McConnell: Increase in Domestic Production Key to Energy Independence

Statement

"We know gas prices go up as supply goes down. Yet this bill, as written, does nothing either to increase domestic supply or refinery capacity"

U.S. Senate Republican Leader Mitch McConnell called on the Senate Tuesday to include provisions in the Energy Bill to expand domestic production of oil and gas in order to lower energy prices for consumers:

"As the Senate takes up energy again today, let me say at the outset that the proposed bill has some good provisions and it has some troubling ones. But what most concerns Republicans are the issues it doesn't address at all.

"Everyone agrees energy independence is a top priority. America imports nearly 60 percent of its oil, much of it from dangerous and unstable countries that do not have our best interests at heart.

"Yet the bill on the floor does nothing to increase domestic production of oil and gas - absolutely nothing. If energy independence is truly a priority, we'll increase domestic production of oil and gas. Period.

"Increasing production at home will lead to greater independence, and it will lead to lower gas prices. The average price of gas has gone from $2.20 to $3.15 a gallon since the Democrats took over the Senate. It's in danger of going up even more if this bill isn't amended.

"We know gas prices go up as supply goes down. Yet this bill, as written, does nothing either to increase domestic supply or refinery capacity and thus drive down gas prices.

"Liberals in Congress have historically blocked both of these efforts. But with the price of gas where it is, this annual gift to the environmental lobby is a luxury we really can no longer afford.

"If we're serious about gas high prices, we'll increase both domestic production and refining capacity. This bill, as written, does nothing to address either — and therefore nothing to lower gas prices.

"Republicans will offer amendments that will fill in the gaps, and give Members a chance to do something about energy independence and out-of-control gas prices.

"Yesterday Sen. Inhofe offered an amendment to increase refinery capacity. Republicans will soon have a chance to vote on his proposal

"I also appreciate Sen. Bunning's hard work on Coal-to-Liquids, which is poised to become a major industry in Kentucky. This technology is one of the more promising alternative fuels we know of. Its addition to the market is one more way Republicans are proposing to lower fuel prices.

"We'll also debate fuel economy standards, and that's appropriate. We should do all we can to increase the fuel efficiency of our cars and our trucks.

"But we have to do it in a way that's realistic — and that doesn't cost thousands of autoworkers in places like Louisville, Bowling Green, and Georgetown, Kentucky, and countless other communities across the country, literally eliminating their work.

"Every summer, our good friends on the other side dust off the old class warfare playbook and blame higher gas prices on cigar-chomping oil executives

"Look, price-gouging is wrong. If it's found, it should be punished. But the other side has called countless hearings to try to pin down Big Oil on price-gouging, and they haven't ever come up with the goods yet.

"It's time to put away the playbook, and do something that can really help Americans who are suffering every day from high gas prices

"Republicans are eager to move forward on this energy legislation. We're acutely aware of the dangers associated with our dependence on foreign sources of oil. But we can address all of these dangers responsibly, and we should start with the most immediate concern, which is gas prices.

"Increasing refining capacity and domestic production should be our goal in this debate. After all, the purpose of an energy bill is to reduce the cost of energy and that's what Republicans intend to do."

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