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Senate Proceeding on May 8th, 2008 :: 0:25:52 to 0:42:24
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John Barrow

0:25:12 to 0:25:52( Edit History Discussion )

John Barrow: right direction. america's energy and economic security will depend on promoting technologies that are relate ed to coal. the time to act to expand america's energy portfolio is now. mr. president,

John Cornyn

0:25:52 to 0:26:03( Edit History Discussion )

John Cornyn: i would urge adoption of the amendment when it comesp for a vote. mr. president, i yield the floor floor. the presiding officer: the senator from texas. mr. cornyn: mr. president, may i ask how much

John Cornyn

0:25:52 to 0:42:24( Edit History Discussion )
Speech By: John Cornyn

John Cornyn

0:26:03 to 0:26:20( Edit History Discussion )

John Cornyn: time remains in morning business on our side? the presiding officer: 15 1/2 minutes. mr. cornyn: i thank the chair. mr. president, i want to thank the senator from oklahoma, the senator from wyoming

John Cornyn

0:26:20 to 0:26:37( Edit History Discussion )

John Cornyn: for their excellent remarks on our energy crisis that faces our country. i want to focus our attention on a couple of numbers this morning morning. first on the number -- the number is $3.65. this

John Cornyn

0:26:37 to 0:26:53( Edit History Discussion )

John Cornyn: is the average price of a gallon of gasoline now for sale across america. contrast that with the figure of $2.33. that shows how much the price of gasoline has gone up across the country since

John Cornyn

0:26:53 to 0:27:20( Edit History Discussion )

John Cornyn: that date, january 4, 2007. if you sort of extrapolate what that means for the average american family, they have seen a decrease in their standard of living or an increase in their cost of living

John Cornyn

0:27:20 to 0:27:34( Edit History Discussion )

John Cornyn: by roughly $1400 a year as a result of this increase in gasoline prices. another figure that i want to mention is the figure 745. that was 745 days ago speaker nancy pelosi before she was speaker

John Cornyn

0:27:34 to 0:27:48( Edit History Discussion )

John Cornyn: said that if she and her fell fellow democrats were given the majority, that they would come up with a commonsense plan to reduce gas prices. that was 745 days ago. and i would suggest, mr. president, that,

John Cornyn

0:27:48 to 0:28:07( Edit History Discussion )

John Cornyn: notwithstanding the fact that they announce ed a plan yesterday that i'll talk about here in a minute, that we're still waiting for a commonsense plan to bring down gas prices at the pump. here's

John Cornyn

0:28:07 to 0:28:21( Edit History Discussion )

John Cornyn: a quote. "democrats" speaker pelosi said, april 2 had 4 4, 2006, "democrats have a commonsense plan to help bring down skyrocketing gas prices." we're still waiting for that plan. you heard both the

John Cornyn

0:28:21 to 0:28:40( Edit History Discussion )

John Cornyn: senator from oklahoma and the senator from wyoming talk about some aspects of this -- of the legislation, the so-called domenici amendment amendment, which we will vote on on monday, which i'm proud to

John Cornyn

0:28:40 to 0:28:56( Edit History Discussion )

John Cornyn: co cosponsor. but let me focus on the plan that was announce ed by majority leader reid and the democratic leadership yesterday. first of all, we'll find some very familiar elements to this plan

John Cornyn

0:28:56 to 0:29:14( Edit History Discussion )

John Cornyn: that was rolled out by the democratic leadership yesterday. i would say that it bears remarkable ressembly resemblance to previous plans that they have rolled out. the number-one element that i would

John Cornyn

0:29:14 to 0:29:28( Edit History Discussion )

John Cornyn: suggest is that it produce produces not one single drop of additional oil or gas or energy, not one drop. the other characteristics that it bears remarkable resemblance to in terms of their past sproams

John Cornyn

0:29:28 to 0:29:44( Edit History Discussion )

John Cornyn: that they basically suggest that we tax, we litigate andee investigate our way to greater energy -- and we investigate our way to greater energy independence in this country. this is a formula which, although

John Cornyn

0:29:44 to 0:30:11( Edit History Discussion )

