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Senate Proceeding 05-17-11 on May 17th, 2011 :: 0:28:40 to 0:43:00
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Barbara Boxer

0:28:37 to 0:28:58( Edit History Discussion )

Barbara Boxer: probably less than 15 minutes. the presiding officer: without objection, so ordered. the senator is recognized. mrs. boxer: i want to say the senator from alaska does an excellent job of representing the oil companies. she puts forward the oil companies' arguments magnificently. she's real good at it. she was an economics major, and so was i. and she said what she learned in

Barbara Boxer

0:28:40 to 0:43:00( Edit History Discussion )
Speech By: Barbara Boxer

Barbara Boxer

0:28:59 to 0:29:20( Edit History Discussion )

Barbara Boxer: her time, and let me tell you what i learned. i learned that corporate welfare is wrong, that corporate welfare to companies that are on the fortune 500 list particularly wrong. exxonmobil number 2 on the fortune 500. excuse me if i don't cry for exxon.

Barbara Boxer

0:29:21 to 0:29:42( Edit History Discussion )

Barbara Boxer: forgive me if i shed no tears for chevron. they're number three. and forgive me, conocophillips, you're number five, but you're working on it. i'll tell you who i shed tears for -- my people at home who are having to pay ridiculous prices and who also have to face a

Barbara Boxer

0:29:43 to 0:30:03( Edit History Discussion )

Barbara Boxer: federal deficit and are looking to us for leadership here. and leadership requires us to say, how long do you have to give corporate welfare to oil companies who've been getting it for 40 years? count them, 40 years. and they're so huge, they're multinational, they're multi billion, and i'll get into

Barbara Boxer

0:30:04 to 0:30:24( Edit History Discussion )

Barbara Boxer: what their people earn, what their c.e.o.'s earn in a minute. so i learned that corporate welfare is bad, it distorts the market. and to compare the tax deductions big oil has with home mortgage deduction gets right

Barbara Boxer

0:30:25 to 0:30:46( Edit History Discussion )

Barbara Boxer: under my skin. because the people who benefit from the home mort deduction, primarily the middle class of this country. so don't come here and compare home mortgage deduction with corporate welfare for the biggest companies in our co

Barbara Boxer

0:30:47 to 0:31:11( Edit History Discussion )

Barbara Boxer: so when are the defenders of big oil going to decide how much corporate welfare is enough? and when are the defenders of big oil going to answer this question: how how does the deficit have to go before you're willing to step up to the place and end corporate welfare for the biggest corporations that are cleaning our clocks all the

Barbara Boxer

0:31:12 to 0:31:32( Edit History Discussion )

Barbara Boxer: way to the bank? i -- i would hope the time is now, and i'm going to try to lay out a series of charts why i believe that. so let's go with first of all, we see

Barbara Boxer

0:31:33 to 0:31:54( Edit History Discussion )

Barbara Boxer: quarter profits, exxonmobil, $10.7 billion. a percent increase from last year,69%, mr. president. and i'm supposed to cry for them? i don't think so. b.p., with all their troubles, corporate profits, $7.1 billion. this is just in the first quarter, mr. president, up 17%. shell, up 30%.

Barbara Boxer

0:31:55 to 0:32:15( Edit History Discussion )

Barbara Boxer: conocophillips up 44%. chevron up 74%. and yet big oil has the defenders on this floor saying, wah-wah. their fair share. well, i've got to tell you, we've got a deficit problem, and if we can't ask the wealthy few

Barbara Boxer

0:32:16 to 0:32:36( Edit History Discussion )

Barbara Boxer: in this country to do their share, i don't know headed. let's do the next chart. mrs. boxer: let's cry for big oil, or let's not. $14.5 million, the average compensation for the big five oil company c.e.o.'s.

Barbara Boxer

0:32:37 to 0:32:58( Edit History Discussion )

Barbara Boxer: that's 307 times the average salary of a firefighter. it's 273 times the average salary of a teacher. it's 263 times the average salary of a public officer. and it's 218 times the average salary of a nurse. so we actually have people in

Barbara Boxer

0:32:59 to 0:33:19( Edit History Discussion )

Barbara Boxer: this united states senate coming here not only to defend these corporations but the who are companies can't pay a few dollars more our deficit problem. and you know what? we could lose this vote.

