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Senate Proceeding on Jun 12th, 2008 :: 7:19:31 to 7:30:05
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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7:19:20 to 7:19:31( Edit History Discussion )

few points i want to focus on at this time. first, that it is a nional obscenity that at a time when oil prices are off the wall, when people are paying over $4 for a gallon of gas that at this

Thad Cochran

7:19:31 to 7:19:43( Edit History Discussion )

Thad Cochran: same moment the major oil companies are enjoying record-breaking profits and are giving their c.e.o.'s just outrageous compensation packages. and it seems to me that while there are multiple causes

Thad Cochran

7:19:31 to 7:30:05( Edit History Discussion )
Speech By: Thad Cochran

Thad Cochran

7:19:43 to 7:19:52( Edit History Discussion )

Thad Cochran: to why oil and gas prices are soaring, one of the reasons certainly has to do with the greed of these huge oil companies and the time is long overdue for the united states congress to say, "enough is

Thad Cochran

7:19:52 to 7:20:03( Edit History Discussion )

Thad Cochran: enough, stop ripping off the american people." madam president, during the last two years, exxonmobil has made more profits than any company in the must of the world making overov $40 billion in

Thad Cochran

7:20:03 to 7:20:15( Edit History Discussion )

Thad Cochran: profits last year alone -- $40 billion; one company. but it's not just exxonmobil. chevron, kon co, and b.p. have been making out like bandits. in the first quarterer of this year b.p. announced

Thad Cochran

7:20:15 to 7:20:25( Edit History Discussion )

Thad Cochran: a 63% increase in their profits; 63% increase in their profits. people are paying over $4 for a gallon of gas. as a matter of fact, madam president, the five largest oil companies -- just the five

Thad Cochran

7:20:25 to 7:20:36( Edit History Discussion )

Thad Cochran: largest companies ines this country -- have made over $600 billion since george w. bush has been president. seven years, $600 billion in profits. let me just mention, madam president, what these large

Thad Cochran

7:20:36 to 7:20:50( Edit History Discussion )

Thad Cochran: oil companies have been doing with some of their profits. in the year 2005, lee raymond, then the c.e.o. of exxonmobil received a retirement package of $398 million. let me repeat that: former

Thad Cochran

7:20:50 to 7:21:01( Edit History Discussion )

Thad Cochran: c.e.o. leaves his position, retirement package of $398 million. workers all over this country, as indicated in the letters i have just read, are finding it harder and harder to fill up their gas

Thad Cochran

7:21:01 to 7:21:13( Edit History Discussion )

Thad Cochran: tank and get to work. in 2006, ray ronnie, the c.e.o. of oidential petroleum, the largest oil producer in the state of texas, received over $400 million in total compensation, one of the biggest single

Thad Cochran

7:21:13 to 7:21:22( Edit History Discussion )

Thad Cochran: year payouts in u.s. corporate history. people here tell us, often my friends on the other side, say we have to trust the oil companies, they really are concerned about the american people. i don't think

Thad Cochran

7:21:22 to 7:21:34( Edit History Discussion )

Thad Cochran: so. i think what has to be -- that has to be naive to believe that companies in the midst of this energy crisis when pple are struggling with the very outrageously high prices when the companies are giving

Thad Cochran

7:21:34 to 7:21:44( Edit History Discussion )

Thad Cochran: hundreds of millions in compensation packages to the c.e.o.'s and they tell us the oil companies are kend concerned about the american people -- i don't think so. the situation is so absurd that there

Thad Cochran

7:21:44 to 7:21:56( Edit History Discussion )

Thad Cochran: was an article just the other day in the "wall streethe journal." not only are these companies giving huge compensation packages to their c.e.o.'s, they now have a deal that if the c.e.o. dies while

Thad Cochran

7:21:56 to 7:22:07( Edit History Discussion )

Thad Cochran: he is c.e.o. their heirs and families will receive huge compensation packages. according to the wall street journal just a couple of days ago, the family of real estate e. ronnie will get $115 million

Thad Cochran

7:22:07 to 7:22:18( Edit History Discussion )

Thad Cochran: if he dies while holding that job. the family of the c.e.o. of another oil company will receive $288 million. and mean while, in the northeast part of this country, people are saying, how am i going to stay

Thad Cochran

7:22:18 to 7:22:28( Edit History Discussion )

