Senate Proceeding on Jul 24th, 2008 :: 2:29:34 to 2:47:36
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2:29:18 to 2:29:34( Edit History Discussion )

in commodity markets that we think are impacting the price of gas. taken together, the proposal senator reid has made that is going to be voted on tomorrow and these provisions related to supply and

2:29:34 to 2:29:48( Edit History Discussion )

Jim Bunning: related to demand reduction, taken together we believe we would be taking a positive step on behalf of the american people to begin to moderate the price of gas at the pump.~ i hope that the amendment

2:29:34 to 2:47:36( Edit History Discussion )
Speech By: Jim Bunning

2:29:48 to 2:29:59( Edit History Discussion )

Jim Bunning: receives strong support. i hope we have the opportunity to offer it. mr. president, i yield the floor. the presiding officer: the senator's time has expired. the senator from new mexico. a senator:

2:29:59 to 2:30:10( Edit History Discussion )

Jim Bunning: mr. president, i have eight unanimous consent requests for committees to meet during today's session of the senate. they've been approved by the majority and the minority leaders. i would ask unanimous

2:30:10 to 2:30:24( Edit History Discussion )

Jim Bunning: consent that these requests be agreed to. that these requests be printed in the record. and, mr. president,si i would also ask that a summary of the eapped that i have been -- amendment that i have

2:30:24 to 2:30:50( Edit History Discussion )

Jim Bunning: been talking about be included in the record following my stag tement. the presiding officer: without objection, so ordered. a senator: mr. president? the presiding officer: the senator from kentucky

2:30:50 to 2:31:14( Edit History Discussion )

Jim Bunning: is recognized.ed bun mr. bunning: i'd like to speak on the bill. we are in an energy crisis in america. don't let the 10% drop in oil prices fool you. we're in for a long battle with energy costs

2:31:14 to 2:31:34( Edit History Discussion )

Jim Bunning: and america will need to step up if we want to keep driving our cars, fly our jets, and fuel our economy, and create jobs. but this present bill before us today isn't about lowering prices. it's about

2:31:34 to 2:31:53( Edit History Discussion )

Jim Bunning: finding someone to blame so americans don't blame the democrats for failing to act in congress. democrats need a scapegoat because under their watch erica has become moreec addicted to oil than ever

2:31:53 to 2:32:18( Edit History Discussion )

Jim Bunning: and gas prices have more than doubled. they don't want to solve your problems. they don't want to face the environmental lobbyists who don't care how much american pays for energy as long as it doesn't

2:32:18 to 2:32:39( Edit History Discussion )

Jim Bunning: come from oil and coal. they want to find someone to blame. they've blamed oil companies, republicans, the middle east, the military. today it's the energy speculators. i say the time for scapegoats

2:32:39 to 2:33:00( Edit History Discussion )

Jim Bunning: and politics is over. america doesn't want excuses or even someone to blame. america wants solutions. they want to be able to afford to drive their truck to work every day. they don't want to worry

2:33:00 to 2:33:20( Edit History Discussion )

Jim Bunning: about turning on their air conditioner or how much it's going to cost to heat their home this winter. by home in my state of kentucky, i have seen how much these prices are hurting families. i know many

2:33:20 to 2:33:36( Edit History Discussion )

Jim Bunning: people who moved farther out in the suburbs to get a bigger house, a bigger yard, and more for their real estate investment. now these same people are stuck with using $4.50 gasoline for their work-day

2:33:36 to 2:33:56( Edit History Discussion )

Jim Bunning: commutes. other communities in east kentucky are fighting to keep local bus service running for their senior citizens. many older americans rely on buses and shuttle service to get them out of

2:33:56 to 2:34:20( Edit History Discussion )

Jim Bunning: their homes and are being cut off from their community services because of high prices. there are even places that i have gone to a four-day school week to cut back on the cost of busing students.

