Department of the Interior, Environment, and Related AGencies Appropriations Act, 2007
DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS ACT, 2007--Continued -- (House of Representatives - May 18, 2006)
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Ms. DeLAURO. Mr. Chairman, it is about families. It is about families across this country who are wrestling with record-high gas prices. This Congress not only has the obligation to do something; but with this amendment, we have an opportunity to do something.
National average price of gasoline per gallon, double what it was when President Bush took office. Oil executives making off with half billion dollar retirement packages.
We can all agree that we have better things to do with as much as $80 billion of taxpayer money than giving it to the oil companies for nothing in return.
$80 billion is how much the GAO says we could simply be giving away to the oil companies over the next 25 years if we do not change the royalty relief law.
Royalty relief is not without its purpose. Prices are low; royalty relief can create a powerful incentive to remove more oil from the ground.
Let's look at the prices. This is nothing more now with royalty relief than a giveaway to those who least need it. One Shell official, New York Times said the other day, under the current environment we don't need royalty relief. They sure don't. ExxonMobil, $36 billion last year. Record, historic. Shell, $22.9 billion.
It is about the people in our communities, the people that we represent that are taking their savings and they are putting it in their fuel tanks.
These folks are taking their money. They are dealing with their stock options. They are paying down their debt, and they are taking high salaries. It is time we took away this opportunity to do that.
And I will tell you that my colleagues on the other side that want to talk about contracts, the Federal Government is given the right to terminate contracts without cause. It is in contract law; it is called the termination of convenience of the government. So we can do this. Let's do it with this bill.
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