Mr. President, I come to the floor today to discuss a pivotal time for American energy security in light of the Iranian regime's continued actions to undermine the stability of global energy markets. Over the past two decades, our Nation…
Mr. President, I come to the floor today to discuss a pivotal time for American energy security in light of the Iranian regime's continued actions to undermine the stability of global energy markets.
Over the past two decades, our Nation has transformed itself from a position of energy dependence to one of energy dominance.
In the early 2000s, our country produced roughly 5 million barrels of oil per day. Last October, U.S. producers delivered a record 13.86 million barrels daily, so almost 14 million barrels a day. We have gone from 5 million to almost 14 million barrels a day in domestic oil production. This tremendous increase was driven by the shale revolution, which reshaped global energy markets and strengthened our national security.
Americans consume about 13.8 million barrels of transportation fuels per day--so roughly 14 million barrels per day--which includes 9 million barrels of gasoline, illustrating how critical domestic production is to meeting the demand and how far we have come.
Innovation and American entrepreneurship in places like my home State of North Dakota and the Bakken formation have made that possible. Through advancements in horizontal drilling and hydraulic fracturing, American producers cracked the code and unlocked oil reserves once thought
to be out of reach. As a result, we are able to better leverage our Nation's abundant oil and gas reserves--a vitally strategic asset in the face of instability in the Middle East and other parts of the globe.
To maintain our energy leadership, we must not only focus on sustaining production but also growing it and continuing to grow domestic energy production here at home. This means continuing to innovate and improve the amount of oil we can recover from the wells that we have already drilled. It is just common sense. Today, we only recover about 10 percent of the oil from unconventional shale formations like the Bakken in my home State--only 10 percent of the oil that is there and available.
That is why we are embarking on the next phase of the shale revolution, which we are calling Crack the Code 2.0. We are bringing together energy leaders and State and Federal partners, including the Department of Energy, to develop and employ enhanced oil recovery techniques using CO2 on a commercially viable basis. We are focusing on linking oil producers with our baseload coal-fired powerplants that provide a reliable source of CO2 for enhanced oil recovery--EOR, enhanced oil recovery. Doing so presents the opportunity to unlock 5 billion--5 billion--additional barrels of oil just out of the Bakken, just out of North Dakota, and billions more from other shale formations from Texas to Pennsylvania.
Sustaining and growing U.S. production means strengthening our ability to supply energy both domestically and abroad. As long as oil remains a globally traded commodity, stability matters, especially in times of geopolitical uncertainty. Iran is taking deliberate action to disrupt global energy flows by attacking energy infrastructure in the region and threatening oil shipping through the Strait of Hormuz. Thankfully, the United States is in a much stronger position today because we have more than doubled our domestic production. As I said, we have gone from 5 to 14 million barrels a day. Our energy producers have become a stabilizing force in the global marketplace, limiting the ability of hostile regimes to weaponize access to energy, but we still need to produce more here at home, both now and for the long run.
The first phase of the shale revolution unlocked tremendous energy resources in our Nation. The next phase must focus on maximizing the responsible recovery of our vast energy reserves and extending the life of these oilfields to sustain and grow production. That is exactly what Crack the Code 2.0 is all about.
It is no surprise that we have seen oil prices rise and fall rapidly during the conflict with Iran. The Strait of Hormuz carries more than 20 percent of the world's liquid petroleum products, and 90 percent of the world's reserve surge production capacity is up-channel from the Strait. Despite Iranian threats, there are things that can be done to secure the Strait of Hormuz and reduce energy price volatility.
First, as the President has said repeatedly, Operation Epic Fury will be limited to weeks, not months, so we should expect oil price spikes to be short-lived.
Second, we continue to strike Iran's ability to project power, including Iran's ability to threaten ship traffic in the Strait of Hormuz.
Third, while operations continue, the administration is moving to increase insurance coverage for vessels that travel through the Strait of Hormuz.
Fourth, our Navy is capable of escorting vessels through the Strait if the President decides such escorts are necessary, reinforced by airborne overwatch of the Strait. Of course, we always have the option of utilizing our Strategic Petroleum Reserve as well.
So we have options to minimize disruptions to energy prices. But make no mistake, conducting this kind of campaign against Iran 20 or 30 years ago would have been a much bigger energy problem. When we were only producing 5 million barrels a day versus the 14 million today, which covers essentially what we use, it would have been a different equation. Iran deterred us from attacking due to its stranglehold on oil resources. The combination of robust American energy production and the power of the American military means the best Iran can do now is cause a temporary disruption. We will overcome that, and we will be better off for it in the long run.
Remember, energy security is all about domestic security. Energy security here at home is national security, and that is the path we are on. That is the long-term path we are on, which means greater security and safety, lower prices, and stability for all Americans in the future. It is about solving the problem. Are there temporary disruptions and difficulties to navigate? Of course, there are, but the long-run goal is energy security, which is national security for this Nation.
I want to conclude by thanking our incredible men and women in uniform. Our gratitude and prayers remain with those brave servicemembers who are carrying out these operations. They are doing an incredible job.
May God bless them.
Department of Homeland Security
On another note, Mr. President, we also extend our gratitude to the men and women of the Department of Homeland Security who have been working now without pay. We need to fund the Department of Homeland Security. It is that simple. We need to fund the Department of Homeland Security, which is more important now than ever.
We have offered to make reforms to ICE. We have offered to the Democrats ``body cameras'' and ``more training.'' The President has made changes at the DHS. He sent Tom Homan to Minneapolis to defuse the situation there, and he recently nominated our colleague Markwayne Mullin to lead the Department. We have offered a clean continuing resolution, passing funding levels--get this. We have offered a clean continuing resolution, passing the funding levels agreed to under President Biden.
Did you hear that, Democrats? They were agreed to under President Biden. You are opposing what you supported under President Biden so that TSA workers don't get paid.
How can that make sense to anybody?
I hope the American public understands that because, at some point, they had better call their Democratic Representatives and ask: Hey, how does that make any sense whatsoever?
We have offered to pass legislation Democrats negotiated with us to fund DHS. We had an agreement. We negotiated the bill, and they agreed to it. It passed in the House. We negotiated it, and they agreed to pass the bill, but now they won't do that. So not only will they not pass that bill, but they won't pass the CR that they passed under the Biden administration.
Explain that to me, please. How could Republicans be holding it up when they won't pass their own legislation to fund the TSA? I hope people across the country understand that.
The bottom line is this: The Democrats need to join with us to get the DHS funded so we can pay hard-working Americans from the TSA to our Coast Guard to CISA--cyber security. How important is that? Cyber security--the folks who work to keep our Nation safe.
Look, if Democrats want to continue to debate ICE and ICE reforms, fine. We can do that. But, at the very least, join with us in passing a continuing resolution so that the TSA gets paid while we do it. Come on.
Again, I think the public has to say to our Democratic colleagues: OK. Fine. If you want to keep negotiating about ICE, fine. At least put a CR in place so that the TSA gets paid so, when people go to the airport, they aren't standing around for hours.
We are willing to do it right now--right now. Let's fund the DHS and move on from this unnecessary shutdown. We owe it to the hard-working Americans at the Department of Homeland Security.
I yield the floor.