Providing For Consideration Of H.R. 5819, Sbir/Sttr Reauthorization Act
I want to thank the gentleman for yielding. I am proud to come to the floor to talk about solutions that the Democratic Party has put forth and this House has tackled in the last year. But let's not try to rewrite history, as we see being…
I want to thank the gentleman for yielding.
I am proud to come to the floor to talk about solutions that the Democratic Party has put forth and this House has tackled in the last year. But let's not try to rewrite history, as we see being done on the other side.
Let's remember when President Bush came to office in 2001, crude oil sold at $25.88 a barrel. When the Iraq war began, that terrible, misguided war, crude oil was $35 a barrel. Gas was approximately $1.56. In my district today, gas is $3.56. Crude oil is over $119. That is what the Republican policies have brought us, a bad war and gas and oil that we cannot afford.
The Energy Information Agency says gas will be $4 this summer. Diesel is already $4. So what have the GOP and this President said they are going to
do? Remember? He is going to jawbone his friends the Saudis to produce more oil so we would have it here in this country.
Oh, he jawboned all right. He jawboned all the way up to record prices, record profits, where ExxonMobil can pay its CEO a $400 million pension with $44 billion in profits last year. Oh, boy, they jawboned all right. Their jawbone is chewing on our pocketbook and is hurting the middle class in this country.
What have we done? The energy price gouging bill, H.R. 1252, which we passed last May 284-141. One hundred forty-one on the other side wouldn't even vote for us to stop the gouging of prices that we see day in and day out. This legislation would have provided the Federal Trade Commission with the authority to investigate and prosecute those who engage in price gouging, predatory pricing and other unfair practices.
I don't know about you, but I am tired of seeing gas go up 30 cents like it did earlier this month in my district. One day, 30 cents. Now, if that is not excessive pricing, predatory price gouging, I don't know what it is.
Let's take a look at the PUMP Act, a piece of legislation we have been working on since April of 2006, and we have plenty of cosponsors. We had a hearing last December, December 12. What did they say? Pass the PUMP Act to prevent the unfair manipulation of prices. Professor Greenberg said we could save $30 a barrel. For every barrel of oil that comes into this country, we can save $30 by getting the speculators out of the market.
Why do we continue to allow speculators to run this country? They sure did a good job with mortgages, didn't they, with the subprime mortgages. That is why the values of our properties have gone down. Now the speculators are in the oil field, in the energy field. And why is that? Because of a little thing when the Republicans were in charge called the Enron loophole. The Enron loophole in 2005 allowed the speculators to come into the energy field, and therefore they have run up the price. What did the hearings show?
Ninety-five to 98 percent of those playing in this market have no intentions of taking possession of oil or providing a product. They are there for one reason, to rake all the profits off the American people that they can through their excessive speculations.
This Democratic Congress has also passed a Renewable Energy Tax Act to help lessen our dependence on foreign energy sources.
Look. Since this war started in Iraq, everything has doubled and tripled. We have heard nothing from the other side. This Democratic Congress continues to do things to try to curb the abuses we find in the energy field, that we find in manipulation of prices and speculation. We will continue to work towards that.
To come down here and somehow try to rewrite history, it is just not going to work. It is important to note that tax breaks that are eliminated in the Renewable Energy Tax Act are equivalent to less than 1 percent of the oil companies' net income, but yet they complain.