Lower Energy Costs Act

Floor Speech

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Mr. KHANNA. Mr. Chairman, I thank the gentleman for his leadership on climate and for the role he played last Congress in passing the most historic climate legislation in the history of this country. Finally, something inspired young people, not just around this country, but around the world.

Now, what does the other side want to do? They want to start to repeal it.

That legislation which put $369 billion into climate only marked 0.1 percent over the next 10 years of what our economy is going to be, $300 trillion. It was a 0.1 percent down payment, the largest in history; and what do they want to do? They want to take away the $27 billion Greenhouse Gas Reduction Fund.

Where does that money go? It goes to rural America. It goes to factory towns. It goes to communities of color, who have faced too much pollution, who have too much cancer in their communities. They want to take that money away from rural America, from factory towns, and who do they want to give it to? They want to give it to the fossil fuel companies. The fossil fuel companies, that is really what this bill is about. It is decreasing the royalty rate that fossil fuel companies pay on taxpayer land. It is a handout, a subsidy, a further subsidy to Big Oil.

Now, the GAO has said that it will do nothing to increase oil or gas production, and we all know the facts that oil production and gas production under this President is up. Those are the facts, that it is up.

They don't care about the production. Don't let them confuse you. They want to give subsidies to Exxon, Chevron, and Big Oil that are making record profits off the war in Ukraine and fleecing the American people.

They want to take away money from rural communities, take away money from factory towns, take away money from Americans who are suffering and give fossil fuel subsidies. That is wrong, and I thank Mr. Pallone for opposing it.

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