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Senate Proceeding on Jul 23rd, 2008 :: 5:04:16 to 5:14:34
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Sheldon Whitehouse

4:58:14 to 5:04:16( Edit History Discussion )
Speech By: Sheldon Whitehouse

Sheldon Whitehouse

5:04:03 to 5:04:16( Edit History Discussion )

Sheldon Whitehouse: 2008 2 that would address the problem of excessive speculation. in the time that remains, i will simply ask unanimous consent that my comyplete remarks be put into the record and urge all of my colleagues

Bob Corker

5:04:16 to 5:04:36( Edit History Discussion )

Bob Corker: to take a look at this problem. when there is $16 billion that used to chase these futures around in the index fund and it's now over 300, clearly something is going on in these markets that we need

Bob Corker

5:04:16 to 5:14:34( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

5:04:36 to 5:04:44( Edit History Discussion )

Bob Corker: to get a look on and we should regulate them the way we do other commodities, like grain. i appreciate the courtesy of the president, and i yield the floor. a senator: distinguished madam president.

Bob Corker

5:04:44 to 5:04:54( Edit History Discussion )

Bob Corker: the presiding officer: the senator from tennessee. mr. cork he: would you mind letting me know how much -- m mr. corker: would you mind letting me know how much time i have left. the presid ing

Bob Corker

5:04:54 to 5:05:04( Edit History Discussion )

Bob Corker: officer: you have ten minutes. mr. corker: and if you wouldn't mind notifying me when i have 60 0 secondsnd left. the pres iding officer: you will be notified when you have 60 seconds left. mr. corker:

Bob Corker

5:05:04 to 5:05:18( Edit History Discussion )

Bob Corker: er: you are a: most helpful president. thank you very much. madam president, i rise to talk about energy today. and my good friend from rhode island just mentioned how he'd like to vote, and i agree

Bob Corker

5:05:18 to 5:05:33( Edit History Discussion )

Bob Corker: with that. i think it's an amazing thing that the biggest issue in the country today is energy and we're in the greatest deliberative body, if you will, in the world and yet for some reason we aren't

Bob Corker

5:05:33 to 5:05:46( Edit History Discussion )

Bob Corker: allowed to vote to try to solve this particular issue. i -- i had a town hall meeting last night on the telephone. we had about 1,200 callers on the phone at all times, and i can assure you that while

Bob Corker

5:05:46 to 5:06:01( Edit History Discussion )

Bob Corker: other subject matter arose, the issue that the care most about today is gasoline prices. i think it's an amazing thing. i'm part of a -- a bipartisan grp, madam president, that is trying to work to

Bob Corker

5:06:01 to 5:06:14( Edit History Discussion )

Bob Corker: craft some kind of legislation to pass. and it's an amazing thing also that -- that we were all asked to lay down on a piece of paper those things that we think ought to be considered and those things

Bob Corker

5:06:14 to 5:06:30( Edit History Discussion )

Bob Corker: that should not be considered, five republicans and five democrats. and after we did that, there were so many things that we all agreed should at least be discussed as part of an energy bill. and so i

Bob Corker

5:06:30 to 5:06:41( Edit History Discussion )

Bob Corker: find it fascinating that when we have an issue of supply and demand -- and i think contrary to what my friend from rhode island just said, most economists all agree that this is a supply-and-demand

Bob Corker

5:06:41 to 5:06:54( Edit History Discussion )

Bob Corker: issue, an issue where we have continuing demand issues throughout the world and in thishi country and we have lessening supplies, that, in fact, it's amazing that the price of oil continues to rise.