2:34:20 to 2:34:42( Edit History Discussion )

Jim Bunning: these people want solutions for energy prices, not more politics. the best way to address high prices is to get more fuel to the market. america has domestic energy resources that we only have teo open

2:34:42 to 2:35:01( Edit History Discussion )

Jim Bunning: up. i have supported bills and amendments that would expand offshore drilling, start coal-to-liquid fuel production, encourage alternative sources of jet fuel, expand cellulosic biomass fuels, and many other

2:35:01 to 2:35:25( Edit History Discussion )

Jim Bunning: issues. facing these issues is what congress should be working on. for example, i think one part of our solution should be more offshore drilling. more domestic oil means less we have to buy from the middle

2:35:25 to 2:35:42( Edit History Discussion )

Jim Bunning: east. lower transportation costs, a more stable supply, and, therefore, lower prices. so why have the democrats in congress stopped us from acting on this one issue? it's because of the environment. i say

2:35:42 to 2:35:59( Edit History Discussion )

Jim Bunning: we make sure that any new drilling is the cleanest and safest in the world. if it's because we are not sure what to do with the federal revenue, i'm ready to discuss it and develop a compromise. what

2:35:59 to 2:36:16( Edit History Discussion )

Jim Bunning: is the problem with letting individual states choose whether or not to drill offshore? even if it takes a decade to start the full production, we have to start somewhere. congress should at least

2:36:16 to 2:36:37( Edit History Discussion )

Jim Bunning: have the debate and vote on this issue. but every time we try to address even one energy production issue, we are stopped in our traction and blocked -- tracks and blocked from offering amendments.

2:36:37 to 2:36:53( Edit History Discussion )

Jim Bunning: i am tired of watching this democratic-led congress do nothing. the energy crisis has gone on long enough. we can't talk all day about who to blame and make excuses. but that won't bring down energy

2:36:53 to 2:37:13( Edit History Discussion )

Jim Bunning: prices. instead we find ourselves discussing another bill that tries to blame someone rather than address the problems of domestic production and supply. the other side is selling you a bill of goods when they

2:37:13 to 2:37:30( Edit History Discussion )

Jim Bunning: say this legislation would -- wouldn't impact energy prices. i hear they have a great deal for you on a bridge in brooklynn also. this about will undermine legitimate hedging activities and threats the

2:37:30 to 2:37:53( Edit History Discussion )

Jim Bunning: liquidity of our commodity marketplace. future markets will make it possible to buy and sell things at a specific price and date in e future. these markets allow participants to offse t risk of

2:37:53 to 2:38:10( Edit History Discussion )

Jim Bunning: price changes to those willing to take risks. this legislation would also make us citizens subject to foreign rules and regulations related to energy trading. understanding u.s. law will not be enough as

2:38:10 to 2:38:33( Edit History Discussion )

Jim Bunning: energy traders will be required to consult with foreign boards of trade and will be subject to regulations made by foreign governments. this bill would also encourage traders to use foreign markets that

2:38:33 to 2:38:50( Edit History Discussion )

Jim Bunning: do not have as many regulations and take american jobs and business activity offshore to them. but my principal concern with this bill is that it asks a federal regulator, the cftc, to wade into the

2:38:50 to 2:39:11( Edit History Discussion )

Jim Bunning: marketplace and make a determination of whatf is and what is not legitimate trading activity. let me explain how this works. how many americans stock up on items when they see a good sale at a

2:39:11 to 2:39:28( Edit History Discussion )

Jim Bunning: grocery store. i know i do. or maybe some people want to buy in bulk with buy one, get one free coupons. why don't we resell our groceries to someone else? this simple act of ting our purchases

2:39:28 to 2:39:43( Edit History Discussion )

Jim Bunning: are varying how much and when we buy is similar to what traders do in the commodity markets. now, imagine the government used this same legislation to regulate grocery shopping that has been proposed

2:39:43 to 2:39:59( Edit History Discussion )

Jim Bunning: for the energy markets. it would mean that the government would keep track of all of your purchases and determine whether you or -- are a legitimate or not legitimate grocery shopper. do you want

2:39:59 to 2:40:19( Edit History Discussion )

Jim Bunning: the government penalizing you if they feel you are overbuying a certain product? but too many hot dogs -- buying too many hot dogs in one month and the government could impose limits on your purchases

2:40:19 to 2:40:37( Edit History Discussion )

Jim Bunning: or keep you out of the grocery stores all together. well, this legislation isn't going to regulate grocery stores. this bill is the beginning of more government regulation that would limit your options. maybe

2:40:37 to 2:40:53( Edit History Discussion )

Jim Bunning: next congress will regulate the precious metal markets and determine that buying gold jewelry is a nonlegitimate purchase. penalizing americans who want to buy jewelry. or will the government say that

2:40:53 to 2:41:13( Edit History Discussion )

Jim Bunning: collecting shot guns is nonlegitimate -- is a nonlegitimate purchase, that increasing the cost of shot guns, allowing to limit the sale of shotgun collectors? allowing the government to overregulate any

2:41:13 to 2:41:34( Edit History Discussion )

