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Senate Proceeding on May 11th, 2011 :: 4:14:35 to 4:26:20
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James Inhofe

4:14:32 to 4:14:53( Edit History Discussion )

James Inhofe: the senator withdraw his request? warn in terms of the absence of a quorum? the presid mr. warner: i will be happy to withdraw my mr. inhofe: i thank the senator from virginia. the presiding officer: the senator from oklahoma is recognized. mr. inhofe: thank you, mr. president. it is my understanding we're in morning business until 2:00. the presiding officer: that is correct. mr. inhofe: yesterday i spent some time on the floor talking

James Inhofe

4:14:35 to 4:26:20( Edit History Discussion )
Speech By: James Inhofe

James Inhofe

4:14:54 to 4:15:14( Edit History Discussion )

James Inhofe: about the recoverable reserves that we have in the united states of america. i was shocked at some senators afterwards -- first of all, i was shocked so many listened but more shocked they came up and said we were not aware that we have this opportunity here. you -- you know, we have -- and i've got from the congressional

James Inhofe

4:15:15 to 4:15:35( Edit History Discussion )

James Inhofe: research service a breakdown of where all of this is. i'd like to share that and get that into the record, because right now -- and i applaud senator murkowski and others for trying to open up and fully develop the resources that we have in the gulf of mexico. that is very significant. i applaud their effort and i join them in that effort. i would like to say we need to

James Inhofe

4:15:36 to 4:15:56( Edit History Discussion )

James Inhofe: go further than that, because in the gulf of mexico, we have in the -- and these are figures, mr. president, of the congressional re service -- under the undiscovered, technically recoverable resources. now, our resources, according to c.r.s., are greater than any other country in the world in oil, gas, and coal.

James Inhofe

4:15:57 to 4:16:17( Edit History Discussion )

James Inhofe: i'm just going to talk about gas right now because one of the big issues, of course, not just with my wife, with others, is the price of gas at the bumps. -- at the pumps. if you look at the undiscovered, technically recoverable resources in -- just on the onshore in the united states --

James Inhofe

4:16:18 to 4:16:38( Edit History Discussion )

James Inhofe: this is -- some of this would actually be public land -- is 37.8 billion barrels of oil. throw in alaska, that would be 26.6 billion barrels. the atlantic ocean, 3.8 billion. pacific ocean, 10.5 billion. the gulf of mexico, as i already said, 44.9 billion. now, the total that they have of

James Inhofe

4:16:39 to 4:16:59( Edit History Discussion )

James Inhofe: u.s. endowment of -- our endowment of technically recoverable oi 162.9 billion. we've talked about this before and talked about the fact that we have all these resources but our problem is a political problem because the people -- the politics won't let us reach these.

James Inhofe

4:17:00 to 4:17:22( Edit History Discussion )

James Inhofe: now, we're talking about they're not able to get hardly any on the atlantic and pacific. and you know what's happened up in the north slop, anwr, we've talked about that for a long time. people don't realize it on public lands that about 90% is off-limits, off-limits politically. now, that is there. now, i -- i have to correct some of the statements some people

James Inhofe

4:17:23 to 4:17:43( Edit History Discussion )

James Inhofe: conveniently -- some of the statements. some people have conveniently misrepresented what our reserves are. instead of using recoverable reserves, they use proven reserves. well, that's a technical term that in order to prove a reserve, you have to drill and analyze and core and see how much oil is in there. obviously, if we won't let anyone drill, they can't prove

James Inhofe

4:17:44 to 4:18:04( Edit History Discussion )

James Inhofe: it. so when they say we only have 2% of the world's proven reglerves. that's absurd because that's -- reserves, that's absurd because we have to drill to determine what that is. other countries don't have that problem. we're the only country in the world who doesn't let us here in the united states of america exploit our own resources. and i think that people are going to have to realize this.

James Inhofe

4:18:05 to 4:18:25( Edit History Discussion )

James Inhofe: if you want to do something, it's such a simple thing to deal with. it's supply and demand and there's not a person in here, not a person who would be listening today who hasn't gone through the elementary experience and schooling of learning supply and demand. we have the supply in america but we don't have the -- and we have the demand here. we won't let the -- the

James Inhofe

4:18:26 to 4:18:46( Edit History Discussion )

James Inhofe: politicians won't let us exploit our own resources. that's the problem that we have. so you don't have to overly complicate this thing. it's interesting, and i hate to say -- you know, i'm not pointing fingers in a partisan way but when the democrats and the administration say we're going to tax big oil. well, they say actually they're going to do away with some of the benefits that big oil has.

James Inhofe

4:18:47 to 4:19:07( Edit History Discussion )

James Inhofe: well, there aren't benefits. this would be four huge tax increases that the democrats are talking about doing on big oil. that's not big oil. that's oil period. and i won't go into the details of depletion allowances, percentages and all of that. it's not important. the point is that they have the same benefit every other manufacturer has and to single them out and say we're going to

James Inhofe

4:19:08 to 4:19:28( Edit History Discussion )

James Inhofe: punish big oil, all that's going to do is make the price at the pumps skyrocket. it gets right back to supply and demand. and, by the way, those who are trying to use the argument that this somehow is going to produce revenue that is going to be used, i would suggest to you that even the white house's

James Inhofe

4:19:29 to 4:19:53( Edit History Discussion )

James Inhofe: figures or the maximum would be revenue generated, $4 billion. now, keep in mind, you lose all the benefits so that's not a net of $4 billion. take the state of texas, for example. they don't have an income tax. they have a -- they have the oil tax that is -- has run that -- that state very well for a long period of time.

