Emergency Actions Needed To Address Skyrocketing Energy Prices

EMERGENCY ACTIONS NEEDED TO ADDRESS SKYROCKETING ENERGY PRICES -- (House of Representatives - September 02, 2005)

The SPEAKER pro tempore. Under a previous order of the House, the gentleman from Massachusetts (Mr. Markey) is recognized for 5 minutes.

Mr. MARKEY. Mr. Speaker, our hearts go out to all of the victims in Louisiana, Alabama and Mississippi; and we in Congress stand committed to ensuring that we rebuild each of those families' hopes and dreams. But, unfortunately, during this time of crisis, I am very, very concerned that the American driving public is being gouged at the pump by Big Oil and by OPEC, which has been taking advantage of this crisis in our country. I am very concerned that Big Oil is exploiting this tragedy by tipping consumers upside down at the pump and shaking money out of their pockets. This is no time to take advantage of the American consumer. This is a time for the oil companies, as well as OPEC, to rally to the protection of the American consumer and the American economy.

We have all been disturbed by the television footage of looters ransacking stores and homes in New Orleans, but it also appears that Big Oil is engaging in widespread looting as it runs up the price of gasoline paid by the driving public.

We need action by this administration. They have to make it clear that they are going to put in effect immediately investigations, put investigators in the field, in the board rooms, to make sure that people understand that this kind of exploitation of the American consumer will not be tolerated. Unfortunately, right after 9/11, the very same oil companies took advantage of the American consumer, resulting ultimately in large fines having to be paid by oil companies for their exploitation of the American consumer in the immediate aftermath of 9/11.

Also the President should demand that OPEC help us at this time. OPEC has announced that they will take up the issue of producing more oil at their September 19 meeting. September 19? When Saddam Hussein was threatening the Middle East, we did not say to our friends, Call us next month. We said we would respond immediately.

OPEC, led by Saudi Arabia, should announce that they are going to produce 1.5 million to 2 million barrels of oil a day beginning today, not waiting until some September 19 meeting. And the President, who held the hand of the Saudi prince in April at his ranch in Crawford, should now hold OPEC's feet to the fire and ensure that, as they are now saying they may have a surplus of 1.5 million to 2 million barrels of oil a day to produce, and they may consider releasing it all.

They should have done that back in April, when the price of gasoline was already skyrocketing. We should not be at a point where a barrel of oil is at $65 a barrel, now approaching $70 and going higher. All of that has happened subsequent to Katrina, this additional spike.

So we need a response from OPEC. We can no longer allow them to sit on the sidelines with this additional 1.5 million to 2 million barrels of oil that they are going to consider releasing on September 19.

In addition, the President should immediately suspend all royalty relief for the oil and gas companies for drilling on public lands, the Secretary of Interior should require the oil companies to pay the full royalty for drilling and extracting oil and gas from public lands, and those revenues should be earmarked for the victims of this enormous disaster. That is where those revenues should go. And the President and this Congress should enact a windfall profits tax on the oil industry, and the proceeds should go to the Low Income Home Energy Assistance Program for this coming winter, the neediest people in our society, who are going to be most adversely affected by these skyrocketing energy prices.

But we just have to look in the rearview mirror 5 weeks ago when this Congress and President Bush passed and then signed a historic energy bill that was a failure in dealing with increase in fuel economy standards for SUVs, encouraging renewable energy resources that would be used by the utilities in this country. Instead, we gave tax breaks to the oil and gas industries of our country. It is time we got something back from those industries. It is time for this Congress and this President to stand up.

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