Reversing President Obama'S Offshore Moratorium Act
I yield the gentleman an additional minute. I yield 2 minutes to the gentlewoman from California (Mrs. Capps), who knows this subject very well. I yield myself such time as I may consume. Madam Chair, here we go again, considering…
I yield the gentleman an additional minute.
I yield 2 minutes to the gentlewoman from California (Mrs. Capps), who knows this subject very well.
I yield myself such time as I may consume.
Madam Chair, here we go again, considering legislation that is written as if the largest oil spill in U.S. waters did not occur. This is the third of the amnesia acts that we have seen offered in the last week.
I say to my friend from California, no one is saying that we oppose this bill because we shouldn't drill, ever. But let's be smart. H.R. 1231 would force the Interior Department to open up vast swaths of the American coastline to drilling, including California and all of the Mid and North Atlantic. It is incomprehensible that the majority would take such a reckless radical step before we even know the full cost of the gulf spill. Let's be smart.
This bill in particular represents something worse than the pre-spill mentality; it represents an alternative reality: facts evidently don't matter. Never mind the fact that, 1 year ago, 11 workers died in a Deepwater Horizon oil rig explosion. Never mind that about 60 died over the last decade. Never mind the fact that, prior to the gulf spill, offshore drilling in U.S. waters was four times more deadly than drilling of the same operations, the same kinds of operations by the same companies elsewhere in the world, even in the inhospitable territory of the North Sea.
Never mind the fact that the Gulf of Mexico workforce suffered 1,550 injuries, 948 fires over the last decade. Never mind that Congress has not enacted a single piece of legislation to improve the safety of offshore drilling. Never mind the fact that there were 79 reported losses of well control in the gulf between 1996 and 2009.
Never mind the fact that a single blowout caused more than 4 billion barrels of oil to spew from the Macondo well for 87 days, coating 1,000 miles of coastline, closing over 88 square miles of some of the Nation's most productive fisheries.
Never mind the fact that the independent Energy Information Administration has concluded that unlimited access to U.S. offshore resources would have zero effect on gas prices over the next decade and might have an effect of pennies after that.
Never mind that U.S. oil production will remain above the 2009 pre- gulf spill levels through 2035, as calculated by the Department of the Interior, without the proposed acceleration in leasing and drilling. Never mind that the United States cannot drill our way to lower pump prices when we possess about 2 percent of the world's oil reserves. About 2 percent of the oils reserves.
We are not dominant in this field. Oh, yes, we have some of the best companies and certainly the most profitable, but we consume 25 percent of the world's oil while we have about 2 percent of the world's oil reserves. Prices are determined by OPEC, with fluctuations above that basic price determined by speculation on the commodities market.
Never mind the fact that 79 percent of all of the potential oil reserves on the entire Continental Shelf are already available under the current leasing; 79 percent, I repeat to my friends, are already available under the existing leasing program. Never mind that 60 million acres are already under lease but not producing oil. That is onshore and offshore. And offshore, the existing leases contain more than 11 billion, billion with a B, barrels of oil.
Never mind the fact that the entire Atlantic contains less than 5 percent of the potential U.S. offshore oil reserves and less than 9 percent of the natural gas reserves. Never mind the fact that the entire Pacific contains only about 12 percent of the potential U.S. offshore oil reserves and less than 5 percent of the potential natural gas reserves.
Never mind the fact that, in the Gulf of Mexico, the oil companies already hold the drilling rights to 34 million acres, but are producing oil on only 6 million acres. Never mind the fact that the 28 million nonproducing acres in the gulf have more natural gas and about as much oil as you would ever get total from drilling up and down the east and west coasts.
Never mind, my friends, the fact that, from 2005 to 2009, Big Oil used less than 10 percent of their profits to explore for oil while they used between 60 and 90 percent of their profits to pay dividends and buy back stock. These are behaving like financial industries, not energy industries.
Never mind the fact that the majority refuses to end the $4 billion, actually more like $8 billion, in tax breaks for oil companies at the very time that the top five oil companies took home over $32 billion in profits in just the last 3 months.
Never mind the fact that when the top four oil companies took home $485 billion in profits during the 5 years from 2005 to 2009, they still reduced their combined American workforce by 10,200 employees. And my friends here are talking about jobs, when these companies make profits of nearly $500 billion, they lay off more than 10,000 workers? What kind of reality are they living in?
Never mind the fact that the Gulf of Mexico tourism and fishing industries employ five times as many people as the oil industry. Five times as many. Never mind the fact that the annual value of coastal tourism and fishing in the U.S. exceeds that of oil and gas extraction by tens of billions of dollars.
Never mind the fact that this bill before us is one more unjustified giveaway to Big Oil. Never mind all of those facts. Ignore the spill. Drill, baby, drill.
No, thank you. I prefer to live in the real world where facts matter, and where this bill could have devastating real-world consequences. I urge my colleagues, Remember the spill. Vote down this bill.
I reserve the balance of my time.