John Cornyn: familiar, is one which has not shown its effective, obviously, in bringing down the pain at the pumping the price of gasoline at the furch. well, first of all, they say, we're going to investigate

John Cornyn

0:30:11 to 0:30:23( Edit History Discussion )

John Cornyn: price gouging by the oil and gas industry. well, we have seen investigation investigations by the federal trade commission. we've had numerous hearings that have found basically no substantiation for so-called

John Cornyn

0:30:23 to 0:30:35( Edit History Discussion )

John Cornyn: price gouging. in fact, the cost of oil and gasoline has been relate ed to un unrest around the world in dangerous parts of the world where the supply may be in question, whether it's from the middle

John Cornyn

0:30:35 to 0:30:53( Edit History Discussion )

John Cornyn: east or elsewhereteletext . they found that the failure of congress to remove the regulatory burden to construction of new refinery capacity has

John Cornyn

0:30:53 to 0:31:08( Edit History Discussion )

John Cornyn: throed a bottleneck when it comes to refinery capacity where that oil is then transformed into gasoline that we burn in our gas tanks.~ of course, there's the fact we cannot repeal the law of supply some

John Cornyn

0:31:08 to 0:31:26( Edit History Discussion )

John Cornyn: demand and unless we're going to do something about increasing the supply of oil, if we fix the amount of oil available worldwide because we refused to open up america's own natural resources here at home

John Cornyn

0:31:26 to 0:31:48( Edit History Discussion )

John Cornyn: in order to, expand that supply, rising demand of oil, by countries like china and india which have more than a billion people each who want the kind of prosperity and injoy the sort of -- enjoy the

John Cornyn

0:31:48 to 0:32:04( Edit History Discussion )

John Cornyn: economic vitality that the united states has, they will place greater demands on the fixed supply of oil so they can benefit, as america has, from having had access to low-cost -- relatively low-cost energy

John Cornyn

0:32:04 to 0:32:25( Edit History Discussion )

John Cornyn: for a long, long time. so price gouging is something that investigations we've tried in the past -- we have had hearings on the senate judiciary committee which i'm proud to serve on. the federal trade commission

John Cornyn

0:32:25 to 0:32:37( Edit History Discussion )

John Cornyn: has investigated it until they're blue in the face and found now real evidence of price gouging but, rather, a deficit of supply when it comes to increasing demand as the most likely cause. now

John Cornyn

0:32:37 to 0:32:56( Edit History Discussion )

John Cornyn: the second element of the democratic leadership's so-called energy policy is litigation. in other words, we're going to sue the organization to proposal-exporting -- to petroleum-exporting countries. we need

John Cornyn

0:32:56 to 0:33:12( Edit History Discussion )

John Cornyn: to engage countries like iran and venezuela and talk to them directly about geopolitical matters and about security matters. this is the first time i've heard them talk about suing countries like iran

John Cornyn

0:33:12 to 0:33:27( Edit History Discussion )

John Cornyn: and venezuela and the organization of petroleum-exporting countries. the irony is, what are we going to sue them for? we're going to sue them, presumably, for more oil or make them town the spicket

John Cornyn

0:33:27 to 0:33:42( Edit History Discussion )

John Cornyn: wider forcing us to become more dependent on foreign oil from dangerous regions. and from people who are not our friends. the president of iran, head of islamic extremist government, on the terror watch

John Cornyn

0:33:42 to 0:33:59( Edit History Discussion )

John Cornyn: list for the state department as a state sponsor of international terrorism in the middle east. then there's hugo chavez in venezuela, somebody who is not our friend, somebody who harbors narcoterrorists

John Cornyn

0:33:59 to 0:34:14( Edit History Discussion )

John Cornyn: in the farc and other organizations in his country. are these the kind of people we're going to continue to depend more and moren by filing a lawsuit against them and forcing them to sell us more

John Cornyn

0:34:14 to 0:34:28( Edit History Discussion )

John Cornyn: of their oil? how is that going to make us more energy independent? how is that going to enhance our national security and our economy? then there's the other answer that we've heard the democratic leadership