Jim Bunning: market is a recipe for disaster that puts americans' freedoms at risk. in america we are proud of our open markets and lack of government interference. we need the already established rules to stop illegal

2:41:34 to 2:41:54( Edit History Discussion )

Jim Bunning: activities like price manipulation and cornering markets. but we do not need new regulations that prohibit normal market activity like buying and selling commodities as an investment or as a price

2:41:54 to 2:42:11( Edit History Discussion )

Jim Bunning: hedge. i will support efforts to make the market the as transparent as possible. information allows traders the most efficient allegation of resources and makes sure prices actually reflect what we call

2:42:11 to 2:42:32( Edit History Discussion )

Jim Bunning: supply and demand. but i find it unreasonable to on one hand say the market needs to be more transparent so we can work efficiently and then on the other hand mandates new requirements and regulations

2:42:32 to 2:42:51( Edit History Discussion )

Jim Bunning: that willlog the market and prevent it from working normally. the bottom line is this legislation will not bring down energy costs. but there is something congress and america can do about prices.

2:42:51 to 2:43:12( Edit History Discussion )

Jim Bunning: we can produce more of our own energy. i strongly believe that america should use every resource it has to produce energy. our dependency on middle eastern oil is worse than simply paying too much at the

2:43:12 to 2:43:33( Edit History Discussion )

Jim Bunning: pump. it is a threat to national security. every gallon of fuel we make from biomass, domestic oil and gas and coal is a gallon of fuel we don't have to buy from the middle east. it's just that

2:43:33 to 2:43:50( Edit History Discussion )

Jim Bunning: simple. we need a manhattan project for energy in america. the greatest minds we should -- we have should be working on ways to producedu alternative fuels, capture and use carbon emissions, produce clean

2:43:50 to 2:44:08( Edit History Discussion )

Jim Bunning: electricity, and improve oil and gas productions. we should agree to take politics out of clean energy and insurance government programs -- insure government -- ensure government programs are technologically

2:44:08 to 2:44:25( Edit History Discussion )

Jim Bunning: and feedstock neutral. too often i see tax incentives and programs that pick and choose that technology or process america should be using. to support all of these alternative technologies, we need

2:44:25 to 2:44:51( Edit History Discussion )

Jim Bunning: a chance -- change -- first of all, we need to change the way government spends its money. i think we should pick performance-based goals, like zero emissions, alternative to oil, and let the marketplace

2:44:51 to 2:45:13( Edit History Discussion )

Jim Bunning: la decide the most efficient way to achieve it.| we should not care where an environmentally sound fuel cops from. if you can produce megawatt of clean energy we should not care if it comes from wind

2:45:13 to 2:45:34( Edit History Discussion )

Jim Bunning: or waste, paper mills or underground geothermal. by opening up our options we will get more for the government dollar and america will see results faster. i believe the most important part of alternative

2:45:34 to 2:45:59( Edit History Discussion )

Jim Bunning: fuell technology is coal-to-liquid. we are sitting on a huge coal c reserve that we can turn into diesel for our trucks and aviation fuel for our planes. and our military can no longer rely on imported

2:45:59 to 2:46:22( Edit History Discussion )

Jim Bunning: oil from the mast the air for has tested this type of fuel and it burns cleaner and cooler than conventional fuel. it has less pollution, as well. i know with the right government incentives and carbon-captured

2:46:22 to 2:46:38( Edit History Discussion )

Jim Bunning: technology we can make coal-to-liquid fuel with less greenhouse gases than oil-based fuels. kentucky coal can help bring down the price of oil, provide a a secure fuel for our military, reduce pollutionre

2:46:38 to 2:46:54( Edit History Discussion )

Jim Bunning: and create jobs. while new domestic production will go a long wayon to bring down prices, we should also think about the conservation efforts. there are the simple things like turning off lights we

2:46:54 to 2:47:18( Edit History Discussion )

Jim Bunning: don't use and more important measures like increasing fuel economy standards that congress just passed. but there are other ways to reduce fuel use using technology. for example, we have a company

2:47:18 to 2:47:36( Edit History Discussion )

Jim Bunning: in kentucky that produces let tremendous fit kits to reduce diesel fuel use while trucks are idling. the answer to america's energy problem is more domestic production, clean technologies and conservation.

2:47:36 to 2:47:59( Edit History Discussion )

Mel Martinez: we have the resources and the know-how to make clean energy but for the last few decades our government regulations have held us back. we should not find more ways to overregulate our markets.

2:47:36 to 3:00:00( Edit History Discussion )
Speech By: Mel Martinez