Thad Cochran: warm this winter? the price of home heating oil is soaring. so madam president, we need a windfall profits tax on the oil industry. we need to tell them, "enough is enough." madam president, the windfall

Thad Cochran

7:22:28 to 7:22:40( Edit History Discussion )

Thad Cochran: profits tax on the oil industry is not the only thing that we should be doing. we need to take a hard look at speculation that is taking place in the industry. as you well mow know, there are estimates

Thad Cochran

7:22:40 to 7:22:49( Edit History Discussion )

Thad Cochran: out there that as a result of activities of major financial institutions such as j.p. morgan, chase, and others, there are estimates that between 25% and 50% of a cost of a barrel of oil today has to do

Thad Cochran

7:22:49 to 7:22:59( Edit History Discussion )

Thad Cochran: with speculation in oil futures. earlier last week, george soros told the commerce committee that rampant speculation in oil and gas futures is -- quote -- "distinctly harmful in its economic consequences."

Thad Cochran

7:22:59 to 7:23:10( Edit History Discussion )

Thad Cochran: we have had representatives from the oil industry themselves who have told us that speculation is one of the reasons that oil prices are so high. mark cooper with the consumer federation of america

Thad Cochran

7:23:10 to 7:23:22( Edit History Discussion )

Thad Cochran: told the commerce committee last week that the speculator bubble and the price of oil has cost the united states economy over half a trillion over the past two years and has cost u.s. families an

Thad Cochran

7:23:22 to 7:23:36( Edit History Discussion )

Thad Cochran: average of $1,500 in increased gasoline and actual gas costs. so i think those are two areas, madam president, that we have to take a hard look at. now, in terms of speculation, people, say, well,

Thad Cochran

7:23:36 to 7:23:48( Edit History Discussion )

Thad Cochran: this sounds luke conspiracy theory. let's talk recental history. in 2000 and 2001 as the american people well know, especially the people on the west coast, enron successfully manipulated the electricity

Thad Cochran

7:23:48 to 7:24:01( Edit History Discussion )

Thad Cochran: markets and drove up prices by 300%. now, what was w interesting is during the debate over this terrible tragedy on the west coast, enron was saying, the reason the prices are going up is supply and

Thad Cochran

7:24:01 to 7:24:12( Edit History Discussion )

Thad Cochran: demand. it's the natural forces of the market. don't blame us. that's what they said. i guess that's what some of the guys who are now in jail being convicted for massive fraud told the public. it wasn't

Thad Cochran

7:24:12 to 7:24:23( Edit History Discussion )

Thad Cochran: supply and demand. it was excessive manipulation. but it want justin ron. in -- just enron. in 2004 energy price manipulators moved to propane gas market. that year, the commodity futures trading commission

Thad Cochran

7:24:23 to 7:24:33( Edit History Discussion )

Thad Cochran: found that b.p. artificially increased propane prices by purchasing -- and i quote -- "enormous quantities of propane and withholding the fuel to drive prices higher." by the end of february of 2004,

Thad Cochran

7:24:33 to 7:24:44( Edit History Discussion )

Thad Cochran: b.p. controlled almost 90% of all propane delivered on a pipeline that stretches from texas to pennsylvania and new york. b.p.'s cornering of the propane market caused prices to increase by 40 percent during

Thad Cochran

7:24:44 to 7:24:56( Edit History Discussion )

Thad Cochran: the month of february, 2004, and, as a result of their illegal actions, friends at b.p. paid a $301 million fine. so enron -- those gays are in jail having caused severe economic damage on the west coast.

Thad Cochran

7:24:56 to 7:25:06( Edit History Discussion )

Thad Cochran: and b.p., a major oil company, paying $303 million fine. but it goes on. in 2006, just two years ago, energy price manipulators moved to the natural gas market. within federal regulators discovered

Thad Cochran

7:25:06 to 7:25:20( Edit History Discussion )

Thad Cochran: that the amaranth hedge fund irresponsible for artificially driving up natural gas prices. amaranth cornered the natural gas market by controlling as much as 75% of all of the natural gas future contracts

Thad Cochran

7:25:20 to 7:25:32( Edit History Discussion )

Thad Cochran: in a single month. the skyrocketing costs of natural gas cost american consumers an estimated $9 million. i should point out, madam president, that the amaranth hedge fund eventually collapsed as a result of

Thad Cochran

7:25:32 to 7:25:48( Edit History Discussion )

Thad Cochran: their illegal activity. so when people say, let us take a hard look at speculation, this, madam president, is not conspiracy theory. this is based on some very real economic realities which have taken

Thad Cochran

7:25:48 to 7:26:00( Edit History Discussion )

Thad Cochran: place in this country in the last few years.| madam president the commodities futures trading commission has the authority and responsibility to prevent fraud, manipulation and excessive speculation in u.s.