Barbara Boxer

0:33:20 to 0:33:40( Edit History Discussion )

Barbara Boxer: they're filibustering it. we need 60. let the american people see who's on their side or who's on the side of these corporations. the effective tax rate for exxon, 18% on their $7.7 billion in income. a family of two teachers have an effective tax rate of 19%.

Barbara Boxer

0:33:41 to 0:34:01( Edit History Discussion )

Barbara Boxer: can you believe this? and we've got people coming to this floor crying for the oil companies. when they pay an effective tax rate less than a family of two teachers

Barbara Boxer

0:34:02 to 0:34:23( Edit History Discussion )

Barbara Boxer: exxonmobil, 18% on their billions. a family of a truck driver and a dental hygienist, 19%. so the effective tax rate of these humongous multibillion-dollar, multinational corporations is less than families. and people are coming here to cry tears for these oil

Barbara Boxer

0:34:24 to 0:34:44( Edit History Discussion )

Barbara Boxer: companies. and they were whining in front of that committee. i mean, they may be really nice people but they're out of touch, i agree with that. i think that was senator rockefeller who made that statement. what we could do with the $21 billion over the next ten years. we could continue these

Barbara Boxer

0:34:45 to 0:35:05( Edit History Discussion )

Barbara Boxer: handouts, this corporate welfare to big oil, or we could fund the entire "cops" program for all those ten years and we could also provide after-school care for 2 million kids. so i'm asking people, would you rather have a cop on the beat at home and know that our police

Barbara Boxer

0:35:06 to 0:35:26( Edit History Discussion )

Barbara Boxer: are out there and they're protecting our families, would you rather make sure that 2 million kids are kept off the street and have quality after-school programs? or would you rather continue corporate welfare for these five

Barbara Boxer

0:35:27 to 0:35:48( Edit History Discussion )

Barbara Boxer: corporations three of them -- of the american companies are in the fortune 500, is that right? yeah. now, we could also provide ten years of federal emergency management administration disaster relief. and we're looking across this great nation of ours and we're seeing flooding, evacuations,

Barbara Boxer

0:35:49 to 0:36:09( Edit History Discussion )

Barbara Boxer: sandbagging, all the problems, typhoons, hurricanes. and we know in california about earthquakes. fema, they're running out of money. would you rather make sure that they're ready for the next disaster? or would you rather continue corporate welfare for these five corporat you've got to answer that question, america, because it

Barbara Boxer

0:36:10 to 0:36:30( Edit History Discussion )

Barbara Boxer: doesn't look like we're going to win this one. and these are issues you have to decide when you vote. that's the beauty of this country. people make a decision when they vote. if they agree with the senator from alaska that these five big oil companies still need corporate welfare, they know who to vote for. what we could do with $21 billion over the next ten

Barbara Boxer

0:36:31 to 0:36:52( Edit History Discussion )

Barbara Boxer: years. we could fund the ryan white program, which epidemic, at the level the president requested and get rid of that dreadful disease. now, you heard sort of veiled threats from my colleague who is

Barbara Boxer

0:36:53 to 0:37:13( Edit History Discussion )

Barbara Boxer: from alaska, an oil state, and i fully respect her, just disagree with her entirely, but she has an absolute right to say what she says and believes what she says. i think it's parroting what the oil companies say. that's fine. that's her option. but the joint economic committee said "repealing oil subsidies would have no effect on consumer energy prices in the immediate

Barbara Boxer

0:37:14 to 0:37:34( Edit History Discussion )

Barbara Boxer: future." so all those threats about they're going to raise prices -- i ask you rhetorically, mr. president, for all these years they've been getting these subsidies, did they ever lower their prices? no.

