Energy

Floor Speech

ENERGY -- (Senate - June 13, 2007)

Mr. McCONNELL. Mr. President, the Senate takes up energy today. Let me say at the outset the proposed bill has some good provisions and it has some troubling ones. 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 will 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 is in danger of going up even more if this bill is not 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 these efforts. But with the price of gas where it is, this annual gift to the environmental lobby is a luxury we can no longer afford. If we are serious about gas prices, we will increase both domestic production and refining capacity. This bill, as written, does nothing to address either; therefore, nothing to lower gas prices.

Republicans will be offering amendments that will fill the gaps and give Members a chance to do something about energy independence and out-of-control gas prices. Yesterday, Senator Inhofe offered an amendment to increase refinery capacity, and Republicans will soon have a chance to vote on his proposal.

I also appreciate Senator 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 will also debate fuel economy standards, and that is appropriate. We
should do all we can to increase fuel efficiency of our cars and our trucks. But we have to do it in a way that is realistic and that doesn't cost thousands of autoworkers, in places such as Louisville, Bowling Green, and Georgetown, KY, 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 our gas prices on cigar-chomping oil executives. Look, price gouging is wrong. If it is 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 come up with the goods yet. It is time to put away the playbook and do something that can help Americans who are suffering every day from high gas prices.

Republicans are eager to move forward on this energy legislation. We are 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 refinery 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 is what Republicans intend to do.

I yield the floor.

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