John Cornyn

0:34:28 to 0:34:41( Edit History Discussion )

John Cornyn: plan they have proposed and this one, again, is a familiar solution -- or i should say a nonsolution. this has to do with the so-called windfall profits tax. we ought to learn from history or else we

John Cornyn

0:34:41 to 0:34:52( Edit History Discussion )

John Cornyn: will be condemned to relive it. over the entire 1980 to 1986 period in which the u.s. government had a windfall profit tax, it, in fact, reduced domestic production from between 320 million barrels to

John Cornyn

0:34:52 to 0:35:06( Edit History Discussion )

John Cornyn: 1,268 million barrels, almost five% of over all production -- almost 5% of overall production. there's an easy way to understand that. if you put an increased tax on american producers because, of course,

John Cornyn

0:35:06 to 0:35:17( Edit History Discussion )

John Cornyn: we can't put an increased tax on opec, on venezuela, on iran, and these state-owned oil companies, the fact is we put an increased tax burden on our own domestic producers. of course, we find the

John Cornyn

0:35:17 to 0:35:35( Edit History Discussion )

John Cornyn: congressional research service has found last time we tried a windfalls profit tax it decreased our domestic oil production. why in the world would we want to do that if how does that help increase the

John Cornyn

0:35:35 to 0:35:50( Edit History Discussion )

John Cornyn: supply of america's natural resources that can help ameliorate some of this pain at the pump by increasing supply and, thus, bringing down, hopefully, the cost of a barrel of oil and then the refined

John Cornyn

0:35:50 to 0:36:02( Edit History Discussion )

John Cornyn: product of gasoline. the last suggestion was that the trick oil reserves -- the strategic oil reserves -- that's a final answer by eliminating the 70,000 barrels a day that we put into the strategic

John Cornyn

0:36:02 to 0:36:14( Edit History Discussion )

John Cornyn: oil reserves. now, i think there may be a case for reducing or eliminating the 70,000 barrels of oil a day that go into the strategic petroleum reserve but i have to tell you, mr. president, the world consumes

John Cornyn

0:36:14 to 0:36:27( Edit History Discussion )

John Cornyn: roughly 85 million barrels of oil a day; 85 million barrels of oil a day. what affect is 70,000 barrel as day that would not go into the strategic petroleum reserve? what impact does this have on reducing

John Cornyn

0:36:27 to 0:36:43( Edit History Discussion )

John Cornyn: the price of oil globally or bringing down the price at the pump? my calculation is that by reducing the amount of money going into the strategic petroleum reserve we could bring down gas prices maybe

John Cornyn

0:36:43 to 0:36:58( Edit History Discussion )

John Cornyn: two cents or five cents per gallon. maybe that would be welcome but hardly adequate to deal with the high gas prices we have sustained or are experiencing today. but i want to take that one step further.

John Cornyn

0:36:58 to 0:37:12( Edit History Discussion )

John Cornyn: if our democrat friends believe that by reducing the amount of oil that goes into the strategic petroleum reserve by 70,000 barrels a day is a good idea because that might reduce, although slightly,

John Cornyn

0:37:12 to 0:37:31( Edit History Discussion )

John Cornyn: the cost of gasoline, how much more sense would it make to explore and develop the million barrel a day capacity that's located in alaska and the arctic national wildlife refuge? if you take the

John Cornyn

0:37:31 to 0:37:50( Edit History Discussion )

John Cornyn: million barrels of oil a day that could be produced from an mr., you're -- from anwr, you're talking about reducing the rice of gasoline by an -- price of gasoline by an additional million supply barrels

John Cornyn

0:37:50 to 0:38:04( Edit History Discussion )

John Cornyn: a day by 85 cents to $2.14 a gallon. no, that would be a real impact to be able to bring down the price of gasoline by 84 cents to $2.14 a gallon. now, i just mention the anwr reserves but it's estimated

John Cornyn

0:38:04 to 0:38:22( Edit History Discussion )

John Cornyn: if we were actually to open up not only alaska to environmentally responsible development of those oil and gas reserves located there and produce an additional million barrels a day of oil, if we also

John Cornyn

0:38:22 to 0:38:41( Edit History Discussion )

John Cornyn: were to leave up to the states, options -- states like virginia and alaska -- the open to open their outer continental shelf oil reserves to further production, if we opened up some of the oil

John Cornyn

0:38:41 to 0:38:59( Edit History Discussion )

John Cornyn: shale and oil sands out in the west to production, we could develop another three million barrels of oil capacity right here in america without having to depend more and more on foreign sources of oil.

