and solar have been left to expire this De- greatest producer of geothermal power, our population is at risk. cember. I am not making this up. At a time as the President noted, but we also pos- Why can’t we move on legislation I when we should be throwing everything into sess the world’s largest potential for have introduced which would extend clean power innovation, we are squabbling additional geothermal capacity, as in- energy efficiency tax credits for new over pennies. dicated in this chart again, yet we homes, new commercial buildings, and In my own State of Maine, the ab- don’t have policies in place to tap this home retrofits that were included in sence of an energy policy is creating a tremendous energy alternative. Again, the 2005 Energy bill? These tax credits bleak picture for the future that only it demonstrates our abilities and our are working to make a difference right gets more dire as winter gets closer. capabilities when it comes to geo- now. Since 2006, when the new homes Eighty percent of Maine households thermal, yet we have not tapped into tax credit was first put in place, 30,000 use heating oil to get through winter. this mighty resource as an alternative. new homes have qualified for the tax For those of us in Maine, like all of We have not taken the proactive posi- credit, cutting the energy use of those New England and those of us in the

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00043 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY S7024 CONGRESSIONAL RECORD — SENATE July 22, 2008 West, access to home heating oil is not mediate and long-term proposals that School alumni but just as many of just a matter of economic survival, it are so essential to eliminating our de- them were not. can be the difference between life and pendency on imported foreign oil once Folks traveled from all over the death. Last year at this time prices and for all. We need to develop stra- State of Ohio to come out and show were at a challenging $2.70 a gallon. tegic independence, and that is going support for the marching band, every- For the Mainer who, on average, goes to require urgent attention on our body dancing and singing in celebra- through 1,000 gallons of oil, that is part. It requires consensus and com- tion of Shaw’s accomplishment. $2,700. The price now is $4.62, meaning promise that has paved the way for The celebration represented more it will cost those of us in Maine $4,600 landmark legislation in the past and it than a sendoff of a high school march- to stay warm—and that is here in July. obviously requires crossing the polit- ing band. It represented the collabora- We haven’t come into the fall; we are ical aisle to advance these historic ini- tion of an entire community and the not even approaching winter. That is tiatives—principles ingrained in our sheer willpower of a dedicated band and not even taking into account the gaso- Constitution and keystones from our its tireless and fearless director. line prices. This is a looming crisis in Nation’s inception. Donshon Wilson can be called many Maine, one that requires immediate at- When considering the vision of the things: director, teacher, and mentor. tention, not only for Maine but Framers and the times in which we But for the students and families of throughout this country. find ourselves, I am compelled to say Shaw High School, he is also called Because of the anxious concern about today that unless we in Congress hero. the price of heating oil that is mount- depoliticize these monumental issues Mr. WILSON, a Shaw marching band ing in my State, because our economy of our time—as we have neglected to do alum, saw the decline of his beloved continues to teeter on the brink of re- time and again on energy policy—un- band and decided to do something. Be- cession and even stagflation, and be- less we set aside our partisan self-in- ginning in 2001, with a meager budget, cause efforts to craft an energy policy terests, we risk marginalizing this in- he took a handful of students and have remained mired in political stitution we cherish, and we will not turned the band into a 60-member- machinations year after year, we can only have failed those who have elected strong force to be reckoned with. This year, with his unwavering faith ill afford to stand idly by. That is why us, but we will have failed the test of and determination, he raised the nec- I, along with 15 of my colleagues—Sen- history. As we are witnessing every essary funds—more than $400,000—to ator BEN NELSON and I wrote a letter, day, the stakes couldn’t be higher eco- send Shaw to Beijing. and we were joined by 15 other col- nomically, militarily, and globally. Mr. WILSON had transformed a high leagues, including Senators WICKER, The core challenge is—as it has al- school band from an organization that GREGG, BAYH, LEVIN, COLLINS, SUNUNU, ways been—for this, the greatest de- plays instruments to a group that