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Senate Proceeding 05-17-11 on May 17th, 2011 :: 1:00:45 to 1:13:45
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Mary Landrieu

1:00:45 to 1:01:08( Edit History Discussion )

Mary Landrieu: quorum call: ms. landrieu: mr. president? the presiding officer: the senator from louisiana. ms. landrieu: i ask unanimous consent to dispense with the the presiding officer: without objection. ms. landrieu: thank you, mr. president. i ask consent to speak for up to 15 minutes from time reserved on the majority side on this issue. the presiding officer: without objection. ms. landrieu: thank you, mr. president. this is a very important issue

Mary Landrieu

1:00:45 to 1:13:45( Edit History Discussion )
Speech By: Mary Landrieu

Mary Landrieu

1:01:09 to 1:01:30( Edit History Discussion )

Mary Landrieu: that we are debating today, and there are very different views about how we should proceed, and i rise to object to the menendez amendment or bill that's on the floor and urge my colleagues to vote "no," and i'd like to give at least five reasons why i don't think this bill is the right approach. it will not solve the problem of

Mary Landrieu

1:01:31 to 1:01:53( Edit History Discussion )

Mary Landrieu: high prices at the pump, and why i think in many ways it's actually a waste of time to be taking a whole day on an issue that is not going to result in lower prices at the gas pump or in more domestic supply, which are two things that we really need to attempt to do sometime

Mary Landrieu

1:01:54 to 1:02:14( Edit History Discussion )

Mary Landrieu: in the next short period. i have a great deal of respect for my colleague from new jersey, as my colleague from california who spoke in favor of this direction. but i do want to give just a couple of thoughts about why i'm going to be voting "no" and urge my colleagues to d same. according to economic analysis,

Mary Landrieu

1:02:15 to 1:02:35( Edit History Discussion )

Mary Landrieu: the bill that senator menendez presents to us today to remove tax credits and subsidies from the five major oil companies will do nothing to lower prices at the pump. so, as everyone goes to fill up their cars today, their trucks, their automobiles, their mini vanns, even if this bill --

Mary Landrieu

1:02:36 to 1:02:58( Edit History Discussion )

Mary Landrieu: their mini vans, even if this bill passed, it will not get near the 60 votes knows move it forward. it will not lower prices at the pump by one penny. i'm going to submit to the record information from independent economic analysis. it might make us feel better to beat up on big oil. it might, you know, present a

Mary Landrieu

1:02:59 to 1:03:20( Edit History Discussion )

Mary Landrieu: scapegoat in some quarters, but it will not lower prices at the pump, and that's what we need to be about, mr. president, because this economy or economic recovery that we're in -- slow and spotty in places, but under way -- with be stalled out by prices as high as $4.37 a gallon.

Mary Landrieu

1:03:21 to 1:03:41( Edit History Discussion )

Mary Landrieu: i saw it at a station right here in the washington, d.c., area. that's frightening to consumers, to families, to small businesses, and to large industries that are seeing their cost of business go up because of these prices. we should be working on real solutions. this is not one of them.

Mary Landrieu

1:03:42 to 1:04:02( Edit History Discussion )

Mary Landrieu: according to the joint economic committee report on this bill published last week, repealing these tax incentives -- quote -- "would have little or no impact on consumer energy prices in the immediate fu" and the impact in the long-term will also be negligible. so why are we doing it?

Mary Landrieu

1:04:03 to 1:04:23( Edit History Discussion )

Mary Landrieu: why are we harming an industry -- five large oil and gas companies that work internationally, that employ 9.2 million people in the united states directly, that are good, hardworking americans, working in and for these companies -- why are we doing it? that is a good question.

Mary Landrieu

1:04:24 to 1:04:44( Edit History Discussion )

Mary Landrieu: number two: the industry pays its taxes and then some. i think there is some real misunderstanding that these large oil and gas companies pay either little or no taxes. maybe people have been told and believe that they have so many tax subsidies that they don't pay taxes, and i want to put

Mary Landrieu

1:04:45 to 1:05:05( Edit History Discussion )

Mary Landrieu: that issue to rest. first of all, three companies -- conocophillips, chevron, and exxonmobil -- i don't have this blown up, and i'm sorry, because i'd like to -- i don't know if the camera can pick up this small 8x10 or 8x11 sheet here. but you'll see the rode lines

Mary Landrieu

1:05:06 to 1:05:27( Edit History Discussion )

Mary Landrieu: here. conco, chevron and exxonmobil paid approximately 49% -- this is their tax rate -- 43% and 42%. i think that's pretty high. now they're making billions of dollars. that is true. because prices are high and supplies -- there's an increase for demand.

