I thank my colleague. Mr. Chairman, I hate to say it, but what we're hearing here on the floor of the House of Representatives in defense of this legislation is snake oil. Somehow the hard-pressed commuters and consumers of gasoline in…
I thank my colleague.
Mr. Chairman, I hate to say it, but what we're hearing here on the floor of the House of Representatives in defense of this legislation is snake oil. Somehow the hard-pressed commuters and consumers of gasoline in this country are supposed to believe that if today we unleash all possibility of oil drilling, gas drilling offshore the continental United States, we're going to be producing thousands of barrels of oil. False. We're going to reduce the price of oil today? Equally false. In fact, there's plenty of evidence that the market that drives oil is relatively inelastic.
We heard earlier today on the floor of this House, driving is down, demand is down, supply is up, but so are prices. In fact, if you look at this chart, there's an eerie correlation between oil profits and the spike in the price of gasoline charged to our hard-pressed consumers in the United States.
The other side wants you to believe in a smokescreen that somehow their tax subsidy being changed or lifted by our side of the aisle would, in fact, further increase the price of oil. They have low taxes. They have low royalties. They have record profits. How has that worked out for the average driver in America? It's produced record gasoline prices.
The Republican policy that will be enshrined today in this legislation has produced these profits and those costs for the average consumer in America. It is wrong, and to argue otherwise is selling snake oil.
I urge the defeat of this legislation on behalf of the consumers of America.
Mr. Chairman, I have an amendment at the desk.
Mr. Chairman, this simple amendment requires the President, in consultation with the Secretary of Defense, to certify that moving forward with Lease Sale 220 will not impede naval or other Department of Defense operations off Virginia's coast.
The Department of Defense issued a report which stated that 78 percent of the area of Lease Sale 220 is currently used by the Navy for equipment testing, practicing with live ordnance, underwater training, and other critical operations.
There may not be a readily available alternative for live ordnance testing. And, of course, we wouldn't want live ordnance being used near oil wells, now, would we?
As you know, Norfolk is the largest naval base in America. It is critical for our national security and has beneficial side effects, obviously, for the regional economy. But billions of dollars have been invested in Norfolk and in that test bed area.
Perhaps it is possible for offshore oil exploration or wind energy development to be compatible with continued naval operations. That is why we asked for certification. But if energy development forced the Navy to relocate, our national security would suffer, preparedness would suffer, and billions of dollars of extra cost in Federal expenditures would be incurred. Virginia's economy of course would also suffer, as we could lose more than $10 billion in annual contracting income derived from that base.
This amendment ensures that energy development would not cripple naval operations by simply requiring the President with the Secretary of Defense to certify that moving forward with Lease Sale 220 won't impede naval operations and harm national security.
I reserve the balance of my time.
I thank my friend from Colorado for his remarks. But, frankly, if he is so certain of the protections contained in this legislation, then surely this extra special amendment to make sure that Virginia is protected would not find objection on the other side of the aisle.
I yield 2 minutes to my friend from Northern Virginia (Mr. Moran).
I yield 1 minute to my friend from Virginia (Mr. Scott).
Mr. Chairman, may I ask how much time is remaining.
Before I yield back, I just want to say I appreciate again the reassurances from our colleague from Colorado, but many of us in Virginia want to be sure.
Again, this amendment is simple. It does not stop oil production or oil drilling offshore. It simply requires, first, a certification that the all-important naval base at Norfolk is protected and that the testing bed offshore is not in jeopardy, given the billions of dollars we have invested in national security in that area and its importance to our regional economy. We think it is a reasonable protection, a reasonable measure.
I urge adoption of the amendment.
I yield back the balance of my time.
Mr. Chairman, I demand a recorded vote.