Thad Cochran

7:26:00 to 7:26:10( Edit History Discussion )

Thad Cochran: commodity markets. unfortunately this authority and responsibility has largely been abdicated through the use of over the counter energy derivatives that are largely unregulated and by foreign boards of

Thad Cochran

7:26:10 to 7:26:21( Edit History Discussion )

Thad Cochran: trade that received no action letters from the cftc to operate terminals inside the u.s. commodities free from regulatory oversight. it sounds complicated and it is complicated stuff. but the bottom line is

Thad Cochran

7:26:21 to 7:26:35( Edit History Discussion )

Thad Cochran: that huge amounts of money in oil futures are being traded in an unregulated, below the radar screen market that we don't know who is controlling what. and that is something that we must address.

Thad Cochran

7:26:35 to 7:26:49( Edit History Discussion )

Thad Cochran: madam president, let me just put the rest of my remarks into the record. but i would say that if the united states congress is going to gain perhaps once again, hopefully regain, the confidence of

Thad Cochran

7:26:49 to 7:27:04( Edit History Discussion )

Thad Cochran: the american people that we understand what is going on in their lives, we understand the absolute necessary tif addressing these crisis of gas and oil prices, that we understand the necessity of

Thad Cochran

7:27:04 to 7:27:19( Edit History Discussion )

Thad Cochran: transforming our energy system away from foreign oil and our dependency on foreign oil, away from fossil fuel, which is causing so many problems in terms of global warming, that we understand that the

Thad Cochran

7:27:19 to 7:27:34( Edit History Discussion )

Thad Cochran: potential for moving toward energy efficiency, towards sustainable energy, such as win, solar, geotherm al, biomass is sting there in front of us. yesterday there was a conference in washington where

Thad Cochran

7:27:34 to 7:27:50( Edit History Discussion )

Thad Cochran: people were talking about plug-in hybrids that can get 150 miles per gallon. these are the kind of development that's tweed. there is a discussion about a so-called manhattan project and i believe

Thad Cochran

7:27:50 to 7:28:09( Edit History Discussion )

Thad Cochran: in it. i believe if we are focused and aggressive and prepared to transform our energy system, take on the big powerful special interests, we can not only create millions of good-paying jobs, we can reverse

Thad Cochran

7:28:09 to 7:28:23( Edit History Discussion )

Thad Cochran: global warming, we can address environmental conceenrns, and that's what we have to do. so the challenge that we face is to understand that the oil industry, coal industry have put hundreds of millions

Thad Cochran

7:28:23 to 7:28:39( Edit History Discussion )

Thad Cochran: of dollars into lobbying, into campaign contributions, into advertising. they are very formidable foes, they want status quo. we have been represented by the people. free assumably not by the special interest.

Thad Cochran

7:28:39 to 7:28:51( Edit History Discussion )

Thad Cochran: our job is to represent the ordinary people. i hope we can do that. if we do right thing, not only can we lower gas an oil o prices today, but we can transfor our energy system and create a much better

Thad Cochran

7:28:51 to 7:29:02( Edit History Discussion )

Thad Cochran: tomorrow for our kids and grandchildren. with that, i yield the floor. thank you, madam president. i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call:

Thad Cochran

7:29:02 to 7:29:15( Edit History Discussion )

Thad Cochran: a senator: mr. president? the presiding officer: the senator from mississippi is recognized. a senator: madam president, i ask unanimous consent that the order for the quorum be rescinded. the presiding

Thad Cochran

7:29:15 to 7:29:25( Edit History Discussion )

Thad Cochran: officer: without objection, so ordered. mr. cochran: madam president, the high cost of gasoline has had a crippling effect of the economy of my state of mississippi. the people in my state where earnings

Thad Cochran

7:29:25 to 7:30:05( Edit History Discussion )

Thad Cochran: are below the national average, are simply not able to keep up with the rising cost of living. high gasoline prices not only increase the cost of going to work, it also results in increased costs of

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