Mary Landrieu

1:05:28 to 1:05:52( Edit History Discussion )

Mary Landrieu: that's, you know, the american way. that's the profit incentive. i know people are angry that they're making these profits. but they're paying significant amount in taxes. in fact, these companies pay more than $86 million to the federal government in income tax and production fees every day.

Mary Landrieu

1:05:53 to 1:06:14( Edit History Discussion )

Mary Landrieu: $86 million today, $86 million tomorrow and the next day -- every day. so the fact or the thought that they're not paying their tax, that they're hiding behind some extraordinary loophole and that -- loopholes in the tax code, it just doesn't measure up. mr. president, people might say, well, senator, what are these

Mary Landrieu

1:06:15 to 1:06:35( Edit History Discussion )

Mary Landrieu: blues lines on your sheet. this is walmart. walmart is a big company. they make a lot of money. they're in all of our states. you know what their tax rate is? 33%. you know what berkshire hath away, one of the most successful investment companies -- make tons of money, have profits for shareholders. they've made thousands of millionaires, and

Mary Landrieu

1:06:36 to 1:06:56( Edit History Discussion )

Mary Landrieu: congratulations to them, people who invested in berksh hathaway. warren buff let is one of the most respected investors -- i personally have a great deal of respect for them. their tax rate is 31%. what sin tell? intel is one.

Mary Landrieu

1:06:57 to 1:07:19( Edit History Discussion )

Mary Landrieu: largest companies in the world. 27%. philip morris, a tobacco company, 27 pmplet i.b.m., 27%. all the way down to telecommunications companies -- verizon, coca-cola, 21%. all the way down to g.e., one of the largest companies in the wompletd you know what they paid last year? 9%. in fact, people were shocked --

Mary Landrieu

1:07:20 to 1:07:40( Edit History Discussion )

Mary Landrieu: i being one of them -- that g.e. paid zero tax to the federal government last year when these five big companies are paying $68 million a day. okay, g.e. paid nothing any way, all year, zero, and these five oil crps paying $68 million a --

Mary Landrieu

1:07:41 to 1:08:02( Edit History Discussion )

Mary Landrieu: and these five oil companies are paying $68 million a day. and we have to have this discussion? now, should some of these subsidies be looked at? absolutely. when should they be looked at? in the finance dmeet when these other industries -- both oil and gas, an nonoil and garks retail-based and others and

Mary Landrieu

1:08:03 to 1:08:23( Edit History Discussion )

Mary Landrieu: retail, telecommunications, microsoft ands, et cetera, let's look at all the subsidies. i will be the first to stand up and say, many of these subsidies, or some of them, need to be eliminated, particularly when the taxpayers are looking to close the deficit and reduce our debt. most certainly we need revenues.

Mary Landrieu

1:08:24 to 1:08:44( Edit History Discussion )

Mary Landrieu: should this be on the table when that serious, thoughtful, deliberate debate happens? yes. but today? this is entertainment, a and it's really not funny and laughable. it is very certificate united states. i am going to submit this to the record. these are all the large companies, these five large oil

Mary Landrieu

1:08:45 to 1:09:05( Edit History Discussion )

Mary Landrieu: companies that everybody enjoys beating up on. and as i understand that they are making a lot of money today. but this is no reason to go after them single #-g them out, telecommunicationly because of the 9.2 million americans that are working in and around and for them and the thousands of independent companies and suppliers that work in

Mary Landrieu

1:09:06 to 1:09:26( Edit History Discussion )

Mary Landrieu: partnership with them. let me give you the third reason. this approach undermines domestic production. according to the e.i.a. study published in 2008, oil and gas industry received about 13% of the u.s. subsidy. if you throned this debate on the other side -- if you

Mary Landrieu

1:09:27 to 1:09:49( Edit History Discussion )

Mary Landrieu: listened to this debate on the other side of the aisle -- on this side of the aisle -- you would think that they get all the energy subsidies and they just don't need them, prices are high, and they can make a the love money drilling. the facts are that of all the u.s. energy subsidy, the oil and gas companies, the big ones, get only 13%.

