Imposing a Minimum Effective Tax Rate for High-Income Taxpayers-- Motion to Proceed

Floor Speech

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Mr. BOOZMAN. Madam President, in a moment I am going to speak about energy. But, first of all--as I was waiting to have the opportunity to do this--I want to thank Senator McConnell for giving us an update on what is going on in Kentucky. We do a lot of very important things here. One of the things I am going to talk about, energy, is one of the most important, and yet it is good to hear the stories of ordinary Americans doing extraordinary things. This truly is what our country is all about, and my thoughts and prayers are with the people of Kentucky. But it is so refreshing--we talk a lot about our problems, but the strength of America is people like the folks in Kentucky and all throughout America who rise to the occasion as they need to.

The increasing price of gas is a costly reminder of how dependent our country is on foreign oil. This is one of the most pressing issues we face today because the price at the pump directly impacts our everyday lives, and Arkansans are telling me they are worried about what it is doing to their bottom line.

Americans are frustrated with the increase in the cost of gas, and rightfully so. In my home State of Arkansas, the cost for a regular gallon of gas is up 22 cents from a month ago according to AAA. The letters, calls, e-mails and Facebook posts I receive from Arkansas are saying the same thing. It is harder to fill their tanks while making ends meet.

Arkansas families are faced with tough choices because the rising prices are dipping into their family's disposable income. The increase in the price of gas puts a strain on family budgets.

Earlier this week I hosted a townhall with Arkansans throughout the State. While I expected the major discussion to be about this issue, I was surprised at how much it dominated the conversation. During the event we took an informal poll asking participants if the increase of gas has forced significant changes in their daily habits. Seventy-eight percent of those who answered said the price had a significant impact.

Sarah, from Mountain Home, AK, said on her Facebook page that the increase in gas prices has forced her family to allocate more money for fuel expenses, which leaves less money for food, making it frustrating. Sarah and other Arkansans should not have to choose between getting gas to get to work and the necessities they need in the household.

Chris from Mena, AK, wrote that he notices an increase in the price of groceries. He said:

People should be aware of how fuel costs affect everything we buy and do.

I agree with Chris because the increased price for gas adds to the transportation costs that are passed along to consumers.

Donnie Smith, the CEO of the Springdale-based Tysons Food, told the Arkansas Business Journal that with Springdale as a price point, there has been an increase of more than 55 percent in the cost of diesel in the past 5 years. This is significant because the company uses fuel to transport feed to family farmers, chickens to and from the farms, and the finished products to customers around the world.

American families and businesses deserve a plan that will help bring down the prices at the pump. The legislation before this Chamber proposed to raise taxes on American energy producers. This will not change supply and demand, as Senator Isakson talked about a few minutes ago. These are basic truths. Supply and demand does control costs. This will do nothing to that.

Again, hard-working Americans will be left with the bill as a result if this bill were passed. I believe the better way begins with adopting an energy strategy that increases production of American energy in a clean, efficient way through developing wind, solar, and hydrogen technologies as well as tapping into the vast majority of natural resources our country is blessed with.

The reality of our country's nonexistent energy policy is it forces us to rely on the Middle East for oil. We import about 9 million barrels of oil every day, half of our supply. This is costly to our economy, our citizens, and it threatens our national security. This is the only developed country in the world that refuses to use its natural resources. Opening Alaska's Wildlife Refuge and increasing offshore exploration on the Outer Continental Shelf is a step in the right direction that puts us on a path of energy independence.

We can boost our domestic energy supply through the development of the Keystone XL Pipeline. The proposed 1,700-mile pipeline would transport 700,000 barrels of oil per day from Canada to U.S. refineries in the gulf coast and allow us to get reliable and secure oil from our largest trading partner and trusted ally. Unfortunately, while I support this project and voted in favor of it several times in this Chamber, the project was rejected by the majority after President Obama took the time to lobby his Members to vote against it after vetoing the project earlier this year.

There is no time like today to pass legislation to fully utilize the resources we have been blessed with in our country, but this should not come at the cost of our energy producers.

Mr. President, I yield the floor.

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