in- SPECTER, JOHNSON, CARDIN, COLEMAN, mocracy on Earth, our ability to gov- spires thousands of young people across LIEBERMAN, DOLE, LANDRIEU, and BAR- ern ourselves. Good governance doesn’t Cleveland. RASSO, asking the President to convene mean full agreement or comity 100 per- From performing for Senator OBAMA an emergency summit to address what cent of the time within the walls of and Senator CLINTON in the last year, is a growing energy crisis. We recog- this venerable, deliberative body, but it to entertaining city diners as the musi- nize the status quo must change with does mean that we, as elected officials, cians played impromptu concerts regard to our energy paralysis, and we have an individual and collective re- throughout Cleveland’s city streets, to have to sit down and forge a bipartisan sponsibility to make the system work, representing our country in China, the and bicameral agreement with the and that can only happen when we are Shaw marching band is an example of President. We are calling on the Presi- willing to take the risk of working the best and the brightest in our com- dent to convene this emergency sum- with each other instead of against each munity. mit on both ends of Pennsylvania Ave- other. We would engender a renewed in- At that Cleveland concert in June nue. tegrity to this process if we were sim- that my wife and I attended, what was We ought to be able to sit down ply to allow it to work. We should already a great celebration turned even around the table, convening the bipar- begin to make every possible effort to more jubilant when Band Director Wil- tisan congressional leadership and make it happen. If we truly accept son announced that the money raised other Members of both the House and working together, there is nothing we in the last year would not only send Senate on committees of jurisdiction, cannot achieve. We could realize, I the band to Beijing, it would also es- along with industry leaders, environ- think, milestone accomplishments that tablish a new seventh and eighth grade mental leaders, and all stakeholders, would be so important for this Nation section of the band. because this is a national emergency at this very anxious time. When it was announced Mr. WILSON that requires urgent attention by the I hope this is the beginning of the would extend the program to now in- President and by the Congress to take process of crafting a comprehensive en- clude the younger students in the immediate action. ergy policy. It is rightfully what the Mighty Cardinals Marching Band, the Because families are facing painful American people expect and deserve crowd applauded with joy and grateful- choices on a daily basis between filling from their elected officials and this in- ness. They knew this had never been up their cars with gas or feeding their stitution. done before. Giving the students the family, I have called on Congress to do I yield the floor. proper foundation to become better everything to address every needless The PRESIDING OFFICER. The Sen- musicians earlier in their lives benefits dollar our country spends on energy as ator from Ohio is recognized. this entire community of the city of a result of price manipulation and WELCOME HOME SHAW East Cleveland. rampant and unchecked speculation. Mr. BROWN. Mr. President, in June, As a father of four children, I could The bill under consideration today I had the distinct honor of joining not help but well up with pride as more helps achieve that, but we have to do thousands of Clevelanders at the than 30 boys and girls in seventh and much more. So while I agree we must Wolstein Center to celebrate the deter- eighth grade marched onto the arena move forward with this legislation, I mination and success of The Mighty floor to join their new band sisters and hope at the end of the day, at the end Shaw High School Marching Band. The brothers in a spirited performance that of this process, we will consider other band was preparing to travel to Beijing brought down the house. measures that are so instrumental to later that month to perform at the Because of the extraordinary work of crafting a comprehensive energy pol- International Olympic Music Festival. Mr. WILSON, the Mighty Shaw High icy. The President too has a responsi- Shaw was one of only five U.S. march- School Band, and school super- bility to join us in this process. We ing bands invited to this event, and we intendent Myrna Loy Corley, a new should be working individually and col- celebrated their achievement that generation of students will become lectively in bringing the best minds in night in Cleveland. part of the Shaw band family and this country together to begin the On the night of the concert, there Cleveland history. process of addressing our energy policy were several thousand people in attend- Earlier this month, Shaw returned based on the short term, on inter- ance. Many of them were Shaw High from their triumphant trip to China.