Bob Corker

5:06:54 to 5:07:04( Edit History Discussion )

Bob Corker: and it's a -- it's interesting to me that when we have this phenomenon of supply and demand, we focus on speculation. now, this is one of those bills that unfortunately, madam president, i know you're

Bob Corker

5:07:04 to 5:07:17( Edit History Discussion )

Bob Corker: no from the great state of missouri and used a lot of commonsense in the things that you've done there, this is one of those bills that's a ready, fire, aim bill. this is really not a bill to be

Bob Corker

5:07:17 to 5:07:27( Edit History Discussion )

Bob Corker: taken seriously. it's a bill to sort of take the american people's mind off the issue of supply and demand. let me just read a couple of sentences. on page 14, if says, "not later than -- it says, "not

Bob Corker

5:07:27 to 5:07:40( Edit History Discussion )

Bob Corker: later than 30 days after the date of enactment of this subserkz the commission shall impose by rule -- subsection, the commission shall bows by rule, regulation -- "we're we're we're talking about

Bob Corker

5:07:40 to 5:07:58( Edit History Discussion )

Bob Corker: the cftc -- "speculation limits that areat is not legitimate hedge trading." then goes on toen further say that they will 30 days after enactment put together an advisory group that then after 60 days

Bob Corker

5:07:58 to 5:08:11( Edit History Discussion )

Bob Corker: will make some recommendations. this is, of course, after the c cftc has already "shall" per this language, imposed various requirements and stipulation on on -- on hedginng in place. and then after that,

Bob Corker

5:08:11 to 5:08:25( Edit History Discussion )

Bob Corker: 270 days after that, this advisory commission will look back over what has occurred to see ifee it's right or wrong. this is a -- this billis is not in place on the floor to be taken seriously,

Bob Corker

5:08:25 to 5:08:35( Edit History Discussion )

Bob Corker: and i think that most of us who've talked with people throughout the industry realize that. and again, this is something to take the voters' minds off the real issue and that is the issue of lie

Bob Corker

5:08:35 to 5:08:49( Edit History Discussion )

Bob Corker: and demand. i want to say to my colleagues son the -- and that is the issue of supply and demand. i want to say to my colleagues on the other side of the aisle that i am willing to look at everything

Bob Corker

5:08:49 to 5:09:05( Edit History Discussion )

Bob Corker: there is to look at in the equation of supply and demand. now, there's no question in a country that has 3% of the oil reserves in the world, has 4% of the population and yet usess 25% of the world's

Bob Corker

5:09:05 to 5:09:15( Edit History Discussion )

Bob Corker: oil productionn that conservation needs to be a big part of that. and i would love to -- to talk with my colleagues on the other side of the aisle about what we might do in the area of conservation.

Bob Corker

5:09:15 to 5:09:29( Edit History Discussion )

Bob Corker: and my guess is there would be a lot of people on both sides of the aisle that would reach agreement over things that we ought to do as a country to lessen demand by focusing on conservation. co

5:09:29 to 5:09:45( Edit History Discussion )

in the state of tennessee, just on tuesday, yesterday, nissan, a great automobileom producer, has announced their focus on producing an all-electric car in the year 2012. i welcome that day. i look

Bob Corker

5:09:45 to 5:10:01( Edit History Discussion )

Bob Corker: forward to the day when i and my daughters and my wife, elizabeth, drive a vehicle that we plug in at night that is being charged with low base -- with baseload power at low prices that we drive the

Bob Corker

5:10:01 to 5:10:14( Edit History Discussion )

Bob Corker: next day and don't use petroleum. why don't we debate some amendments on this floor that have to do with that? mch of the discussion here has been about offshore drilling about, the outer continental shelf.

Bob Corker

5:10:14 to 5:10:30( Edit History Discussion )

Bob Corker: again, as part of the equation, we ought to look at supplies. i'm all for looking at additional offshore development. i think it only makes o sense at a time when we have rising demand and lessening

Bob Corker

5:10:30 to 5:10:44( Edit History Discussion )

Bob Corker: supplies. but i'd like to talk about a lot of other things. and again, it's an interesting thing t o me that one person, the majority leader of the senate, can decide -- can decide that we have one

Bob Corker

5:10:44 to 5:10:57( Edit History Discussion )

Bob Corker: so-called speculation bill on the floor that, again, majors and the minors, the issue is supply and demand. and in this body of, quote, a hundred great senators, we don't have the ability to talk

