[Congressional Record Volume 150, Number 62 (Thursday, May 6, 2004)]
[Senate]
[Pages S4939-S4940]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   AMERICA NEEDS AN ENERGY POLICY NOW

  Mr. DOMENICI. Madam President, I rise today to speak about a subject 
that is dear to the heart of the Chair because Alaska contains much of 
the energy that the United States needs. Yesterday, crude oil closed at 
$39.57 on the New York Exchange. Nationwide, the average price of 
gasoline is $1.84, expected to rise 5 to 10 cents over the next several 
days, and even more as we enter the summer driving season which begins 
on Memorial Day.
  Natural gas prices are also at a record high for this year, 70 
percent higher than they were a year ago. We are increasingly dependent 
on imported supplies to set prices. In the Pacific Northwest, the 
snowpack is at 50 percent of average, and so hydroelectric generation 
will be at a record low this summer.
  We currently import 55 percent of our oil. We will depend upon 70 
percent for our demand by 2025. Meanwhile, we are experiencing record 
temperatures in southern California where already there is a strain on 
the region's electricity system.
  I do not know what sort of psychological barriers need to be broken 
in the Senate to finally pass comprehensive energy legislation. We are 
very close to breaking through every psychological barrier related to 
energy policy. Oil will soon cost $40 a barrel. Gasoline will be over 
$2 a gallon. Natural gas will be permanently over $5 per MCF and the 
adequacy of our electricity generating grid this summer is now a simple 
calculus. Will it be hotter than usual? Because if so, we will have 
blackouts again.
  My colleagues will notice that I no longer believe that our growing 
dependence on imported oil will have the psychological impact necessary 
to motivate my colleagues into action on the Energy bill. For my part, 
I am alarmed. I see us becoming 70-percent dependent on imported oil. I 
read of terrorist threats against overseas oil infrastructure and 
refining capacity, and I am amazed that I have colleagues who want to 
stop building our emergency supplies in the Strategic Petroleum Reserve 
or, even worse, call on us to use up those reserves now. In the past, 
the result of such activity was miniscule in terms of its impact on 
gasoline prices. It is just something to talk about. It is not 
something that will do anything.
  Instead, yesterday a number of Senators came to the floor and called 
on the President to pressure OPEC to increase production and reduce 
prices. Does anybody assume he has not already done that? Does anybody 
assume they are interested in what we say today? It would be terrific 
if OPEC would do that, but I have to ask my colleagues, why would OPEC 
take us seriously? OPEC sees us for what we are. We are hooked and we 
cannot even do the most incremental steps to begin to address this 
plight.
  OPEC sees a Congress that has talked about passing an energy bill for 
10 years. They see a Congress that has failed every year for the last 3 
years to pass an energy bill. OPEC sees an America that lacks the 
political will to address its own crisis. Instead, we blame and 
complain. If you were OPEC, would you take us seriously?

  Some say passing an energy bill will not do a lot for foreign crude 
oil prices. I disagree. I think passing the first comprehensive energy 
bill to come out of this Congress in 12 years sends a strong signal to 
oil-producing nations. I think if we do more to conserve energy, 
increase production, diversify our energy supply, we will tell OPEC 
America is a country with unity, commitment, and the political will to 
address our most serious domestic problem, and that is our energy 
challenges.
  If Senate Democrats mean what they say when they wring their hands 
and lament the rising oil prices, pass this bill. When we voted last 
week on the

[[Page S4940]]

authorizing portion of the bill, we got only 14 Democrats to join us, 
and then someone on that side had the audacity to say it was the 
Republicans' fault we didn't pass it. That is less than one-third of 
the Democrats who voted in favor of it. Yet the steady stream of 
Senators who come down here to speechify on energy is from the other 
side. They are Democrats. Some of the Democrats down here on the Senate 
floor yesterday wringing their hands about gasoline prices, blaming the 
administration yesterday, are the same Senators who voted against the 
Energy bill last week.
  Last summer we had the biggest blackout in the Nation's history 
during the August recess. You all remember that. When Congress 
returned, Senators went to the Senate floor to make speeches, to wring 
their hands about the problem in our power grid. Some of those same 
Senators turned around a few weeks later and voted against an energy 
bill that mandated electricity reliability. Everyone who knows anything 
says that must be adopted if we are to rearrange things and have power 
over the utility lines so we will not have blackouts. It is recommended 
by everyone who knows anything about it, and we sit here and fail to 
pass the bill that contains it.
  Gasoline prices have shattered all records in April. Prices could 
reach $3 by late September. I know that is a startling statement, but I 
make it because I believe it. Prices could reach $3 a gallon by late 
summer. Natural gas prices on average are 70 percent higher than last 
year. Our electricity grid is every bit as vulnerable to a blackout 
today as last summer, and we stand here making speeches and passing the 
blame: Blame OPEC, blame the President.
  The buck stops here. It is up to this Congress to pass a bill that 
stabilizes the price of oil, gas, coal, and natural gas. It is up to 
this Congress to pass a bill that increases our production of energy 
from natural gas, wind, solar, geothermal, and clean coal. It is up to 
this Congress to mandate electricity reliability. Let's stop 
politicking on this energy bill and on this energy problem. Let's stop 
looking to foreign shores to solve our problems. Let's stop looking to 
OPEC so they would have the will. Let us unify and resolve that lack of 
enthusiasm and unity. Let's roll up our sleeves and pass an energy 
bill.
  It is possible. The bill before us now contains about half the Energy 
bill. It has all the tax credits that will bring much of the energy 
that I have spoken about on board America. It will not do the whole 
job, but it will do something. We understand there are Senators who do 
not want to see that pass. It has broad support and it will do 
something significant. I trust we will pass it.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Ohio.
  Mr. DeWINE. Madam President, how much time is remaining on our side?
  The PRESIDING OFFICER. There are 18 minutes remaining on Republican 
side.

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