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Senate Proceeding on May 18th, 2011 :: 3:06:30 to 3:20:55
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James Inhofe

3:06:28 to 3:06:50( Edit History Discussion )

James Inhofe: yield back. mr. coburn: mr. president? the presiding officer: senator from oklahoma is recognized. mr. inhofe: mr. president, first of all, let me just say that for starters, i -- i will be supporting the bill that we have today. it doesn't go far enough, though. what we ought to do is open up everything. i'm talking about the pa sirvetion the atlantic, the --

James Inhofe

3:06:30 to 3:20:55( Edit History Discussion )
Speech By: James Inhofe

James Inhofe

3:06:51 to 3:07:12( Edit History Discussion )

James Inhofe: the pacific, the atlantic particular, the gulf, i know there are some reasons why they are confining it to the gulf in terms of this legislation. while i respect that, again, it doesn't go far enough. let me make one comment about yesterday's vote. i -- i think when people -- right now the single issue they have in terms of energy is the

James Inhofe

3:07:13 to 3:07:34( Edit History Discussion )

James Inhofe: price of gas at the pumps. i know it isn't just m mine. thethey're all that way. yesterday's bill for was for a major tax increase on big oil. those are the five bifght oil companies, but nonetheless, you

James Inhofe

3:07:35 to 3:07:55( Edit History Discussion )

James Inhofe: know, they -- and i hate to say this, but sometimes you walk on the floor with half-truths and get by with and it people will assume that that's true. and as much as i love my fellows on the other side, some of the things that were stated were just -- actually just totally inaccurate. to say that the big five don't pay taxes ... they pay huge taxes here.

James Inhofe

3:07:56 to 3:08:16( Edit History Discussion )

James Inhofe: and i don't know where they come up with some of these numbers. i am going to single out one company here: exon mobile -- and just fell you something that you're not aware of, mr. president. because it hasn't been said on the floor yet. in 2010, exxonmobil's total tax expenses in the united states were $9.8 billion.

James Inhofe

3:08:17 to 3:08:38( Edit History Discussion )

James Inhofe: that's what they paid in taxes 2010, that includes income tax expense of more than $1.6 billion. that $9.8 billion in taxes exceeded the 2010 u.s. operating earnings of $7.5 billion. what we're saying is, they paid $9.8 billion in taxes.

James Inhofe

3:08:39 to 3:08:59( Edit History Discussion )

James Inhofe: they only received $7.5 billion in terms of earnings from the united states. now why is that? it's because about 80% of their operations are in other countries. they're in countries -- 100 different countries. not one of the other countries charges taxes when they go offshore there. we're the only country -- i believe we're the only country

James Inhofe

3:09:00 to 3:09:22( Edit History Discussion )

James Inhofe: that charges a united states tax on production that takes place in someplace -- some other country. now, for that reason, if you just single out -- if we taxed them like most people do, it would have been a tax credit and not a tax at awvment but nonetheless they were accountable for paying taxes that year of $9.8 billion. look at this year -- that was 2010, during the first quarter

James Inhofe

3:09:23 to 3:09:44( Edit History Discussion )

James Inhofe: of this year, our u.s. operating earnings of this particular company were $2.6 billion. that's the first quarter of 2011. the rest of their earnings came from operations in more than 100 countries worldwide. here is a number we won't hear in washington. during the first quarter on those earnings, u.s. earnings,

James Inhofe

3:09:45 to 3:10:05( Edit History Discussion )

James Inhofe: of $2.6 billion, they incurred a sachs tax expense and paid a tax of $3.1 billion. now, they're paying more than they're getting out of this country. irthink that sooner or later you have to come up and just tell the truth of what's happening. it is all -- it's all class warfare and i think we know that. big, bad oil.

James Inhofe

3:10:06 to 3:10:26( Edit History Discussion )

James Inhofe: you know, they're all bad. and yet, you know, we have a lot of production in my state of oklahoma. we have companies like devon and others, anadarko, who are really doing a lot to relieve this profnlt i know what is going to happen. it didn't happen. it is not going happen. but if it had, the next target

James Inhofe

3:10:27 to 3:10:47( Edit History Discussion )

James Inhofe: would be some of the smaller domestic conforms i remember coming down to the floor last year when our good senator from vermont had a bill and he was bringing it up by u.c., and i just happened to get here in time to stop it and debate it and defeat it. now, that bill -- they even used and held up a picture of a check

James Inhofe

3:10:48 to 3:11:08( Edit History Discussion )

James Inhofe: from exxonmobil as to what their tax liabilities were. totally wrong in my opinion. and apparently in the opinion of 61 of the 100 senators because they joined me in opposing that particular legislation. now, we have a solution to the problem. this is not -- this is not rocket science. i mean, right now we have -- and i've said on the floor many,