Bob Corker

5:10:57 to 5:11:15( Edit History Discussion )

Bob Corker: about an issue that is "the" biggest issue in front of the american people of the i think all of us know that right now what i am doing -- and this is not something i'm accustomed to doing -- i'm burning

Bob Corker

5:11:15 to 5:11:26( Edit History Discussion )

Bob Corker: up time on the floor. the last speaker was burning up time on the floor. and basically what we're doing is waiting to see if later this afternoon, the majority leader of the senate will allow a hundred

Bob Corker

5:11:26 to 5:11:43( Edit History Discussion )

Bob Corker: grownups -- a hundred grownups that were elected by their respective states, we're basically waiting to see if the majority l eader of the senate will allow a hundred grownups, who represent people all

Bob Corker

5:11:43 to 5:11:56( Edit History Discussion )

Bob Corker: across this country, to actually offery amendments that might help solve the supply-and-demand issue that we have in our country. i think it's very obvious that we as a country need to produce more

Bob Corker

5:11:56 to 5:12:12( Edit History Discussion )

Bob Corker: and use less. my daughters, 19 and 20, learned this whe n they were in middle school, that there's an issue of supply and demand. and again, i want to meet my colleagues in the middle. i agree that

Bob Corker

5:12:12 to 5:12:22( Edit History Discussion )

Bob Corker: conservation, as a i've state d before, needs to be a big part of this. but it is a diminishment of this body to knoww that basically all day long, people are parading back and f orth on this floor

Bob Corker

5:12:22 to 5:12:39( Edit History Discussion )

Bob Corker: basically to make points on one side or the other about energy. the biggest issue before the american people and whateo it's really about is killing time until we find out whether the majority leader

Bob Corker

5:12:39 to 5:12:51( Edit History Discussion )

Bob Corker: will allow us, treated like teenagers, to allow us whether -- to allow us to offer amendments or not. it's an amazing thing. it sometimes mee that if we were going to be t serious about this, that we'd

Bob Corker

5:12:51 to 5:13:03( Edit History Discussion )

Bob Corker: have the gumption to stand here on the floor, offer real amendments, talk about those amendments and hash them out. madam pres ident, that's why i s came to the senate. i think that's why you came to

Bob Corker

5:13:03 to 5:13:16( Edit History Discussion )

Bob Corker: the senate and have offered so much in the way of making this body function and in an appropriate way. and i h iope that veryha soon we'll move away from these political games and things that might

Bob Corker

5:13:16 to 5:13:40( Edit History Discussion )

Bob Corker: affect the fall elections and really move to the serious issues that the american people care b. that's what i came to do. i thank you so much. and, madam president, if you would, how much time do

Bob Corker

5:13:40 to 5:13:55( Edit History Discussion )

Bob Corker: i have remaining? the presiding officer: 1 minutefi and 15 seconds. mr. corker:mr so for 1 minute and 15 seconds, i'll talk about supply and demand again, something that i think most of us understand.

Bob Corker

5:13:55 to 5:14:08( Edit History Discussion )

Bob Corker: i'll say again to my colleagues on the other side of the aisle that i'm willing to look at every possible amendment that has to do with conservation, that has to do can green technology -- that has to

Bob Corker

5:14:08 to 5:14:19( Edit History Discussion )

Bob Corker: do with green technology, that has to do with additional production so that over the next ten years we don't send $10 trillion overseas. you know, wew, talk a lot about the oil companies in this country

Bob Corker

5:14:19 to 5:14:34( Edit History Discussion )

Bob Corker: , and i know there's somehe things that can be said pro and con. the fact is that they are public companies and they do operate in the light. and it seems to me that -- that when we argue about

John Cornyn

5:14:34 to 5:14:45( Edit History Discussion )

John Cornyn: big oil -- and we do that in a negative way sometimes -- what we forget is, is that eve ry year -- thishi year $700 billion and again over the next tenxt years under present trends, we'll send

John Cornyn

5:14:34 to 5:27:06( Edit History Discussion )
Speech By: John Cornyn

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