Mr. Chairman, I have an amendment at the desk. I yield myself such time as I may consume. I rise to urge my colleagues to support my amendment to H.R. 2021. As constituents see soaring gas prices, soaring oil prices, oil companies have…
Mr. Chairman, I have an amendment at the desk.
I yield myself such time as I may consume.
I rise to urge my colleagues to support my amendment to H.R. 2021.
As constituents see soaring gas prices, soaring oil prices, oil companies have revealed record profits. The top five multinational oil companies earned over a trillion dollars in the past decade. In my district, where jobs and commerce depends on a coastal marine and tourism economy, I have constituents that are paying up to $4.50 a gallon. These oil firms, these conglomerates, are eating up more and more of our constituents' paychecks.
And where is it going? Only a small portion--some estimate as little as 7 percent--are reinvested back into the economy to pay for efficiencies and research into alternatives to oil. Rather, oil companies are providing bumps for stockholders and high bonuses to their company executives--a pat on the back for high prices at the pump. Remember that up to 90 percent of the tax subsidy money given to executives and companies by the taxpayers went to buybacks for preferred stock purchases.
My amendment would provide transparency to the U.S. taxpayer.
The amendment requires that all completed permit applications include data on executive bonuses distributed by the applicant company in the most recent quarter.
In May I offered a similar amendment to H.R. 1231, which would have required the Secretary to make available to the public data on executive bonuses for any company that is given a drilling lease, and it received at that time 186 votes. We have an opportunity now to successfully pass this amendment, and the time is now to hold the largest oil companies accountable. I urge my colleagues to support this important amendment in order to provide transparency to the American taxpayer.
I reserve the balance of my time.
Mr. Chairman, how much time remains?
I think the point is that environmental groups, marine jobs groups and groups that depend on tourism in my district don't have shareholders. They aren't the beneficiaries of this. The purpose of this amendment is to find out who really benefits.
If you represent a district like mine, there is a great risk in this--a risk in jobs, a risk in commerce, a risk that is irreparable, a risk that is one that should be taken very seriously. If one is taking that very seriously, one has to look at who, indeed, is benefiting by this. It's clear, given some of the other alternatives that are there right now, that the people at the pump are not benefiting by this. The people in my district who are depending on jobs that could be risked as a result of failures from this drilling have a great deal to risk. It is not a red herring. In fact, if you're going to apply any kind of fish analogies, another important industry in my area, the fishing industry, is one that is assuming this risk as well. Now, all of these risks are there. Who is benefiting by this risk?
The purpose of this amendment is to tell the public who, indeed, benefits by it. It is the executives who are getting these large bonuses, because this is about profits, and the profits go to those executives. They aren't there to help reduce costs for the people at the pump, and they certainly aren't there to help the people in my district who are bearing all the risk of this type of drilling.
I yield back the balance of my time.
Mr. Chairman, I demand a recorded vote.
Mr. Speaker, I have a motion to recommit at the desk.
I am opposed to it in its current form, Mr. Speaker.
Mr. Speaker, I rise to offer this final amendment that I believe will greatly increase economic and job safeguards for the American people.
Simply put, the underlying legislation is about risk versus reward. We know what the reward is: trillions of dollars of profit over the last decade for oil companies and preferred stock buybacks and bonuses for executives. We know what the proponents of this bill say the reward will be: lower gas prices at the pump.
Now, what is the risk that we're looking at?
The risk is existing jobs: existing jobs in the marine industry, the fishing industry, the tourism industry--industries that are among the most job-producing in my State and in the States of so many other people in this Chamber.
My amendment requires the administrator to determine whether or not this will lower gas prices for American citizens. I believe we need a safeguard for the American public, who should not bear the burden of the risk with no guarantee of the reward. I'm sure the many small businesses in the gulf and in my district which rely on the marine economies and tourism would agree with this. This final amendment is a commonsense compromise, and regardless of how the Members feel about the underlying legislation, this is something that we should all be able to support.
When I offered my amendment earlier, my colleague from across the aisle said it was irrelevant because it dealt with exposing executive bonuses and that it, thus, did not deal with the heart of what this bill is supposed to do, which, according to him, was to increase domestic oil production that would translate into decreased gas prices at the pump. Now, if it's not for lower gas prices for consumers, then the only rationale for this must be that it's for higher profits for oil companies. All day, proponents have said the reason for the bill is to lower gas prices.
This amendment, simply put, asks them to mean what they say. I ask all of my colleagues to please support this final amendment.
Mr. Speaker, I yield back the balance of my time.
Mr. Speaker, I demand a recorded vote.