VerDate Mar 15 2010 22:13 Mar 19, 2014 Jkt 081600 PO 00000 Frm 00044 Fmt 4624 Sfmt 0634 E:\2008SENATE\S22JY8.REC S22JY8 mmaher on DSKCGSP4G1 with SOCIALSECURITY July 22, 2008 CONGRESSIONAL RECORD — SENATE S7025 To say they were a hit is an under- 34TH ANNIVERSARY OF TURKEY’S when I met with the Mayor-in-exile of statement. From a spirited perform- INVASION OF CYPRUS Famagusta, Alexis Galanos, concerning ance in the historic Xi’an City Plaza, Ms. SNOWE. Mr. President, I rise to the Republic’s hope for the orderly re- to an energetic performance at the mark a dark anniversary for the Hel- settlement of the ‘‘ghost neighbor- Great Wall of China, to their climactic lenic-American community, and its hood’’ of Varosha by its rightful inhab- parade and a knock-their-socks-off Cypriot members in particular. Thirty- itants under U.N. administration, concert in Beijing, the Shaw High four years ago this week, the armed which would also open the harbor for School Band represented themselves, forces of Turkey violated the sov- use by both communities. Support for their school, their city of East Cleve- ereignty and territory of the Republic this plan—which the international land, and this great country with of Cyprus by illegally invading and ul- community called for in United Na- honor. timately occupying its northern third. tions Security Council Resolution 550 In the process, based on the cheers The continued division and military of 1984—demonstrates not only the and applause from the audiences, they occupation of Cyprus by Turkey re- willingness but also the wisdom of the won the hearts of their Chinese hosts. mains a gross violation of the human Greek Cypriot community in seeking This summer, the people of China—and rights and fundamental freedoms of all just and workable outcomes to seem- the world—came to know what so Cypriots and a blatant disregard for ingly intractable problems on the is- many of us already knew: The Mighty the rule of law. The European Court of land. I am pleased to be working with Shaw High School Marching Band is Human Rights has repeatedly con- Ambassador Andreas Kakouris of Cy- world class. demned Turkey for violating funda- prus to garner congressional support These are the band members: mental rights of Cypriots such as the for this initiative. Jimea Barnum, flag; Justin Bass, French right to life, the right to liberty and Moreover, the United States should horn; Jason Blade, trumpet; Samone Bey, security, the right to the protection of be doing its part to address one of the dance team; Krystal Brooks, flag; Alona property and the prohibition of inhu- most devastating effects of the occupa- Bryson, dance team; Carlissa Chambers, man or degrading treatment—rights we tion on Cypriot-American families by dance team; Renee Dorsey, flag; Kamaria as Americans also regard as sac- providing the means for U.S. citizens Eiland, flag; Leah Foster, cymbals; Isaiah rosanct. with claims to property in the Turkish- Gardner, tenor drum; Marlon Graves, tenor Throughout these decades of injus- occupied north of Cyprus to seek re- drum; Rhonda Harris, cymbals; Arthur Hill, dress for the homes that have been de- baritone horn; Simone Hurd, dance team; tice, the Greek Cypriot community has Kayla Jordan, dance team; Gerome Jennings, sought a just resolution to the ‘‘Cyprus stroyed or taken from them. The inva- Baritone horn; Jared Lang, French horn; Question.’’ And we are certainly at a sion by the Turkish troops in 1974 Derrick Le Grande, tenor drum. potentially historic crossroads in the forced nearly 200,000 Greek Cypriots— Deontae Lewis, French horn; Mathew effort to end this tragic division. With nearly one-third of the Cypriot popu- Longino, French horn; Marshae Love, dance the February election of President lation at the time—from their homes, team; Audrey Maxwell, trombone; Genesis Christofias and his focus on engaging making them refugees in their own Maxwell, cymbals; Alisha McClellan, cym- the Turkish Cypriot community, the country. A large proportion of the bals; Robert Miller, tenor drum; Seirra properties from which the Greek Cyp- Moore, trumpet; Quanee Penn, snare drum; coming months may turn out to be Tony Prather, bass drum; Raymond Raye, among the most consequential in the riot owners were expelled was unlaw- bass drum; Sharleen Riley, flag; Chanay