Fox News Channel Interview

Interview

INTERVIEWER: I want to swing over here because Texas Senator John Cornyn, who is behind this million-signature petition drive, and Senator Cornyn, you heard what Senator Diane Feinstein said. React to her, if you would for me.

SEN. CORNYN: Well, I just don't think Congress can revoke the laws of supply and demand, and that's why we've said we need to find more as we use less. In other words, conserve the energy we have. But I think we've had our head in the sand for a long time. For 27 years, Congress has imposed a ban on developing the oil reserves in the Outer Continental Shelf and the submerged lands along our coastline. The American people are suffering $4.11 gallon gasoline on national average and the price is going to continue to go up until Congress acts to remove those bans and to allow domestic production to increase supply.

INTERVIEWER: The -- (inaudible) -- line, Senator, from those who are against this is that we are not going to get anything actually out of the ground for five to seven years. The president -- he comes back saying it's a psychological advantage and just the very fact that we're drilling could actually send the price down. Do you agree with that?

SEN. CORNYN: Well, I do because one of the concerns we've had is about speculation in commodities futures markets, that's where traders will buy future contracts of oil to be delivered to somebody who will buy that. If we send a signal today that there's going to be as many as 3 million additional barrels of American oil available sometime in the future, that will have a dramatic impact, I believe, on bringing down the price of oil very quickly.

INTERVIEWER: And I want to just say for the record, Senator, you're not just saying, "let's drill." I mean, you're for everything, you're for let's look for biofuels, let's look, let's seek out more wind energy. Everything should be on the table, is that a proper assessment?

SEN. CORNYN: Absolutely. Texas is number one in wind energy and cities like Austin are doing a lot to develop solar energy resources, alternatives. But, frankly, we're not going to get ourselves off of our reliance on petroleum for the foreseeable future. And while we transition to a clean energy future using alternative forms of energy, we need to produce more American resources right here at home so we have to buy less from the Middle East.

INTERVIEWER: Texas Senator John Cornyn. Senator, thank you very much, sir.

SEN. CORNYN: Thank you.

END.

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