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Senate Proceeding 07-15-08 on Jul 15th, 2008 :: 0:00:00 to 0:14:06
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Robert Menendez

0:00:00 to 0:00:07( Edit History Discussion )

Robert Menendez: senator bob menendez is speaking. live senate coverage on c-span2 affpaect all the other states around it. mr. president, i'm here to c ilear up these myths before it's too late and they take a life

Robert Menendez

0:00:00 to 0:14:06( Edit History Discussion )
Speech By: Robert Menendez

Robert Menendez

0:00:07 to 0:00:23( Edit History Discussion )

Robert Menendez: of their own. myth n umber one: drilling prices immediately -- drillingg immediately brings down gas prices. the biggest myth, a myth repeated over and over on the floor of the chamber that

Robert Menendez

0:00:23 to 0:00:38( Edit History Discussion )

Robert Menendez: opening up our shores toho drilling will lower the price of o gasoline. let's get one thing straight:t: drilling in the outer continental shelf will do nothing to bring down gas prices. not now. not ever.

Robert Menendez

0:00:38 to 0:00:55( Edit History Discussion )

Robert Menendez: while president bush is ugging that drilling -- is suggesting that drilling will bring down prices at the pump his own energy information agency admits drilling willli have no affect because the amount

Robert Menendez

0:00:55 to 0:01:14( Edit History Discussion )

Robert Menendez: of oil involved is just a drop in the buck bucket compared to what we use every day. let me put off-shore production in perspective. since apr il of this year, americans have responded r to extraordinarily

0:01:14 to 0:01:32( Edit History Discussion )

high gas prices by using oil 800,000 barrels of oiless than we did one year ago. that's the most significant and sudden drop in oil demand since the 1970's. what have we seen since april? we have

0:01:32 to 0:01:50( Edit History Discussion )

continued to see record gas prices. in recent weeks in response to record oil prices, saudi arabia increased its production of oil by 500,000 barrels each and every day. and what has been the effect

Robert Menendez

0:01:50 to 0:02:12( Edit History Discussion )

Robert Menendez: on gas prices? they continue to go up. so how does the bush-mccain drilling plan compare to these recent events? if we open all of our shores to oil production, the first drop of oil would not be

Robert Menendez

0:02:12 to 0:02:32( Edit History Discussion )

Robert Menendez: seen for over a decade and off-shore oil production would peek in 2030 and only at 200,000 barrels a day in the year 2030. to put that number another way, the amount of gas that we could get from

Robert Menendez

0:02:32 to 0:02:58( Edit History Discussion )

Robert Menendez: off-shore drilling is equivalent to a few tablespoons per carper car for each day. and now, the locality of this: if 800,000 barrels per day in reduced demand by americans combined with an increase

Robert Menendez

0:02:58 to 0:03:14( Edit History Discussion )

Robert Menendez: of 500,000 barrels per day of saudi production, a total shift of 1.3 million barrels a day, doesn't lower gas prices, how does 200,000 in the year 2030 lower gas prices? if we have seen a shift of both

Robert Menendez

0:03:14 to 0:03:32( Edit History Discussion )

Robert Menendez: reduction and demand and increase if that demand by 1.3 million barrels a day, and the price still goes up, how is it that 200,000 barrels in the year 2030 is going to do anything? it's a myth. the

Robert Menendez

0:03:32 to 0:03:45( Edit History Discussion )

Robert Menendez: second myth we hear is that if oil companies could only lease more federal land and water they would produce more oil. the fact of the matter is that the oil industry already has leased 68 million

Robert Menendez

0:03:45 to 0:04:01( Edit History Discussion )

Robert Menendez: acres of lands where they haven't produced for the most part a single drop of oil. the oil companiesom clearly thinkar there's oil there or else why e would they be leasing the land, but they aren't using

Robert Menendez

0:04:01 to 0:04:15( Edit History Discussion )

Robert Menendez: it. this is an example of where all of that oil is located in our country. i know our republican colleagues have these little sayings, they are going around with patches saying "find more, use less."

0:04:15 to 0:04:32( Edit History Discussion )

well, this is what they should be telling the oil company: "find more, use less." in fact, they're not even pursuing that which they already have access to. just to get an idea of the scale involved,

0:04:32 to 0:04:48( Edit History Discussion )

here's a map showing how much territory the oil companies control in the gulf of mexico. the red parts of the map represent unused acres. it is a huge portion of the gulf region going completely

Robert Menendez

0:04:48 to 0:05:03( Edit History Discussion )

Robert Menendez: undeveloped that they already have leases and access to. and here's an even more impressive map: the map of how much of the western united states oil companies control. the black portion shows where

Robert Menendez

0:05:03 to 0:05:19( Edit History Discussion )

