Restarting American Offshore Leasing Act Now

BREAK IN TRANSCRIPT

Mr. TONKO. I thank the gentleman for his leadership on this issue and for yielding me time.

Let there be no doubt, Americans are worried about the price of gasoline; and its recent spike has, once again, put us on notice. Yet this bill that relieves regulation provides the wrong tools.

Americans know we can do better. We cannot afford to mindlessly give billions of dollars to Big Oil companies while they make record profits. In the short term, we must ensure that speculators and Wall Street quit playing games with the price of oil. Finally, we must provide motorists with fueling options at the pump. It is unconscionable that we would give $4 billion of taxpayer money to Big Oil companies this year alone while they're on track to make nearly $100 billion in profits in 2011. With prices this high, does Big Oil really need even more money? Taxpayers know they don't, and taxpayers are hit twice with taxes on gasoline--once at the pump and once on tax day. This must end.

We can help consumers at the pump by going after Wall Street speculators who drive up the cost of oil. We can increase mileage standards, and it's entirely reasonable that they could reach 60 miles per gallon by the year 2025. Also, we can invest in fueling options so that consumers can choose the lowest alternative.

High gas prices are painful. They are painful to American families; they are painful to seniors living on fixed incomes; and they are painful to small businesses; and the Big Oil subsidies that accompany them are painful for our Nation's economy as it recovers from the Bush recession. Let's end these Big Oil giveaways to some of the most profitable companies in the world, and let's provide drivers with alternatives--fueling options, better vehicles--and create the clean-energy jobs of the future.

BREAK IN TRANSCRIPT

Source