James Inhofe

4:19:54 to 4:20:16( Edit History Discussion )

James Inhofe: and i have a quote from the -- from -- okay. any way, senator menendez made a statement -- this is not -- taxing the oil companies is not going to bring down the price of gas. they're not even claiming that it will. i just think when you see such an obvious solution problem, just exploit our own resources, then i'd say that we

James Inhofe

4:20:17 to 4:20:37( Edit History Discussion )

James Inhofe: are very foolish not to do that. i want to cover one other thing that i think is significant. when i talk to people abo the -- and we all talk about the solutions to the problem. we talk about the spending of this administration, more debt increased in just the first two years of the obama administration than the entire debt that has increased since

James Inhofe

4:20:38 to 4:21:02( Edit History Discussion )

James Inhofe: george washington in the history of this country, the huge spending, the $5 trillion in the president's three budgets of deficit. i can remember coming down and complaining back in 1995 at this very podium when the clinton administration came out with a budget for a fiscal year 1996 and it was a trillion and a half dollars and i said we can't sustain that.

James Inhofe

4:21:03 to 4:21:24( Edit History Discussion )

James Inhofe: a trillion and a half budgets in each the three budgets he had, just the deficit. that's more than it took to run the entire united states of america back in 1996. so i suggest when people say there are only two solutions to this problem, either reduce spending, which would be my choice, or increase taxes, which i wouldn't do, but there's a third option.?? that option is to do something about the cost of regulation,

James Inhofe

4:21:25 to 4:21:47( Edit History Discussion )

James Inhofe: the cost of regulation. right now, if you just take what the e.p.a. is doing in five -- in fact, ielg just say -- i'll just say three the five major overregulations that we're going over right now. people in this conference here, people in the united states senate know that we have defeated cap and trade here legislatively by massive

James Inhofe

4:21:48 to 4:22:08( Edit History Discussion )

James Inhofe: percentages five times during -- since 2003. so this administration says all right, if we can't have cap and trade, we're going to go ahead and do it, not legislatively, we'll do it through the e.p.a. and that's what's going on now with greenhouse gases. if you add up what the administration is doing in terms of what the cost is to greenhouse gas regulations,

James Inhofe

4:22:09 to 4:22:30( Edit History Discussion )

James Inhofe: that's between $300 billion and $400 billion a year. the ozone, if they do choose -- and they said they're going to choose the 60 parts per billion standard, that would $676 billion. and the boiler mac would be something in excess of a billion dollars. anyway, you through in utility mac and cement mac, it comes to a trillion dollars. this is what i'm trying to get

James Inhofe

4:22:31 to 4:22:52( Edit History Discussion )

James Inhofe: at. i used to use the figure that for every 1% increase in economic activity, it produces new revenue of $42 billion. that has been changed now. according to c.r.s., congressional review service -- and that's bipartisan, that's factual, and no one ever challenges them -- c.r.s. says for every 1%, and we will use

James Inhofe

4:22:53 to 4:23:13( Edit History Discussion )

James Inhofe: g.d.p. -- increase in g.d.p., that produces additional revenue of $50 billion. so if you just take these regulations, add them up, all these -- the increase -- the cost to g.d.p. of the three regulations i mentioned, that's a trillion dollars. a trillion dollars. now, if you take the fact that it's $14 trillion g.d.p. in a given year, this would be 7% of

James Inhofe

4:23:14 to 4:23:34( Edit History Discussion )

James Inhofe: that. for each 1%, it would be $50 billion. you could generate new revenue of $350 billion just by taking this overregulation out of our society. now, you could argue, well, inhofe, that's not true because these regulations aren't all passed yet and that is right so it would be probably right now about half of that. but when the obama

James Inhofe

4:23:35 to 4:23:55( Edit History Discussion )

James Inhofe: administration came in and they announced these regulations were coming, the manufacturers, the producers, those who are driving the economic ship were the ones who said, because of the uncertainty of these regulations, we're going to slow down what we're doing. if we were to lift all these regulations, then i can assure you that we would be approaching

James Inhofe

4:23:56 to 4:24:17( Edit History Discussion )

James Inhofe: at least by a year from now $350 billion, that's without a tax increase, that's without reducing spending. and i think that we need to look at this realistically, because this is an opportunity that we have. a lot of people rember back in the days of ronald reagan and i could say the same thing back in the days of president kennedy. and, of course, he was a democrat.

James Inhofe

4:24:18 to 4:24:39( Edit History Discussion )

James Inhofe: they felt that overregulation and high taxation is an inhibiting factor to -- to slow down revenue. and, of course, in the case of ronald reagan, the total revenue coming from marginal rates in 1980 was $244 billion. in 1988, it was $466 billion. and that was at a time when we had the largest reduction of

James Inhofe

4:24:40 to 4:25:00( Edit History Discussion )

James Inhofe: taxes and regulations in this society. so it's shown to be true over the years. my bottom line is this. people know about spending and people know about taxes. they don't know about regulations. the people who are affected directly, the manufacturers, they all understand it. and the figures that i'm using are actual figures that we've gotten that no one argues with,

James Inhofe

4:25:01 to 4:25:22( Edit History Discussion )

James Inhofe: and the fact that $50 billion of increased revenue comes from each 1% increase in g.d.p. is a fact that is supported by the c.r.s. so i offer that along with th the -- with the -- our opportunity to become totally independent from the middle east for our -- for our ability to run this machine called america.

James Inhofe

4:25:23 to 4:25:45( Edit History Discussion )

James Inhofe: and with that, mr. president, i -- before i yield the floor, i see the senator from alaska. i hope that you were listening to what i was talking about because the opportunities in alaska are just tremendous. $26.6 billion bear -- 26.6 billion barrels of oil. and i'm sure you understand that. and everybody else does.

James Inhofe

4:25:46 to 4:26:01( Edit History Discussion )

James Inhofe: i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll.

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