Robert Menendez: companies are exploring and, again, the red is where they are. as you can see the red far exceeds the black portions of the map. these oil companies control an enormous amount of land. when you add it

Robert Menendez

0:05:19 to 0:05:33( Edit History Discussion )

Robert Menendez: all up, it's an area more than 12 times the size of my home state of new jersey. so why are oil companies asking us to hand over more land when they have so much land already unused? it seems to me

Robert Menendez

0:05:33 to 0:05:50( Edit History Discussion )

Robert Menendez: there's only one explanation: oil companies aren't actually in a rush to drill if those in those areas but they are in a rush to control as federal federal land as possible beforeheir friends in

Robert Menendez

0:05:50 to 0:06:03( Edit History Discussion )

Robert Menendez: the white house leave. let's talk about myth number three: in order to convince us to let this plan go through big oil and their supporters want us to believe a third myth, that offshore drilling presents

Robert Menendez

0:06:03 to 0:06:17( Edit History Discussion )

Robert Menendez: no threat to our environment and the economies ofes those states. like my home state of new jersey where tourism is the second multimillion dollar part of our economy. many of my colleagues on the republican

Robert Menendez

0:06:17 to 0:06:34( Edit History Discussion )

Robert Menendez: side including senator mcconnell and senator mccain have denied that oil spills have happened and they have denied repeatedly that hurricanes katrina and rita caused any oil to spill. the picture

Robert Menendez

0:06:34 to 0:06:49( Edit History Discussion )

Robert Menendez: that i have here was taken thought by me but by the united states coast guard. it shows what really happened after the hurricanes: a massive oil spill that here was set on fire to assist in the clean

0:06:49 to 0:07:08( Edit History Discussion )

up effort. now, i don't know what my colleagues on the other side would consider "significant spillage" but i know if i saw this scene on the new jersey shore i'd consider it a disaster. in 2005, hurricanes

Robert Menendez

0:07:08 to 0:07:27( Edit History Discussion )

Robert Menendez: katrina and rita caused devastation on a massive scale. the environmental protection agency, the united states minerals management service, and the coast guard all agree that the storms caused 700,000 gallons

Robert Menendez

0:07:27 to 0:07:46( Edit History Discussion )

Robert Menendez: of oil to spill into the gulf of mexico and over seven million gallons of oil to leak onshore from the infrastructure that supports off-shore drilling. when oil spills in those quantities are taking place,

Robert Menendez

0:07:46 to 0:08:01( Edit History Discussion )

Robert Menendez: it isn't isolated to a small area. some suggest certain states may want to and other states may not want to drill off the coast but the devastation spreads far and de. when the common valdez spilled

Robert Menendez

0:08:01 to 0:08:13( Edit History Discussion )

Robert Menendez: it was 600 miles wide. so the decision to drill can't be left up to a single state because a state's actions affect all the other states in its proximity. an oil spill off the coast of virginia

Robert Menendez

0:08:13 to 0:08:28( Edit History Discussion )

Robert Menendez: could wash up as far as maine and devastate the coastline from south carolina to new york. in my home state of new jersey the shore generates tens of billions of dollars in revenues each year and supports half

Robert Menendez

0:08:28 to 0:08:41( Edit History Discussion )

Robert Menendez: a million jobs. new jersey families and businesses can't afford the risk of a disaster on the scale of the valdez crash or the spills after hurricane katrina and rita with sticky crude washing up on

Robert Menendez

0:08:41 to 0:08:57( Edit History Discussion )

Robert Menendez: the beaches, killing wildlife, collapsing property values and destroying our economy in the process. let's be honest: if there's drilling off our shore to isn't a guarantee that there would be a major spill.

Robert Menendez

0:08:57 to 0:09:19( Edit History Discussion )

Robert Menendez: fees these facts show that to be contrary. disasters have happened before and will happen again. the question is: is the risk of a significant disaster worth the insignificant amount of oil that

Robert Menendez

0:09:19 to 0:09:31( Edit History Discussion )

Robert Menendez: could come with the drilling? that answer, clearly, is "no." now my colleagues on the other side of the aisle who say, you know, drill more and ultimately conserve some, i believe our plan needs

Robert Menendez

0:09:31 to 0:09:45( Edit History Discussion )

Robert Menendez: to act more and talk less but with something that really does something about gas prices. if we're going to bring down gas prices we need a better plan. first, we can't wait until the year 2030 to get the

Robert Menendez

0:09:45 to 0:09:59( Edit History Discussion )

Robert Menendez: type of relief we're looking for in terms of off-shore drilling. we need to lower gas prices now. the last time we opened up lease 181 in the gulf of mexico huge amounts, ultimately, what happened?

