National Energy Security Intelligence Act Of 2008
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6545) to require the Director of National Intelligence to conduct a national intelligence assessment on national security and energy security issues. Mr. Speaker, I ask…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6545) to require the Director of National Intelligence to conduct a national intelligence assessment on national security and energy security issues.
Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and insert extraneous material on H.R. 6545.
Mr. Speaker, I yield myself such time as I may consume.
I thank the gentleman from Louisiana (Mr. Cazayoux) for sponsoring this important and timely piece of legislation. Gas prices are at a record high at more than $4 a gallon. As a result, the price of our everyday needs are going up as well. Things like food and consumer goods need to be transported long distances before they reach store shelves in our neighborhoods. Moreover, high fuel costs strain our military operations and increase the taxpayer dollars required to move our troops, ships and planes around the world.
The recent escalation in prices serves as a reminder of the fact that the United States relies on the global energy market. About 65 percent of our oil is imported from other countries, and the price of oil fluctuates with global events. Although much of the oil we import comes from Canada and Mexico, our western hemisphere allies, our oil consumption impacts the global oil market. Many other oil-producing countries are hostile to the United States and are plagued by corruption or instability. The list of the top ten holders of oil reserves includes Iran, Iraq, Venezuela, Russia and Nigeria. For the past few years, 20 to 30 percent of Nigeria's oil output has been disrupted by rebel attacks; Iraq's production hovers below pre-invasion levels and is by no means stable; and Iran's nuclear activities have raised concerns around the world.
In addition, over the past few years global oil reserves have declined while global demand for oil has increased. Some estimate that global demand will increase by 46 percent over the next 25 years. If supply cannot keep pace with demand, the market becomes increasingly volatile and disruptions have a much greater effect.
We must understand the national security implications of the global energy market. Some countries are beginning to use energy as a leverage to achieve their foreign policy goals. For instance, 40 percent of the world's oil flows through the Strait of Hormuz in the Persian Gulf. Would Iran try to block the Strait of Hormuz in the event of a foreign policy crisis? The Intelligence Committee should analyze the impact of such a crisis.
The National Intelligence Assessment required by this legislation will allow the intelligence community to work with the best minds in the country, from academia to industry, much like the National Intelligence Assessment on global climate change. The intelligence community will collect data from various sources and then assess the geopolitical aspects.
I also note that the report required by this bill is the same one that would have been required in the motion offered by the ranking member of the Intelligence Committee last week. However, the form in which he offered it would have killed the entire intelligence authorization bill. Unfortunately, when asked, he refused to agree to allow the House to simply adopt this amendment on the spot which would have saved the bill. That forced Members into the uncomfortable position of choosing this report over authorizing full funding and other critical legislation that our intelligence agencies need to do their jobs of keeping us safe.
I am pleased that we passed the intelligence authorization last week, and I will vote to support this legislation. This report will be an important tool for policymakers to understand the current energy crisis and plan for the future. I urge my colleagues to vote for the bill.
I reserve the balance of my time.
Would the gentleman yield?
Just to answer that question, it was the language chosen by Ranking Member Hoekstra.
Mr. Speaker, may I ask how much time is left, please.
Mr. Speaker, I yield myself such time as I may consume.
First, I understand the issues that my friend from the Intelligence Committee has raised. I just want to point out that this issue we have with the oil crisis and energy crisis did not occur in the last couple of years. This administration has been in office now close to 7\1/2\ years, and this is a policy we should have started 8 years ago. And now we are attempting to resolve it.
I want to respond to one of your issues, though, about the drilling. The oil companies should explore the more than 68 million acres of Federal land that we have already leased to them. It just boggles my mind, this has not been used.
But maybe I found a reason why they don't want to do this. In today's Baltimore Sun, July 22, an Associated Press article, Big Oil Big on Dividends and Buybacks, and this is a quote: ``Giant oil companies such as ExxonMobil and ConocoPhillips are set to report what will probably be another round of eye-popping quarterly profits. Which raises the question: Just where is all that money going?
``The companies insist they're trying to find new oil that might help bring down gas prices, but the money they spend on exploration is nothing compared with what they spend on stock buybacks and dividends.
``It's good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers making drastic cutbacks to offset high fuel bills.
``The five biggest international oil companies plowed about 55 percent of the cash they made from their businesses into stock buybacks and dividends last year, up from 30 percent in 2000 and just 1 percent in 1993, according to Rice University's James A. Baker III Institute For Public Policy.
``The percentage they spend to find new deposits of fossil fuels has remained flat for years, in the mid-single digits.''
Is this why we are not drilling, they are not drilling the 68 million acres? Based on this article, and based on the evidence before us, they have not drilled. They have improved their profits. They have done it for their stockholders, but it has hurt the American public as a result of that policy.
Mr. Speaker, I would now yield 5 minutes to the gentleman from Louisiana (Mr. Cazayoux) the sponsor of H.R. 6545, the National Energy Security Intelligence Act.
I yield myself such time as I may consume.
I want to respond to my good friend, who I respect. Former law enforcement.
I am not mad at the oil companies. I am disappointed in the oil companies on behalf of the American people.
I think you have talked about where we buy our oil. It seems to me that this administration has been in office for about 7\1/2\ years, have set the oil policy, and now we are paying for it. And we are attempting to do whatever we can on this side of the aisle to resurrect it.
And to come up with an issue of drill, drill, drill. We keep saying, and the facts are there, we have 83 million acres that the oil companies have under license, and they have not chosen to put money into the drilling of those 83 million acres, both onshore and offshore. That is number one.
What really concerns me, and what I am upset about though is the fact that we, this Congress, when the Republicans were in the majority, that we gave oil companies billions of dollars of grants to do research. And yet I haven't seen any of that money go to drilling or doing what you are suggesting that we should do now.
What I see is what I read in that article in the Sun paper about the fact that the oil companies are making outstanding, the highest profits they have ever made in their history. And you know why? Because they are putting the money, the grants that we gave them, the American dollars, not in to drilling and trying to help bring the oil prices down, but to the bottom line of their stockholders and also to really having the American people suffer because of that strategy.
So I would just say that this is an issue we must move forward with. We are talking about drilling when this is an intelligence bill, and we should stand behind this bill, as Americans, as Republicans and as Democrats.
Now I yield 3 minutes to my friend from Rhode Island, Congressman Kennedy.
I yield the gentleman an additional 30 seconds.
How much time remains on each side?
I reserve.
I yield an additional 30 seconds to my friend.
I yield 1 minute to the gentleman from Rhode Island (Mr. Kennedy).
How much time do I have remaining?
I will close.
First, I thank the gentleman from Louisiana and the other sponsors of H.R. 6545 for introducing this important piece of legislation.
Energy and the availability of fuel affects every aspect of our lives. It impacts our security. It impacts our economy, and it impacts our wallets. We need the best information available and the best analysis possible on energy security. The intelligence community is in a unique position to give it to us.
I urge all my colleagues to support this legislation.
I yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.