Providing for Further Consideration of H.R. 5351, Renewable Energy and Energy Conservation Tax Act of 2008

Floor Speech

Providing for Further Consideration of H.R. 5351, Renewable Energy and Energy Conservation Tax Act of 2008

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Ms. CASTOR. I thank my colleague from the Rules Committee.

Mr. Speaker, I rise in support of the landmark Renewable Energy and Energy Conservation Tax Act of 2008, and this rule.

Mr. Speaker, we are fighting for fundamental change in our Nation's energy policy. For too long, the big oil companies have had a stranglehold over politicians in Washington, DC and over our country's energy policy.

All we have to do is examine the headlines these days: ``Pain at the Pump Grows.'' Another headline: ``Cost of Gas Hits All-Time High.''

But there is a very interesting juxtaposition of headlines, because the other headlines in our Nation's newspapers read something like this: ``ExxonMobil Profit Sets Record Again.'' That's right, almost $41 billion last year, breaking the record that they had set only last year.

This sales figure alone exceeds the gross domestic product of 120 countries. To put this in perspective, ExxonMobil earned more than $1,287 of profit for every second in the year 2007.

So here is the question: Do the American people continue to subsidize big oil companies while they are making record profits? Or do we shift our investment to cleaner, renewable fuels?

Mr. Speaker, I know the White House does not like this. President Bush said he would veto this, but we are not going to give up. This new Congress, led by Democrats, is responding to folks in every State in America demanding change in our country's energy policy.

They understand that this is vital to our national security, and it's vital to their pocketbooks. The contrast between the politics of the past, represented by the White House, and our forward-looking bill could not be clearer.

Remember just 7 years ago, the administration's energy task force met behind closed doors. It consisted of oil company executives, and the administration fought to keep everything secret. Renewable sources of energy were not a priority. The Earth's climate change was not a priority. And the recommendations involved more drilling, more mining and more of the same, which led only to record gas prices for families, record profits for oil companies and disastrous national security consequences. I mean, after all, under the current administration, gas prices have doubled.

In contrast, our groundbreaking efforts to date are setting our country on a path towards energy independence. Despite the fact that the White House continues to side with Big Oil and threaten a veto of this bill, we are not going to give up.

We already have a great record. We have strengthened national security by increasing fuel efficiency standards. We have raised the fuel economy standards. We have lowered energy costs by focusing on conservation and efficiency. We have tackled global climate change, but we are only just beginning to set the new course on the Nation's energy policy.

By repealing subsidies to the big oil companies and investing in the renewable energy technologies, we will continue to march towards new energy solutions. The status quo in Washington is not acceptable anymore. The White House might threaten veto, but we are not going to give up.

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