Well, thank you, Judge. You're a friend and a colleague, someone that helps us share a laugh and a joke. We also know of your powerful oratory ability when things need to be said. I don't know if I have seen you so emotionally engaged in…
Well, thank you, Judge. You're a friend and a colleague, someone that helps us share a laugh and a joke. We also know of your powerful oratory ability when things need to be said. I don't know if I have seen you so emotionally engaged in this tribute to your colleague and friend. I think that is probably one of the best tributes you can give someone. So it was noticed by me. And I know it was noticed by your colleague. And I know she appreciates it.
I'm going to take a few minutes just to tie two things together. We had this great financial crisis. This financial crisis is based upon two events. One is the subprime financial mortgage issue that has worked its way through Wall Street. The other one is high energy prices. And these two things have really put a damper on the economy.
We've had some great successes in this Congress with this CR that just passed. After a good couple of months about fighting over the oil and natural reserves in this country, we won. The OCS moratorium has been lifted, and the moratorium on oil shale has been lifted.
Now what am I talking about? I'm talking about that we, as legislators, especially on the Outer Continental Shelf, which are these areas here, the red, since 1982, we said we're not going to allow any Federal money to be spent to lease areas for exploration and recovery of oil and gas, thus depriving the country of the revenues from those areas and depriving those countries from the jobs that would be created. And so we, with the consistent drumbeat, have, for this time, for this short time, have won that fight. Also here, we see three mountain States in which we also put off-limits recovery exploration of oil shale. Oil shale can be turned into liquid fuels. We said we're not going to allow any Federal money to be spent to allow that to happen. In the continuing resolution, these moratoriums were taken off the books so that now, we know it still takes years, the Federal Department of Mines and Minerals are going to have to go through the regulation and accept the request and do that action, but at least these things can start. And when we're exploring for oil and gas and starting to recover that, we're using oil shale to turn into fuel, we've got a couple of things happen. We bring on more supply.
Now I'm not one that says we're going to drive prices down to prices that they were a year, a year and a half ago. But I will say what we do want to do at a minimum is stabilize energy prices. And hopefully we can drive them down. But we do need to stabilize them, because the middle class, the poor and rural America are those who are hurt the most by high energy prices. And it hurts our ability to buy goods and services, and it depresses our economy.
It didn't take very long for the ink to dry on the CR, the continuing resolution, when rumors started coming out from the Democratic leadership saying, we were just joking, as soon as we come back, we're going to replace that moratorium on the Outer Continental Shelf, thus depriving us of the oil and gas in those areas and depriving us of those revenues that can be generated to help grow our economy. So I'm just putting my friends on the other side on notice. We're going to do what we did in this Congress next Congress. And we're going to hold them accountable. And we're not going to allow them to take these areas that we have now opened and open it and allow them to use it for this political short period of time to get re-elected and then come back here and close it. If they think they had a fight this year, wait until next year. We are going to sharpen our swords, and we're going to be ready to come back. And I think it's going to be much more difficult for them to make the case that they should close these areas up.
So I want to come down here tonight, obviously a great competitor in the political arena and public policy is the majority leader, Steny Hoyer. Actually most of us really like the majority leader. But his quotes today say, we're going to do this first order of business, we're going to close these areas up. And to the majority leader, I just say, we're ready to go and fight for this in the long haul because it will be good for jobs and the economy and lowering the energy costs for average Americans.
So Judge Gohmert, I appreciate your allowing me to share some of your time tonight. I look forward to the conclusion of this Congress. And I'm even looking more expectantly to the next Congress as we try to continue to use all our natural resources that we have. We won on OCS. We won on oil shale. We have a long way to go on coal. We still have the Arctic National Wildlife Refuge. We have great places that we can recover oil, gas and coal and make this country more energy independent. And I know with your help we're going to be able to that.
I would be honored to engage in a colloquy.
Well I do want to highlight the fact everybody talks about the trade deficit, and what is the biggest impact on the trade deficit is our purchasing of energy from foreign countries, especially in this era of high energy prices. This $700 billion number that you're referring to is a transfer of wealth from Americans to some of our friends, Canadians, they are our largest importer. We import from them. They are a large exporter of energy to us, and Mexico, but we also transfer our wealth to places where we're not sure about our relationship. We know Venezuela is not our friend. We have an interesting relationship with Saudi Arabia. One day we're close, and the next
day they may be funding our enemies. They fund our enemies through oil revenues that we're paying.
There is a better way. And that is to become more energy independent. And what I like about this debate, and I think you are alluding to it a little bit, is when we are recovering oil and gas and oil shale and I would say coal in other places, the government receives royalty payments for that exploration.
Congressman Barton, the ranking member now of Energy and Commerce, has proposed, hey, if we are going to have to do this great outlay of money to stabilize the economy, we have a place we can go for revenues. Great idea. Let's have a pay-for. These would be great pay-fors.
Now, that hasn't really been resolved in this debate, but I still have always historically on the floor talked about the jobs that are created when you look for, find and then recover oil and gas in the OCS and the oil shale. And, of course, I am talking about that because that was part of the continuing resolution. Those are the provisions.
In fact, the majority leader of the Senate in the CR wanted to strip this portion out. In fact, he is trying right now, to say, oh, the House was wrong. They shouldn't have eased the moratorium on oil shale. I want to put that back on.
I don't think he is going to be successful. But the fact that in the Senate they want to do that and in the House they are talking already about doing the OCS, what does that do for the average consuming citizen of this country, and what signal does it send to the futures markets? It says, well, is the government serious about opening supply, or are we not?
We Republicans are serious about an all-American energy policy that brings in all our natural resources. Are our friends on the other side just playing a cruel joke on the country, saying yeah, we said so now, but, man, wait until January. We are just going to take it right back. I hope it is not a cruel joke, because it will cost my constituents a boatload of money, our schools, our hospitals, our jobs.
Again, we need to continue the fight that we started early this spring, through the summer, through the end of this Congress.
I was here that day also. And, of course, we honored Ralph tonight at an earlier special order where the delegation from Ohio was here, and that is the benefit of having Members who have served a long time. They help keep the whole debate in perspective. The new Members are firebrands, want to change the world, and that is good. We need all sorts. We will miss the Ralph Regulas of the world.
But he wanted to come back. He wanted to participate in this debate, because he knew the history of this. Sometimes you think, oh, it is just the young firebrands. But he knew what we were doing, and because he had experienced the story you just told, he said I wanted to be part of that, because I want to set the record straight of what happened and why, and why we need to use this great resource that we have available for our energy security and for jobs and the economy.