Energy Policy Act Of 2005
Madam Chairman, Friday is Earth Day, but that will not stop the Republicans from passing legislation that will make the Earth dirtier, more polluted and warmer. The Republican legislation favors corporate America over Main Street in…
Madam Chairman, Friday is Earth Day, but that will not stop the Republicans from passing legislation that will make the Earth dirtier, more polluted and warmer.
The Republican legislation favors corporate America over Main Street in America. It will neither ask nor answer any of the energy issues that threaten our environment, our economy and future generations. Instead, the Republicans will answer the greatest challenge of our time by telling Americans to dig deeper into their pockets for big oil.
At a time when America needs energy vision, Republicans have provided us with their corporate donor lists. Despite soaring prices, despite dangers to our economy and security for our dependence on oil, the administration puts forward the deal of the century for big oil, gas and coal. It rewards its friends and encourages America's addiction to oil.
Nothing in this bill will lower gasoline prices a single penny. Nothing in this bill will alter our dependence on oil. Nothing in this bill will address the needs and concerns of the American people facing economic peril at the pump every morning when they put $50 worth of gas into their car. Instead, Americans from Maine to California will pay at the pump and pay through the nose. Big oil's profits today defy description.
The CEO of ExxonMobil who does not think global warming is real was paid $38 million last year. The price of crude oil jumped $2 a barrel yesterday. That added $1 billion of earnings to Mobil's earnings. Maybe that explains why oil and gas companies have reduced their investment in facilities by 20 percent even as their profits have increased 400 percent.
The oil and gas industry is sitting atop a mountain of cash looking down on Americans who are held hostage by runaway gas prices that grow the mountain of oil prices even higher. And we are giving them $7 billion more today. They do not need it. Across the country gasoline prices are 20 percent higher than they were a year ago. Neither wages nor economic opportunities come close to bridging that kind of deficit for the American family.
The only choice for more Americans is to pay more, save less, use consumer debt. Oh, yeah, remember the bankruptcy bill? And give up something to make the frayed ends meet, while ExxonMobil's CEO pockets $38 million.
With the price of crude oil sky high, you would think we would be declaring a 12-alarm economic fire that endangers the lives of every American family and the economic health of our economy.
Let me quote something that sums this up. ``We are grossly wasting our energy resources and other precious raw materials as though their supply was infinite.'' President Jimmy Carter spoke those words in 1976, almost 30 years ago. We laughed at him when he put on a sweater and said maybe we should turn the thermostat down 1 degree.
Yet today Americans propose a policy that seeks to roll backward from the ominous warnings of the mid-1970s. America needs vision and leadership, but the Republicans will pass a bill that endorses and rewards the traditional forms of energy. It proposes cutting billions in promising renewable energy provisions. It proposes waiving liability for companies that pollute our groundwater. It subsidizes oil, gas and coal. It fails to address meaningful automobile conservation. And worst of all, we are going to go up to the Alaska Wildlife Refuge and we are going to drill.
We are going to drill our way to oblivion if we follow this pattern.
Mr. Chairman, the Republican energy bill is a license to steal. It sanctions Big Oil's approach to America's energy crisis: do nothing except count the monstrous profits. Profits may be up 400 percent, but this bill allows Big Oil to earn even more money to add to their current $55 billion cash on hand. They will earn it at the pump, and they will earn it at the Treasury Department.
An accounting gimmick allows Big Oil to escape paying anything close to its fair share of taxes. That is the Republican way. The Democrats propose, and I proposed in the Committee on Ways and Means, something radically different in our alternative energy bill, actually paying for it. Imagine that, a bill we paid for on the floor of this House.
We want to eliminate the provision called LIFO. It means last in first out. You buy a barrel of oil at $20, and you buy a barrel 6 months later at $50. When you put it out, you use the $50 barrel. You cut down the profits. Of course, that is what they do. That is the American way of saying to Big Oil: pay now less, and then pay even less later.
Democrats are proposing something else, investing in the 21st century energy sources. We provide a tax credit for new homes that reduce energy by at least 30 percent. That benefits Americans and encourages a paradigm shift in thinking to produce energy by saving it. We will establish an emergency technology trust fund. We want to harness the power of our best minds to chart a course of energy independence.
We want to extend the renewable energy tax credit. America needs the power of wind. My State is full of wind farms provided by Mother Nature, and we can harness it. Democrats see America as strong and free of an addiction to Big Oil. We are addicted to oil; and as long as we remain addicted to oil, we are not going to get any better in this whole area.
We see in America where people are not faced with choosing gasoline over food. At $3 a gallon for gasoline, you are hitting pretty hard on the food budget. Tonight is a defining moment. Republicans want Americans firmly rooted in the past, relying on fuel sources that make us vulnerable to too many foreign countries.
Democrats envision America firmly and finally looking to the future, embracing a path to independence and freedom. Vote for America. Vote for the Democratic alternative energy bill that takes this country where it belongs, into the 21st century. Vote for the Bishop-Markey- McDermott amendment.