Barbara Boxer

0:37:35 to 0:37:58( Edit History Discussion )

Barbara Boxer: the congressional research service said "a small increase in taxes would be unlikely to reduce oil increase petroleum prices." so the experts are saying nothing in this bill to make them pay their fair share is going to adversely impact gasoline prices. the former c.e.o. of shell oil

Barbara Boxer

0:37:59 to 0:38:20( Edit History Discussion )

Barbara Boxer: said, "with high oil prices such subsidies are not necessary." he said that in february. their own people. their own people. and yet when they come to the committee, they're all whining about it. now, then you hear from those

Barbara Boxer

0:38:21 to 0:38:43( Edit History Discussion )

Barbara Boxer: from the oil producing states, well, we don't have enough rigs in operation. this administration is not drilling. excuse me, there is such a thing called the facts. let's look at them in this chart. we see more drilling than ever before. this administration is moving forward. the oil companies have over

Barbara Boxer

0:38:44 to 0:39:05( Edit History Discussion )

Barbara Boxer: 40 -- how many acres? 40 million, is that right? 50 million acres of leases -- leased land and offshore that they could drill on today. and they -- all they want is more and more and more. they want to come to california, drill off our pristine coast and threaten tens of thousands of jobs that we have in our fishing industry, our tourist industry. they don't have to do that.

Barbara Boxer

0:39:06 to 0:39:28( Edit History Discussion )

Barbara Boxer: they are sitting on these leases. they are drilling many more. so let's just have the facts be part of the debate a what i'm trying to do today with these charts, to lay out the facts. now, how do we reduce ga prices?

Barbara Boxer

0:39:29 to 0:39:51( Edit History Discussion )

Barbara Boxer: i had a press conference in -- actually in an independent gas station, and the independent gas station owner was wonderful and said, i agree with you, senator. there i was coming out with this plan. here's how we can reduce gas prices. end big oil subsidies and take that money, some of it, reduce the deficit and take the rest and invest in alternatives so we

Barbara Boxer

0:39:52 to 0:40:15( Edit History Discussion )

Barbara Boxer: have alternatives, clean fuels. batteries that can run our vehicles so we don't have to have these automobiles that are gas guzzlers. crack down on fraud and speculation. a lot of this increase is due to that. use it or lose it, say to the oil companies. you own all these leases. drill on those leases.

Barbara Boxer

0:40:16 to 0:40:36( Edit History Discussion )

Barbara Boxer: release oil from the spro. we know the strategic petroleum reserve has a tremendous amount of oil. this is the time to tap it. the last time we did it, mr. president, prices went down 30%. 30%. invest in clean energy and efficiency. reduce exports. can you believe that the producers right here in america are exporting their oil, some of their oil.

Barbara Boxer

0:40:37 to 0:40:58( Edit History Discussion )

Barbara Boxer: keep it home. we need it here. so that's a plan that we can take. but let me just conclude my remarks this way. in the land of the free and the home of the brave, we need to have some fairness in our lives. it's crucial. and all the talk about

Barbara Boxer

0:40:59 to 0:41:21( Edit History Discussion )

Barbara Boxer: competition and we want competition. you don't have competition when you are looking at these huge companies. and my colleague from alaska talks about comparing them to these little bitty solar companies that are just getting started. when companies are just getting started with a new technology, that's one set of circumstances. but when you give these tax

Barbara Boxer

0:41:22 to 0:41:44( Edit History Discussion )

Barbara Boxer: subsidies like this to big oil, you distort the price of the commodity. you distort the price of the commodity. and you bring it down. and, therefore, it's anticompetitive with other sources of energy. and, mr. president, this is the moment.

Barbara Boxer

0:41:45 to 0:42:05( Edit History Discussion )

Barbara Boxer: we are looking to cut the deficit. we are looking for ways to bring billions of dollars home so that we can get out of the red. and what could be more perfect than this opportunity in the name of fairness, in the name of competition, in the name of deficit reduction, frankly, in the name of the consumer?

Barbara Boxer

0:42:06 to 0:42:26( Edit History Discussion )

Barbara Boxer: let's have some fairness, and let's not come down to the floor and compare these corporate giveaways to the mortgage deduction that our middle class so needs. and i thank you very much for this opportunity, and i hope that we will have the courage to vote to end this corporate welfare. thank you, very much.

Barbara Boxer

0:42:27 to 0:42:51( Edit History Discussion )

Barbara Boxer: i yield the floor, and i note the absence of a quorum. the presiding officer: the cle will call the roll.

Barbara Boxer

0:42:52 to 0:43:00( Edit History Discussion )

Barbara Boxer: quorum call: call be a moment. the presiding officer: without objection, so ordered. mrs. boxer: and we ask that all the time not used be charged

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