Robert Menendez

0:09:59 to 0:10:12( Edit History Discussion )

Robert Menendez: that was only a year and a half, two years ago. did prices go down after we opened up that whole section of the gulf of mexico? no, they went up. they went up. we can't wait. the supply and demand

Robert Menendez

0:10:12 to 0:10:25( Edit History Discussion )

Robert Menendez: equation for oil is basically the same as it was a year ago. that's what testimony before the congress tells us by even the oil executives but the price has skyrocketed. we need to check the unchecked specific

Robert Menendez

0:10:25 to 0:10:38( Edit History Discussion )

Robert Menendez: lace on -speculation that has driven the oil prices higher and see that the commodity markets are functioning fairly so prices come down from their artificial highs. and, yet, we offer drilling. but

Robert Menendez

0:10:38 to 0:10:51( Edit History Discussion )

Robert Menendez: let us drill on the 68 million acres the oil companies have already leased to bring down the price of oil, not just using it to pad their books and inflate the price of their stock. together with

Robert Menendez

0:10:51 to 0:11:04( Edit History Discussion )

Robert Menendez: senator feingold and senator dodd i have introduced legislation that sends a simple message to oil companies about lands they lease: use it or lose it. the bill mandates that oil companies either produce

Robert Menendez

0:11:04 to 0:11:24( Edit History Discussion )

Robert Menendez: on or seek to develop their existing federal leases or make way for someone who will. most importantly, we need to break our dependence on oil. here's the bigger picture. we can only ever produce a fraction

Robert Menendez

0:11:24 to 0:11:39( Edit History Discussion )

Robert Menendez: of the oil that we use as a country. the only way for us to protect ourselves from rising gas prices is to end our dependence on oil and that means making immediate, substantial investments if renewable

Robert Menendez

0:11:39 to 0:11:55( Edit History Discussion )

Robert Menendez: fuels. we should expand the tax credit for renewable energy producers and in order to boost vehicle efficiency we should create stronger incentives for plug-in hybrid, support advanced battery research

Robert Menendez

0:11:55 to 0:12:09( Edit History Discussion )

Robert Menendez: and research into cellulosic fuels. it's time we fully funded mass transit at the level it deserves. we can do all of this in the time president bush who is us wait for minimal oil production along our

Robert Menendez

0:12:09 to 0:12:22( Edit History Discussion )

Robert Menendez: coastline. mr. president, let's be leer. this coast coastline drilling plan is not a serious proposal to help american families today but exploitation of pain at the pup to give yet another -- pain at the

Robert Menendez

0:12:22 to 0:12:38( Edit History Discussion )

Robert Menendez: pump to give yet another handout to the oil companies. it is past time to repeat the myths that lie at the bottom of it. instead of buying into this overhyped, oversold plan, if we work together,

Robert Menendez

0:12:38 to 0:12:49( Edit History Discussion )

Robert Menendez: we have the ability as a country and the ingenuity to secure our energy future once and for all and it is that aspiration we should, in fact pursue. it is time we decided on a land that looks out not

Robert Menendez

0:12:49 to 0:13:05( Edit History Discussion )

Robert Menendez: just for the future of the oil companies but for our future as a nation. that's why our colleagues should join us in pushing the big oil companies to pursue drilling on the 68 million acres they

Robert Menendez

0:13:05 to 0:13:18( Edit History Discussion )

Robert Menendez: have, ensure that they use billions in subsidies in tax breaks they have been given to inveflt in -- invest in renewable energies, and tapping into the strategic petroleum reserve to increase oil supplies

Robert Menendez

0:13:18 to 0:13:30( Edit History Discussion )

Robert Menendez: and hopefully lower prices by doing so and stop the market manipulation that is taking place in the marketplace. let's get the commodity futures trading commission to pursue this vigorously.| let's aspire

Robert Menendez

0:13:30 to 0:13:42( Edit History Discussion )

Robert Menendez: to be something more than just today's today's crisis. let us use the ingenuity of the america to break our dependence not only on foreign oil but on domestic oil as well. we can do all of these

Robert Menendez

0:13:42 to 0:13:54( Edit History Discussion )

Robert Menendez: things. we are the people on the face of the earth who are can-do. and it's time for us to begin to deal with that and to try to pursue a course of action that will do absolutely nothing about reducing

Robert Menendez

0:13:54 to 0:14:06( Edit History Discussion )

Robert Menendez: gas prices, absolutely nothing about breaking our dependency on foreign oil, absolutely nothing in terms of our domestic economy and security. that's the choices before the senate ings and i trust

Pete Domenici

0:14:06 to 0:14:31( Edit History Discussion )

Pete Domenici: we'll make the right ones. with that, mr. president, i yield the floor. the presiding officer: the senator yield the floors. the senator from new mexico is recogniz ed for 15 minutes m. officer

Pete Domenici

0:14:06 to 0:35:17( Edit History Discussion )
Speech By: Pete Domenici

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