Comprehensive American Energy Security and Consumer Protection Act

COMPREHENSIVE AMERICAN ENERGY SECURITY AND CONSUMER PROTECTION ACT -- (Extensions of Remarks - September 25, 2008)

* Ms. McCOLLUM of Minnesota. Mr. Speaker, I rise today in strong support of the Comprehensive American Energy Security and Consumer Protection Act (H.R. 6899) and would like to commend Chairman Rahall, Speaker Pelosi, and the Democratic leadership for their hard work on this important legislation.

* America stands at a crossroads with regard to our country's energy security. In 2008, gasoline and home heating prices have risen to record levels, burdening middle class American families during already tough economic times. This Congress has a choice to make and America's families deserve action.

* Congress can continue to follow the path of the past and increase our Nation's addiction on oil companies and foreign produced petroleum from countries like Saudi Arabia, Iraq, Venezuela, and Nigeria. Some voices now claim that the U.S. can achieve energy independence by exploiting all currently protected lands and coastal areas, allowing drilling wherever oil companies want to drill. Of course, since the U.S. consumes twenty-five percent of the world's oil and possesses less than 3 percent of global petroleum reserves, the ``drill, baby, drill'' rhetoric is both simplistic and simply false.

* The American people need to know that government estimates state that if drilling was allowed in all restricted offshore sites and the Arctic National Wildlife Refuge (a policy I strongly oppose) it would pump only one million extra barrels of oil per day onto the global market by 2025, less than 1 percent of projected global output. For consumers this would translate into a 2 cent reduction in price in the year 2025. The ``drill, baby, drill'' crowd appears to be committed to advancing the interests of the oil companies while leaving the American people with a potentially miniscule price reduction seventeen years from now. Their proposal is not a policy solution, but rather a political gimmick.

* There is another option, a plan to move America forward towards energy independence with a comprehensive energy policy that focuses on investments in renewable energy, energy efficiency, conservation, and maximizing the potential of existing fossil fuel sources with the necessary restrictions to protect the environment. Responsible drilling is a part of this plan as a transition to a clean energy future. I will continue to oppose any ``give aways'' that allow special advantages to oil companies to exploit the limited natural resources belonging to American taxpayers and limit the ability of American families to receive a fair price at the pump.

* Today, oil companies have leases on 68 million acres of federal lands. Right now they have access to drill within 182 million acres of the Outer Continental Shelf (OCS) surrounding Alaska and the lower 48 states. This bill, H.R. 6899, requires that oil companies make use of these existing leases by commencing exploration on these lands or relinquish their leases. If more drilling is the goal of the petroleum industry, they currently have the legal authority to do it on 68 million acres of federal land and 182 million acres of the OCS. And, with oil companies profits projected at $160 billion for 2008, they have the money to do it without federal tax breaks or sweetheart deals at taxpayer expense.

* House Democrats recognize that American families are seeking relief from high energy prices and a stabilizing of prices. For this reason this energy bill allows for the release of ten percent of the light crude from the Strategic Petroleum Reserve to increase domestic oil supply. In the short-term, allowing this oil onto the market will help to stabilize prices.

* It is time to take America in a new direction, moving away from the Bush Administration's policy of dependency on foreign oil and toward bold investments in America's energy future. By repealing $19 billion dollars worth of unnecessary subsidies to oil companies and investing these funds in clean renewable energy, the Comprehensive American Energy Security Act will create of thousands of new American jobs, reduce America's dependence on foreign energy sources, and ensure responsible stewardship of our environment today and for generations to come.

* Today, I reflect the views of my constituents by voting for a forward thinking, comprehensive energy policy. Passing the Comprehensive American Energy Security Act will be a big step towards energy independence and the creation of a green American economy.

* I urge my colleagues to support the Comprehensive American Energy Security Act.

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