James Inhofe

3:11:09 to 3:11:29( Edit History Discussion )

James Inhofe: many times that it just happened in the last eight months, the congressional research service, nobody has stood on the floor and questioned the fact that they are -- nonpartisan, and they looked at t our recoverable fuels are greater in

James Inhofe

3:11:30 to 3:11:51( Edit History Discussion )

James Inhofe: america than any other country in the world. the problem is, we have a political problem where the liberals here will -- along with the liberals in the white house, including the president, will not exploit our own resources. we have all of that oil and gas and coal that's out there. we could be totally independent of the middle east, totally. in a very short period of time

James Inhofe

3:11:52 to 3:12:12( Edit History Discussion )

James Inhofe: if we just go offshore, on all three coasts, along with the north area, anwr, and with our public lands. and as i say, every other country does it. and so you have to wonder why don't we do it? why is it that we don't care about supplying ourselves with homegrown oil, gas, and coal and

James Inhofe

3:12:13 to 3:12:36( Edit History Discussion )

James Inhofe: taking caver our own energy needs? we have the ability here, but the politicians won't let us do it. well, there's one reason, and that is that -- and this is really disturbing -- that in the case of this administration, they don't want to do it. i mean, this administration has said many times that they are not interested -- listen to what alan krueger, assistant secretary of treasury said.

James Inhofe

3:12:37 to 3:12:59( Edit History Discussion )

James Inhofe: he said "a tax subsidies -- subsidies, they're not subsidized. threes tax increases. "tax subsidies harass currently provided to the oil gansdz industry encourages overinv of domestic resources in industry." and slicked he says, "this administration believes that it is no longer sufficient to address our nation's energy

James Inhofe

3:13:00 to 3:13:21( Edit History Discussion )

James Inhofe: needs by finding more fossil fuels." well, look, i'm all for -- i'm for coal, gas, oil, aim for nuclear, all of the above, all of the reniewcialtion wind, sun, everything else, but we've got to run this machine trade, tomorrow, and the next five and ten years. you can't do that without fossil fuels. the -- further, they stated, "the administration's goal is to

James Inhofe

3:13:22 to 3:13:42( Edit History Discussion )

James Inhofe: have resources invested in ways which yield the highest social return." social return. boy, this is a totally different thing. not an economic return, not the ability to run our country ourselves. but some kind of a social engineering that is going on. the best quote really and the

James Inhofe

3:13:43 to 3:14:03( Edit History Discussion )

James Inhofe: most telling is the one that came from secretary chu, the energy secretary for president obama, listen to this, mr. president. he said, "we're goings have to get some regulatory thing going on high drailic fracturing" and

James Inhofe

3:14:04 to 3:14:24( Edit History Discussion )

James Inhofe: he said that "somehow we have to figure out how to boost the price of gasoline to the levels in europe." now, this is our administration saying this. this is the secretary of energy, that's appointed by president obama. "somehow we have to figure out how to boost the price of gasoline to levels in europe." they're intentionally raising

James Inhofe

3:14:25 to 3:14:45( Edit History Discussion )

James Inhofe: the price of gas, and it's by their own admission. and we were warned way back during the campaign when president barack obama was a united states snorks he said "under my plan of cap-and-trade system, electricity rates would necessarily skyrocket." so we have an effort by them -- and i would just warn my good friends, my good friends on the

James Inhofe

3:14:46 to 3:15:06( Edit History Discussion )

James Inhofe: democrat side of the aisle, you know, watch this pretty close. because just because the president wants to increase the price of oil doesn't mean that -- doesn't mean that your constituents do. in fact, i can assure you your constituents do not. unless there's something really unusual about my state of oklahoma. let's swhee the c.r.s. report

James Inhofe

3:15:07 to 3:15:27( Edit History Discussion )

James Inhofe: said in a little bit more specifically. "in the updated report" -- since the one i just talked about -- "america's combined recoverable oil and gas and coal endowment is the largest on earth p. america's recoveriable resources are far larger than those of saudi arabia, china, and canada combined."

James Inhofe

3:15:28 to 3:15:50( Edit History Discussion )

James Inhofe: that's resources we have in oil, coal, and gas. in oil, america is the world's third-largest oil producer and seine dowed with 163 billion barrels of recoverable oil which will run the united states of america for 50 years. we could run all the oil that we'll need for 50 years.

