Well, we certainly know that our constituents are paying too much at the pump, but we also know where that money's going. Almost $30 billion, just in the last 3 months, went to the top three oil companies, Exxon, Shell and BP. Remember BP?…
Well, we certainly know that our constituents are paying too much at the pump, but we also know where that money's going. Almost $30 billion, just in the last 3 months, went to the top three oil companies, Exxon, Shell and BP. Remember BP? Over $7 billion just this quarter in profit, not revenue, pure profit. And that's after the American taxpayer, which we say we're so concerned about, shelled out $5 billion in subsidies to the oil and gas companies. That's profit of more than $100 billion on an annual basis. That's where the money's going.
And within that profit, not revenue, profit, we're talking about, what do they do with it? Ninety percent of it is used for stock buybacks and dividends to enrich the executives and the shareholders and to spend on TV advertising to convince the American public they're spending on just the opposite. Ten percent is going for drilling exploration.
Now what this legislation would do is to bring us back to a period of even weaker regulation than we had before the gulf oil spill. Imagine, it just happened, 200 million gallons of oil spilled into the Gulf Coast waters, and now we want to make the governing regulations weaker than they were before the spill. And then we want to open up the area off the shore of Virginia where thousands and thousands of jobs are dependent upon the naval operations that take place in those waters which would not be able to be conducted if we go ahead and drill in these waters. Plus much of the remaining 22 percent is devoted to shipping lanes for two of our busiest commercial ports, Hampton Roads and Baltimore. Do we really want to jeopardize those thousands of jobs, not to mention the thousands of jobs in fishing and tourism in places like Virginia Beach?
We should be about creating jobs, not jeopardizing jobs and protecting our environment, not despoiling it. Defeat this bill.
I thank my good friend and colleague.
Mr. Chairman, the U.S. Atlantic fleet is based at the Norfolk Naval Base and operates in the same waters that this legislation proposes to sell for oil and gas development. Does the Republican majority really want to jeopardize those thousands and thousands of jobs that are identified with that naval base?
According to a report issued by the Secretary of Defense, there should be no lease sales in 72 percent of the proposed lease area that this bill directs be sold to oil and gas companies because it is in conflict with live ordnance, air-surface missile, and gunnery exercises, shipboard qualification trials, carrier qualifications, and development and operational follow-on testing and evaluation, and an additional 5 percent would interfere with aerial operations and should not host permanent surface structures such as drilling rigs.
In other words, more than three quarters of the area that this legislation directs be sold to oil and gas companies is in conflict with our national security interests, and a good deal of the remaining 22 percent is within shipping lanes of the country's two busiest commercial ports, Hampton Roads and Baltimore.
Mr. Chairman, our coastal waters are a shared resource that host a number of competing and sometimes incompatible uses. Clearly, direct national security interests should be weighed at least alongside the indirect benefit of unproven oil and gas developments that won't occur for many, many, many years to come.
This amendment would ensure national security interests would prevail. But it also underscores the point that the majority seems too anxious to dismiss: The interests of our coastal fisheries and the tourism industry. Those industries generate billions in income and sustain the livelihood of millions of Americans. Their future is placed at risk when Congress passes laws that disregard the lessons past disasters have taught by mandating shortcuts to more drilling.
I urge my colleagues to accept this amendment and reject the underlying bill.