OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

FTC Investigation

Date: April 25, 2006
Location: Washington, DC
Issues: Natural Resources


FTC INVESTIGATION -- (Senate - April 25, 2006)

BREAK IN TRANSCRIPT

Mr. CORNYN. Mr. President, I will use a few minutes to respond to some of the voices that have been raised regarding the fuel prices. Of course, this is an issue that affects everyone. It is ironic that those who have railed the loudest against high gasoline prices are the ones who indeed are responsible for obstructing rational energy policy in this country that would bring down the price of gasoline itself.

For example, we all know that the global competition for oil and gas is greater with the industrialization and growth of countries such as China, with 1.3 billion people, with the growth and industrialization of countries such as India. But notwithstanding the need to diversify our energy sources to nuclear energy and use the 300 years of coal we have in this country in a clean and environmentally sensitive way, we have been met with nothing but obstruction when it comes to trying to both diversify our energy sources and to undertake policies that would literally bring down the price of gasoline at the pump.

It is no secret the single greatest factor in high gasoline prices is high oil prices. We have simply been denied every opportunity we have tried to undertake to expand domestic production at home by exploring places such as the Arctic Wildlife Refuge in an environmentally responsible way and drilling offshore in America in a way that can preserve both the environment but also increase the supply of oil and help bring down the price of gas.

Congress can do a lot of things, but we cannot repeal the laws of supply and demand. Without additional supply, we know with additional demand, prices will continue to go up. Because of obstruction and unreasonable regulation we have not seen a new refinery built in this country in the last 30 years.

Our time would be used more productively if our colleagues across the aisle would work with us to diversify and expand the sources of domestic energy so we can help bring down the price at the pump. It would be much more constructively used if we work together rather than attempting to score political points and to place the blame in a political season.

I yield the floor.

http://thomas.loc.gov

arrow_upward