Rob- island’s long history. Certainly, for the fully distributed to the tens of thou- inson, trombone; Tyrel Ross, tuba; Delilah people of the Republic of Cyprus, the il- sands of illegal settlers from Turkey. Sedrick, dance team; Natasha Shields, trum- legal occupation of the north cannot An estimated 7,000 to 10,000 U.S. citi- pet; Masonia Shorter-Little, trombone; come to an end soon enough. zens of Cypriot descent have claims to Jimila Small, trumpet; Andresa Stephens, Meeting with Cypriot Foreign Min- such properties. dance team; Marshell Stone, trombone. ister Markos Kyprianou in early April, That is why my colleague Senator Chavone Taylor, snare drum; Jonathan I was therefore heartened to hear in de- MENENDEZ and I have introduced the Thomas, tuba; Rory Tripp, trumpet; Dono- American-Owned Property in Occupied van Vaughn, trumpet; Ericka Walker, trum- tail about the progress made at Presi- pet; Denzel Watkins, snare drum; Kimille dent Christofias’ March meeting with Cyprus Claims Act, which would direct Webb, dance team; Russell West, baritone Mehmet Ali Talat, the leader of the the U.S. Government’s independent horn; Daniel Whitworth, tuba; Ciera Whit- Turkish Cypriot community, which re- Foreign Claims Settlement Commis- worth, trumpet; Shera Williams, trombone; sulted in the establishment of working sion to receive, evaluate, and deter- Victor Williams, snare drum; Latonia Young, groups on the outstanding substantive mine awards with respect to the claims flag. issues to be resolved between the two of U.S. citizens and businesses that lost These young men and women are spe- communities. Shortly thereafter, the property as a result of Turkey’s inva- cial as students, as musicians, and as two communities opened a critical bor- sion and continued occupation of citizen ambassadors. Welcome home. der crossing on Ledra Street in the northern Cyprus. The bill would fur- We are all so proud of you. heart of Nicosia in early April. The two ther grant U.S. Federal courts jurisdic- I thank the Chair. leaders have met twice more to review tion over suits by U.S. nationals Mr. President, I suggest the absence the progress of the working groups, and against any private persons occupying of a quorum. are scheduled to again meet at the end or otherwise using the U.S. national’s The PRESIDING OFFICER. The of this week. property in the Turkish-occupied por- clerk will call the roll. These efforts only strengthen my tion of Cyprus. The act would expressly The legislative clerk proceeded to long-held commitment to work to en- waive Turkey’s sovereign immunity call the roll. sure that the United States stands by against claims brought by U.S. nation- Mr. BROWN. Mr. President, I ask its close ally, the Republic of Cyprus, als in U.S. courts relating to property unanimous consent that the order for to achieve a resolution to the tragic di- occupied by the Government of Turkey the quorum call be rescinded. vision of the island that is fair to and used by Turkey in connection with The PRESIDING OFFICER. Without Greek Cypriots. As we learned from our a commercial activity carried out in objection, it is so ordered. experience with the justified rejection the United States. of the Annan Plan by Greek Cypriots More than just providing redress to f in 2004—the Cyprus Question is one Cypriot-Americans who have had their that can only be resolved through mu- ancestral homes taken from them, this MORNING BUSINESS tual agreement on a solution, not an legislation would uphold the larger Mr. BROWN. Mr. President, I ask imposition of one. shared values of justice and personal unanimous consent that the Senate The magnanimity of the Greek Cyp- dignity that the citizens of both the proceed to a period of morning busi- riot community in seeking a fair solu- United States and the Republic of Cy- ness, with Senators permitted to speak tion to the division of the island de- prus value so highly. It is my hope and therein for up to 10 minutes each. spite the injustices they have suffered pledge that, whatever progress is made The PRESIDING OFFICER. Without for nearly three and a half decades was in the current talks between the two objection, it is so ordered. also highlighted for me in October, communities on the island, the United

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