Adaption to Changing Crude Oil Markets

Floor Speech

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Mr. Chairman, I thank Ranking Member Pallone for yielding the time.

I rise in strong opposition to H.R. 702. The bill is an irresponsible giveaway to Big Oil at the expense of America's national security, at the expense of American consumers, and our longstanding policy of working towards energy independence.

Now, our current policy is not a ban. You can call it a ban, but it is not a ban. It allows and promotes oil exports to strategically important allies, to places in the national interest. It is a smart policy.

But now Big Oil wants free rein to ship America's natural resources to countries not in our national interest. This bill will eviscerate our thoughtful policy.

Despite assertions that the oil will go to allies in Europe and elsewhere, that is not supported by the facts. Who is most likely to benefit? Experts say China. The Energy Information Administration projects that China's oil consumption will double over the next 2 decades.

China has been very aggressive all across the globe in exploiting and locking down natural resources. They have gone to Africa. They have gone to South America. While we have been fighting battles in Afghanistan, they have been locking down contracts for natural resources in Afghanistan.

At the same time that America is dealing with Chinese cyber espionage and their geopolitical confrontations with our allies and the U.S., why would we help China gain a strategic foothold on America's natural resources? I would think that America's national security interests would compel you to defeat this bill.

You should also vote this bill down and side with American consumers instead and American jobs. America is still heavily dependent on imports of crude oil. We still import 25 percent today.

Any claims that sending American oil overseas would help consumers in America is entirely unsupported, no matter how many times they say it. Instead, what the studies show is that exporting American oil would feed the uncertainty of oil markets and likely increase costs to American consumers.

Back home in Tampa right now you can go to the gas station and fill up your tank at about $1.99 per gallon. So it defies logic to say that changing this policy that is working for America right now would really lower the price. I don't think so.

American jobs are also very likely to take a hit if this bill becomes law. Why? Because of the important jobs in the refining industry, the shipping industry. Those are American jobs. Side with the American jobs.

This bill is very poor public policy. Exports will be determined only by Big Oil to serve the interests of Big Oil, ceding complete control of this strategic national asset.

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