Energy Prices Rising

ENERGY PRICES RISING -- (House of Representatives - September 16, 2008)

Mr. COHEN. Madam Speaker, our Nation is suffering. While many citizens are living paycheck to paycheck, energy prices have been rising, affecting the daily lives of Americans, getting to their jobs, getting children to school, and causing the cost of goods to increase significantly due to rising transportation costs. Rising energy costs affect individuals, families, and businesses, both large and small.

We must gain control of energy prices, and must do so in a reasonable and rational manner, with an eye toward the future and a plan which accomplishes energy independence while respecting our environment and providing real relief to individuals, not promoting yet another program that benefits Big Oil, at the expense of the taxpayer.

There are very real differences between Democrats and Republicans when we talk about energy issues. We are in the mess we are in now because the interests of Big Oil have, for far too long, been given priority over the needs of our citizens. Big Oil has reaped the rewards. Even now, while Americans struggle for ways they can reduce their individual energy consumption, ways they can survive while the price of gasoline, home energy costs, groceries, indeed almost everything has outstripped their income, the Republicans are touting a plan that, according to yesterday's and today's New York Times editorials, would do little to increase the supply or reduce the price of oil.

The New York Times editorial: ``It would do little to increase the supply or reduce the price of oil. Oil companies already have access to nearly 80 percent of all American offshore oil that is technically recoverable. This bill would probably open up less than half of the remaining 20 percent, amounting to approximately two-thirds of 1 percent of all globally recoverable sources. The Department of Energy has already stated that the effect on prices would be insignificant.''

The very party which has led us down this path of dependence on Big Oil, that has repeatedly squelched innovation and interest in renewable resources and alternative forms of energy, now wishes to save us with the simple mantra: Drill, baby, drill.

According to another New York Times op-ed published yesterday, drilling in the Arctic National Wildlife Refuge and from currently restricted offshore sites could translate into an extra million barrels of oil a day in the year 2025. That is 17 years from now, Madam Speaker. Please note that. An extra million barrels in 2008 or 2009? No. 2025.

Sure, it takes time to make real change. But 17 years from now we can expect the Republican fix to result in lowering the price of crude by only 1.3 percent. So the party of Bush and CHENEY, the party of Big Oil, the party that Texas gave us, is going to fix the situation they have created just 17 years from now, and with a 1.3 percent cut. In the meantime, Big Oil's profits will continue to rise.

The Republican record on energy programs which have helped Americans is poor indeed. Let's look at the facts and decide if we need another Republican energy plan.

According to the Energy Information Administration, the price of gas is now $3.65, up from $1.46 when President Bush took office. A 150 percent increase. The price of gas was $2.29 when Republicans adopted their energy plan. Today, it's a 59 percent increase. $3.65.

Republican energy policies have resulted in record profits for oil companies. The five largest companies have posted profits of $556 billion from 2001 to 2007, including $123 billion in 2007 alone. Yet, Republicans have voted against nearly every energy initiative brought to the House floor.

Madam Speaker, I submit to you we must do everything we can, and examine every option in our efforts to help American citizens and to change our energy culture. Yes, we must look at drilling, but we need to be responsible in our approach and ensure that we are making decisions that actually achieve our goals, and our goals must be to help the taxpayers, not the oil corporations.

We must look at alternative forms of energy, we must look at renewable energy, we must look at every aspect of energy consumption before we act. There are real differences here, and I hope Congress will do the heavy lifting and make the difficult choices necessary to do what is right for the American people.

It's long past the time for rhetoric. It's time to tackle this real challenge and come up with real solutions, not short-term fixes, which will lead the American public, once again, footing the bill for Big Oil.

Madam Speaker, today the New York Times had another editorial. The New York Times' independent observations:

``Voters are furious at high gas prices. Republicans are happily pandering at their anger. Congress has sensibly renewed the moratorium each year for the last 26. Unfortunately, these are not sensible times, which means that congressional Democrats, particularly House Speaker Nancy Pelosi, must try hard to make the best of a bad situation. The situation, briefly, is this: The Republicans have been bludgeoning the Democrats with the claim that Democrat opposition to offshore drilling is to blame for high fuel prices and that drilling is the answer, or one answer, to the country's dependence on foreign oil. We find it hard to imagine that they really believe what they say. Drilling will have no impact on fuel prices for at least 15 years, if then, and any number of efficiency measures will do more to reduce the country's dependence than drilling for America's modest offshore reserves. But the chant of drill, baby, drill, is playing far too well. Ms. Pelosi's compromise deserves support.''

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