Mr. President, I rise tonight to remind the Senate that in this bill is something we can all be proud of, especially on this cold night. The American people are using more and more natural gas in their homes, and they will soon be getting…
Mr. President, I rise tonight to remind the Senate that in this bill is something we can all be proud of, especially on this cold night. The American people are using more and more natural gas in their homes, and they will soon be getting bills--or they already have--with the increases in the cost of natural gas beginning to show up. Many companies have already closed their doors because natural gas prices are so high.
For the first time, we will have passed a production-oriented bill with reference to natural gas and crude oil. In this bill is the Gulf of Mexico Energy Security Act--passed by bipartisan votes in the Senate--which establishes some precedent because, for the first time, we are now going to do some deepwater drilling. We held that in abeyance for about 25 years and acted as if we didn't need any, just leave it there. It is American, but we won't use it.
Well, we are going to start now. That will open other States which can look at this bill and say: We ought to join up and begin to let drilling take place off of our coast, because they will share in the proceeds--the second good precedent that is made in this bill.
It will produce large quantities of natural gas over the next decade and a small amount of crude oil--1.2 billion barrels. With reference to natural gas, it will produce gas for millions of homes and thousands upon thousands of businesses. It will be American-owned business, drilled by American companies, supplied to Americans by Americans, with American dollars involved for everybody along the way.
What a good thing to say tonight in the cold parts of America and in the coldness of tonight--that we have done something to produce natural gas and hold the price of natural gas where it is or reduce it because of the new supply. It is very important and should be something everybody in this Chamber is proud of. A lot of things we are not so proud of tonight. It takes too long to get some things done. We have not gotten a lot of them done on time. We have not governed quite properly. But this is a good one. I am thankful to those on this conference for putting it in.
I thank Senator Grassley, and I thank his counterpart here. On the House side, they had to accept it exactly as we put it in because if it came here differently, we would never get it passed. That happened. Thank you.
Mr. President, I rise to speak briefly on this essential piece of legislation commonly referred as tax extenders.
This is, in many ways, also an energy security bill that is worth being proud of.
There are a host of important tax items here, many of which were implemented under the Energy Policy Act of 2005. Now we extend many of these items through 2008.
There are extensions of credit for electricity produced from renewable resources until December 31, 2008. This is clean energy produced from wind, biomass, geothermal and hydropower. It is critical to our Nation's future and these tax credits will play an important role in our energy security over the next decade.
There are extensions of credits to holders of clean renewable energy bonds. There are extensions of credits for energy efficiency for homes and for commercial buildings.
And, there are extensions of reduced excise tax rates for ethanol. The Energy bill of 2005 has helped in bringing about an economic boom to rural America. Analysis suggests that new biorefineries will result in 30,000 new jobs and will add $114 billion to the bottom lines of American households. These extenders help continue that momentum.
All of these items and many more help move us closer to achieving energy security.
Then, there is the big one. After much hard work and after hours of negotiations, Congress came together and crafted a bipartisan piece of legislation. We passed that bill with 71 votes in August and we pushed ever since to get that bill through the House and to the Senate. We fought for energy relief for the American people.
The Gulf of Mexico Energy Security Act provides such energy relief, and I am thrilled that it is included in this tax extenders package.
I thank the House Ways and Means chairman, Bill Thomas, and the House leadership, specifically Majority Leader John Boehner for showing interest in and moving this important piece of legislation. Also, importantly, I thank the Senate leadership on both sides of the aisle and Chairman Chuck Grassley for recognizing that this legislation is essential to the American consumer.
It's cold outside and natural gas prices are rising as we heat the homes we live in and the buildings we work in. So me tell you what this vote on the Gulf of Mexico Energy Security Act does.
This vote says that Congress win not sit by and watch natural gas prices climb by 400 percent. We will act.
We will not sit back and accept the closing of scores of our chemical manufacturing plants. We will act.
And, we will not sit back and watch as we continue to depend more and more on foreign oil while producing less and less domestic oil. We will act.
And act we did. And relief is on the way.
This legislation is critically important to American consumers and our economy. While the oil resources in this region are impressive, the vast reserves of natural gas are the real bonanza.
Tens of thousands of feet under the sea-bed in this 8.3 million acre area that we open for leasing, American ingenuity will produce American oil and American natural gas for the American people.
This area contains nearly 6 trillion cubic feet of natural gas and 1.26 billion barrels of oil.
I believe that there is enough natural gas in lease sale 181 and lease sale 181 south areas to heat 6 million homes for 15 years.
Because of this, the Wall Street Journal has called this OCS bill ``an easy victory for the U.S. economy.'' And, on the other side of the political spectrum, the New York Times wrote that this bill meets ``an immediate need'' and is ``a reason to drill in the Gulf.''
And, in this bill we recognize the will of the people in our energy producing States. We recognize the sacrifices made by the Gulf States in being America's energy coast for so many years. And, we recognize protections important to the people of Florida.
This bill strikes the right balance. It is a blockbuster. It is a victory for this Congress, but more importantly, it is a victory for the American energy consumer.
The Federal Reserve Chairman Bernanke recently said that rising energy prices is posing a risk to our Nation's economic activity.
I say, that with this vote, we help to lessen that risk. What we have done here is the most important thing we can do in the near term to reduce the price of natural gas and to boost our Nation's domestic energy supply.
For that, the American people win tonight.