John Cornyn

0:38:59 to 0:39:15( Edit History Discussion )

John Cornyn: if you take the same argument that our friends have offered on the impact of reducing deposits of oil in the strategic petroleum reserve and that would actually have an impact on price, how much more would

John Cornyn

0:39:15 to 0:39:29( Edit History Discussion )

John Cornyn: it have as a beneficial impact of lowering the rice if we opened up america's nasa natural resources at home? we will have an important vote on monday where the so-called domenici amendment which i'm

John Cornyn

0:39:29 to 0:39:46( Edit History Discussion )

John Cornyn: proud to join as a cosponsor, will be offered for a vote, where the united states senate can go on record in showing where they stand whe it comes to this effort to help bring down prices at the

John Cornyn

0:39:46 to 0:39:58( Edit History Discussion )

John Cornyn: pump which speaker pelosi announced 245 days ago -- the highlights, as i mentioned, of the bill are opening up porings of the out -- portions of the outer continental shelf as we have the gulf of mexico,

John Cornyn

0:39:58 to 0:40:16( Edit History Discussion )

John Cornyn: 300 miles offshore from the state of texas. you cannot see the drilling activities 300 miles offshore and, indeed, the drilling activity could occur on the outer continental shelf beyond the horizon in

John Cornyn

0:40:16 to 0:40:29( Edit History Discussion )

John Cornyn: a way not visible to people on shore. i mention the arctic national wildlife refuge, tapping into that oil and gas which we know is there would immediately produce, once it is done, would produce

John Cornyn

0:40:29 to 0:40:45( Edit History Discussion )

John Cornyn: huge volumes of oil that could help releave our dependence on imported -- relieve our dependence on imported oil. we know building additional refineries would help relief some of the bottleneck when it comes

John Cornyn

0:40:45 to 0:41:03( Edit History Discussion )

John Cornyn: to refining the oil into gasoline. of course, 70% of the price of gasoline is the price of oil. another part of it is the burden we put on the permitting process for construction of new refineries

John Cornyn

0:41:03 to 0:41:19( Edit History Discussion )

John Cornyn: or expanding refinery capacity. my colleague from wyoming talked about coal. i agree with him, we ought to use good old-fashioned america ingenuity in our research and scientific abity to figure

John Cornyn

0:41:19 to 0:41:32( Edit History Discussion )

John Cornyn: out, how do we use this coal? we are the saudi arabia of coal. how do we use it in a way compatible with a good environment? the technology has been demonstrated. things like coal-to-liquid technology, coal

John Cornyn

0:41:32 to 0:41:45( Edit History Discussion )

John Cornyn: gasification which can capture the carbon, deal with the environmental concerns and, yet, provide access to energy that can help drive our economy and make us less dependent on imported oil and gas from

John Cornyn

0:41:45 to 0:42:00( Edit History Discussion )

John Cornyn: other parts of the world. so mr. president, i hope our colleagues on the other side of the aisle will come forward with additional ideas. i've explained how the proposals they've made would have

John Cornyn

0:42:00 to 0:42:24( Edit History Discussion )

John Cornyn: no impact, would provide in supply, but would really just rehash old, tired themes which have been shown not to work in the past but i think the debate is important and i look forward to continuing.

Robert Menendez

0:42:24 to 0:42:39( Edit History Discussion )

Robert Menendez: thank you. i yield the floor. mr. menendez: mr. president? the pres iding officer: the senator from new jersey. mr. menendez: mr. president, i rise to honor and celebrate israel's 60th anniversary. on a sad

Robert Menendez

0:42:24 to 0:47:55( Edit History Discussion )
Speech By: Robert Menendez

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