James Inhofe

3:15:51 to 3:16:11( Edit History Discussion )

James Inhofe: we've got t just got to get the politicians out of the way. natural gas , america's supply of natural gas is over 2,000 trillion cubic feet, an increase of more than 25% just since the committee's 2006 estimate. at today's rate of use, this is enough natural gas to meet

James Inhofe

3:16:12 to 3:16:32( Edit History Discussion )

James Inhofe: america's demand for 90 years. now, keep in mind, on natural gas, it's not just natural gas for -- to develop energy but also natural gas is something that we're going to be using in our cars. today it's available and they're working on technology. we're working on the certification of engines that will burn natural gas. and when we are, it's going to be -- relieve that tension also.

James Inhofe

3:16:33 to 3:16:53( Edit History Discussion )

James Inhofe: right now the price of a comparable gallon of -- of natural gas to run an automobile is $1.60 a gallon. $1.60 as opposed to $4 a gallon. so it's out there. that's natural gas. now, in natural gas, i have to say this. the president made a speech --

James Inhofe

3:16:54 to 3:17:14( Edit History Discussion )

James Inhofe: and i responded on a couple of tv stations. this was probably three weeks ago, mr. president. it was on energy. and nesd that speech -- and he said in that speech, we have an abundant supply of good, clean natural gas, we need to be using it. then at the end of that speech, he said, however, we have to be very careful what we're going to be doing because we don't want to contaminate our drinking

James Inhofe

3:17:15 to 3:17:35( Edit History Discussion )

James Inhofe: water with hydraulic fracturing. well, i happen to come from oklahoma. the first hydraulic fracturing job was done in oklahoma in 1948. we have not had one documented case of one groundwater contamination in 60 years. and yet right now they're going to stop us from going after natural gas by taking away hydraulic fracturing.

James Inhofe

3:17:36 to 3:17:57( Edit History Discussion )

James Inhofe: now, hydraulic fracturing in these tight formations, the shale formations, you can't develop a cubic foot of natural gas without using hydraulic fracturing. it's a way of inserting liquids in to force the gas out so that we can develop it. and so it's there. so what the president is saying we need to use natural gas but

James Inhofe

3:17:58 to 3:18:18( Edit History Discussion )

James Inhofe: we don't want to use hydraulic fracturing. and there's an effort right now by many members in here to try to take that over as a federal function, the regulation of hydraulic fracturing. right now there's never been a rob with it. it's rated -- it's regulated differently in different states. for example, in my state of oklahoma in the anadarko basin, you're talking about depths of

James Inhofe

3:18:19 to 3:18:39( Edit History Discussion )

James Inhofe: some 35,000 feet. you go just north into kansas, it's between 3,000 and 4,000 feet. so it's different in different states. it needs different regulation. it's not broke and we don't need to fix it. now, what has the president done? he has put secretary chu in charge of -- of determining what we're going to do with hydraulic fracturing.

James Inhofe

3:18:40 to 3:19:00( Edit History Discussion )

James Inhofe: well, that's secretary chu. he's the same guy that said we've got to raise the price of our gasoline to be comparable to the gasoline price in -- in europe and so that's -- that's the wrong guy for that kind of a study. besides that, i would remind you, mr. president, that we actually have a study that's going on right now by the environmental protection agency on hydraulic fracturing that

James Inhofe

3:19:01 to 3:19:21( Edit History Discussion )

James Inhofe: isn't through yet. it would seem to me that we ought to at least finish and get this study before you rush in there and try to pass something that will stop us from being able to develop our natural gasses. same thing i could say for coal. america's number one in the coal reserves. right now people aren't aware of it, we are reliant upon coal for 50% of the power that it takes

James Inhofe

3:19:22 to 3:19:42( Edit History Discussion )

James Inhofe: to run this machine called america. america's number one in coal resources, accounting for more than 28% of the world's coal. so we have it here. we have gas. we have coal. we have oil. all we have to do is develop what we have. you know, how many people in america who have gone through elementary school don't rember

James Inhofe

3:19:43 to 3:20:04( Edit History Discussion )

James Inhofe: supply and demand? we have a huge supply and there is a great demand for it but we have our politicians who won't let us develop our supply. and as long as that happens, it is going to be very difficult for us to make -- so i would just say this. there's a wake-up call here for the american people. we have a vote this afternoon. it's not good enough.

James Inhofe

3:20:05 to 3:20:25( Edit History Discussion )

James Inhofe: i'm going to vote for it but we ought to be opening up our exploration, our production all over america. and to do that, we have to go beyond this -- this bill. this is a start and it's a start that is worthwhile. with that, i will yield the a quorum. the presiding officer: the clerk

James Inhofe

3:20:26 to 3:20:31( Edit History Discussion )

James Inhofe: will call the roll.

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