Mary Landrieu

1:09:50 to 1:10:12( Edit History Discussion )

Mary Landrieu: but they provide over 60% of the energy. so 13% of the subsidy, they get 60% -- they produce 60% of the energy. now, unfortunately, while the u.s. was at an all-time high of oil production, the e.i.a., which is the energy estimate agency, now estimates energy production will decline

Mary Landrieu

1:10:13 to 1:10:34( Edit History Discussion )

Mary Landrieu: to 1.14 million barrels of oil day by the year 2012. the last time this country produced less than 1.2 million barrels of oil was in 1997, more than ten years ago. now, mr. president, everybody says, including the president, secretary of the interior was

Mary Landrieu

1:10:35 to 1:10:55( Edit History Discussion )

Mary Landrieu: before our committee today, and they tout oil production is at an all-time high. they are correct. but it's only half the truth, because if you just flip the page or look to the next chapter, what you're going to see is this production is declining precipitously, for two reasons: we have almost shut down drilling in the gulf.

Mary Landrieu

1:10:56 to 1:11:18( Edit History Discussion )

Mary Landrieu: there's been virtually no new exploration and production because of bureaucracy and delay. attacks like this don't help. we need to be increasing production, not decreasing it. so the truth is we are at an all-time high but we won't be for long. we're going in the wrong direction, which is why i want to commend the president for

Mary Landrieu

1:11:19 to 1:11:39( Edit History Discussion )

Mary Landrieu: saying that he wants to step up domestic production. we couldn't step lively enough for me. so i'm hoping that that's what we can do and move on. and i see my colleague on the floorks so i'll try to finish up in just two minutes. the fourth reason is, this bill does -- does hurt independent producers. while i'm happy to see that this

Mary Landrieu

1:11:40 to 1:12:00( Edit History Discussion )

Mary Landrieu: main attack is not directed at independents, which would be a terrible thing; it's pretty bad at the big companies, it would be just devastate if it was to independents -- but it does affect independent producers, because many of the independent producers of which i represent many of them, some of them are in west virginia, some of them are in texas, some of them are in oklahoma, you know, some of

Mary Landrieu

1:12:01 to 1:12:22( Edit History Discussion )

Mary Landrieu: them are in pennsylvania, some of them are in new york, so i'm not the only senator here that represents lots of independents in oil and gas -- wildcatters -- it is a very proud tradition where we come from -- many of them have partnerships with the big oiled and gas companies. and the money and the resources they have go into supporting those -- go into supporting

Mary Landrieu

1:12:23 to 1:12:43( Edit History Discussion )

Mary Landrieu: those partnerships with those independents. so indirectly this does affect independent producers. this bill gets our energy and job priorities backwards. one more provision of the bill i'd like to speak to says the economy of the u.s. suffers huge net losses in jobs and productivity from growing annual trade deficits in energy due

Mary Landrieu

1:12:44 to 1:13:05( Edit History Discussion )

Mary Landrieu: mainly to the $250 million or more we pay foreign oil. i i understand that we have a trade deficit for foreign oil. so why aren't we doing something to diminish production right here at home? that's what this bill does. these are five reasons that i'm going to vote against the bill. i urge my completion to do the same. -- i urge my colleagues to do the same.

Mary Landrieu

1:13:06 to 1:13:27( Edit History Discussion )

Mary Landrieu: this industry contributes a lot to our economy. if this country would reduce our foreign consumption, we would reduce the annual trade deficit and do right by our peevment so there are many other things that i would like to say but we are restrict on time. but, mr. president, i can only say that we need to be producing

Mary Landrieu

1:13:28 to 1:13:45( Edit History Discussion )

Mary Landrieu: more at home, producing it safely, producing it equitably. and finally, when we want to review tax subsidies across the board for all big companies, i'll be at the table. until then, i'm going to sit at thank you. a senator: mr. president?

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