Senate Proceeding on Jul 25th, 2008 :: 1:03:24 to 1:07:39
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0:47:21 to 1:03:24( Edit History Discussion )
Speech By: Amy Klobuchar

1:03:11 to 1:03:24( Edit History Discussion )

Amy Klobuchar: increases. i understand, mr. psident, that we have a market-based economy. it's fine for companies to make money on the products they sell. they should. but when we're dealing with the well-being of

1:03:24 to 1:03:36( Edit History Discussion )

Thomas Carper: sick patients, babies, and the elderly and everyone in between, we know that something's wrong here. these companies can't be allowed to make money off the backs of little babies that have holes in

1:03:24 to 1:07:39( Edit History Discussion )
Speech By: Thomas Carper

1:03:36 to 1:03:52( Edit History Discussion )

Thomas Carper: their hearts. i hope yesterday's hearing is a starting point for addressing the problems that accompany such enormous priceus increases. problems that have been plaguing our doctors, our insurance companies,

1:03:52 to 1:04:06( Edit History Discussion )

Thomas Carper: our medicare and medicaid programs, and most importantly our patients for far too long. thank you, mr. president, and i yield the floor. a senator: mr. president? the presiding officer: the senator from

1:04:06 to 1:04:14( Edit History Discussion )

Thomas Carper: delaware. mr. carper: good morning, mr. president. i appreciate the opportunity to talk for a f few minutes about the, really two subjects. first of all, the legislation, one or two pieces of legislation

1:04:14 to 1:04:29( Edit History Discussion )

Thomas Carper: that came before us today dealing with speculation in the oil markets. i want to talk a little bit about that and maybe a word or two, if time permits, on the housing legislation which we've just taken

1:04:29 to 1:04:46( Edit History Discussion )

Thomas Carper: another step forward toward enacting. on this chart that we see, a couple of numbers mentioned. in a moment i hope it will become clear why they are relevant to this argument with respect to oil

1:04:46 to 1:05:02( Edit History Discussion )

Thomas Carper: prices. the first number is 25%. we consume as nation today this week, this month, this year roughly 25% of the oil that's consumed on our planet. 25%. but, we have, within this nation onshore and

1:05:02 to 1:05:12( Edit History Discussion )

Thomas Carper: offshore, less than 5% of the world's oil reserves. and when people wonder why prices are running up, thi is one of the reasons. when people say we ought to just simply drill, whether it's in the arctic

1:05:12 to 1:05:25( Edit History Discussion )

Thomas Carper: national wildlife refuge or on the outer continental shelf, drilling is part of the answer, not necessarily in those places, but drilling is part of the answer. but when you have, when you're consuming

1:05:25 to 1:05:35( Edit History Discussion )

Thomas Carper: 25% of the world's oil every day and we have less than 5% of the world's known oil reserves, there's a mismatch here. and that suggests to, among others, that t. boone pickens, a long time renowned texas

1:05:35 to 1:05:49( Edit History Discussion )

Thomas Carper: oil man, that this is a problem we can't just drill ourselves out of. and while drilling is part of the solution, it is by no means the entire solution. what we need is a comprehensive strategy. i

1:05:49 to 1:06:05( Edit History Discussion )

Thomas Carper: want to talk a little bit about that this morning. we've had any number of hearings in recent weeks, actually in recent months here in this senate that focus on why are oil prices, why are gas prices

1:06:05 to 1:06:18( Edit History Discussion )

Thomas Carper: going up? i keep coming back to three major reasons. and the first of those is supply and demand. there's a limited amount of oil that's being produced. the nations that have most of it in their control

1:06:18 to 1:06:32( Edit History Discussion )

Thomas Carper: don't want to produce a whole lot more. they don't want to increase supply dramatically. demand, meanwhile, continues to rise. we're a country where we're in love with our cars, trucks, and vans. for

1:06:32 to 1:06:44( Edit History Discussion )

Thomas Carper: every 1,000 americans in this country today, there are about 800 vehicles. pretty amazing isn't it? 800 vehicles for every 1,000 people would live here. in china, for every thousand people who

1:06:44 to 1:06:57( Edit History Discussion )

Thomas Carper: live in china, they have 16 karz, trucks and vans. i don't know that they want to get to 800 right away, but they're going to have a lot more than 16 per thousand. they may have 116, 216, 316. but

1:06:57 to 1:07:08( Edit History Discussion )

Thomas Carper: they want -- they want to be able to have their own vehicles, and they are adding dramatically to the number of vehicles on the road. that, along with the growth of the economy in other aspects of the

1:07:08 to 1:07:18( Edit History Discussion )

Thomas Carper: economy in china. places like india have seen a dramatic increase in demand, and we're going to continue to see that, that increase in demand. a second thing that's going on here is the drop in the

1:07:18 to 1:07:28( Edit History Discussion )

Thomas Carper: value of the dollar. the dollar today is not worth what it used to be. friends of mine came back from traveling in europe and tell me how unfortunate they felt in having gone this year instead of

1:07:28 to 1:07:39( Edit History Discussion )

Thomas Carper: about three or four years ago because the value of the dollar has dropped by roughly a third against most of the european currencies. in fact, it's dropped dramatically in currencies around the world.