National Nanotechnology Initiative Amendments Act Of 2008
Mr. Speaker, I come in support of this legislation, and have come to learn that this nanotechnology has great opportunities to help us in the whole energy debate. I think nanotechnology can help in the solar powered cells. I understand…
Mr. Speaker, I come in support of this legislation, and have come to learn that this nanotechnology has great opportunities to help us in the whole energy debate. I think nanotechnology can help in the solar powered cells. I understand that nanotechnology might be able to help taking light energy and turning it into hydrogen, which is important. It can be very important in addressing the long-lasting battery issue debate which will move us to plug-in hybrids sometime in the future, which we all realize is an important aspect of what we need to do to get to energy independence. And, green nanoenergy, which is important in this whole climate debate.
I also hope that nanotechnology can address some of the other pressing scientific needs: The issue of maybe reprocessing nuclear spent fuel. Maybe taking the carbon dioxide and splitting the carbon from the oxygen and addressing the climate change so we can use fossil fuels in a process that is going to be helpful.
But we are still in the Buck Rogers era. We need to move in that direction. The question is, what are we going to do now? The question is, at this time, in this debate, what are we really going to do to immediately affect the high cost of energy on our constituents? I have been on this floor quite a bit, as we all know, debating this. I have heard my colleagues on the other side, and I am softening my rhetoric out of respect for my friends and I have actually changed some of my charts to address issues raised in the debate.
So what is the primary problem that we have today? The problem we have is the escalation of crude oil prices in this country, from $23 when this administration came into the office, to $58 when the new majority came into the House, to $123 today.
Now I am not trying to be partisan, I am just trying to be factual. That is what has happened to the barrel of crude oil prices and what has happened to the cost of gasoline. Well, it has gone up similarly in this response. So the question is, how do we address this problem if we believe in economics 101 and supply and demand?
One way we could do it is opening the Outer Continental Shelf to oil and gas exploration. We have legislatively put off-limits through the appropriation process a prohibition, in some areas not to even do research to see if there is any natural gas or oil there, but we have said ``no'' to all these areas in red, that we are telling our public we do not want to look for oil and gas on the Outer Continental Shelf deep sea floor exploration 50 miles off the coast. We are saying ``no.''
Our debate is pretty simple. At a time of high costs of a barrel of crude oil, $123.85 a barrel, how can we not? How can we not go and look for our own resources? What we want, what we are asking for is American-made energy, American-made energy to decrease our reliance on imported crude oil in places that are not stable, in the Middle East, in Venezuela, that are holding us captive. We know there are resources there.
Let me talk about another great opportunity that we have. In Illinois, the Illinois coal basin is basically the whole geography of the State of Illinois, and of course the chairman knows a lot and is very supportive of coal use in America. It also is Western Kentucky and the southwestern part of Indiana. We have as much coal in energy output as Saudi Arabia has oil just in the Illinois coal basin. So the question is, why aren't we using it to decrease our reliance on imported crude oil? Why aren't we using coal in turning it into liquid fuel? Look at the benefits we have of coal fields: American made energy. A coal field in America, American jobs mining that coal, American jobs to build the coal to liquid refinery.
I thank the gentleman.
American jobs to build the pipeline. American jobs to operate our aviation industry. In fact, this plane here is a fighter plane, because the United States Air Force is the number one purchaser of aviation fuel in the world.
For every dollar increase in a barrel of crude oil, you know what it costs our Air Force? $60 million. That's $60 million that doesn't go to training. That's $60 million that doesn't go to equipping. That's $60 million that doesn't help in meeting the budgetary demands.
Let me just finish on this point. Let's assume we access these and we have oil and gas. Or let's assume we're in ANWR and we're getting the oil and gas and we're getting the royalties. At today's prices, do you know how much money would come to the Federal Treasury at today's prices from ANWR? $192 billion. Do you think that would help the nanotechnology budget? I think it would help extremely. Move us from a decrease in our reliance on imported crude oil, American-made energy, new science and technology, green power; and that's kind of what this debate is all about.
I would be happy to yield to my friend from Oregon.
Reclaiming my time. But all those issues that you addressed, if we had American-made energy, if we weren't relying on imported crude oil, you know, why does the cheap dollar affect our price? Because we're buying crude oil overseas. If we were producing our own crude oil in our country, the dollar wouldn't matter.
The speculators, you know the speculators. What are they betting? I love this debate. They are betting that we're going to do nothing.
You want to go after the speculators? Bring on more supply. They're betting that this barrel is going to go up, not go down.
I would be happy to.
Let me reclaim my time, and just go over, since 1994 and talk about this debate.
In ANWR, which Clinton vetoed in 1995, we would have that oil today. House Republicans support ANWR 91 percent of the time on votes. House Democrats 86 oppose. Clear difference.
I want to thank the chairman for the time. With a minute left, I may not be able to yield to you, David. I would be happy to most times.
This is the problem. $23 to $58 to $123. You only address that by bringing on more supply. We have oil and gas in the Outer Continental Shelf, and we need to be there.
I've got margin oil wells. I've got oil all over the State of Illinois. Do you know why we don't drill on every acre? Because you're not going to find oil on every acre.
Why are leases not put out? Because there may not be oil there. In fact, on the Outer Continental Shelf on the Atlantic coast we won't even inventory it. Last Congress we said no to inventory what we might have on the Eastern Seaboard.
All I want to do is bring down crude oil prices. The only way you do it is bringing on more supply. It's clear from the votes over the past 12 years, Republicans want to bring on more supply. Democrats, the vast majority of them, do not. All we're asking is that we have some that want to do that.