[Congressional Record Volume 151, Number 70 (Tuesday, May 24, 2005)]
[House]
[Pages H3879-H3880]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  OIL INDUSTRY AND OPEC PRICE GOUGING

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Oregon (Mr. DeFazio) is recognized for 5 minutes.
  Mr. DeFAZIO. Mr. Speaker, not too long ago we passed the so-called 
energy bill here in the House, and tonight we passed the Energy and 
Water Development appropriations bill. The question that the American 
people should ask as we head into the Memorial Day weekend is, what has 
the Republican Congress done to rein in price gouging by the oil 
industry and the OPEC oil cartel? The answer, if you look at these two 
bills, is: Nothing. Absolutely nothing. Nada. Zip.
  If you would listen to the Republican President from the oil 
industry, the Republican Vice President rich from the oil industry, and 
the Republican Congress replete with donations from the oil industry, 
they are powerless in the face of so-called market forces to do 
anything about the price gouging of the American people.
  Now, if this were really just supply and demand, maybe, maybe you 
could understand that. But it is a little more than that. The OPEC oil 
cartel conspires to restrict supply and drive up the price of oil in 
violation of all the so-called free trade agreements that this 
Republican Congress and this Republican President say should rule the 
world.
  The World Trade Organization, well, I have asked this President four 
times now in writing to file a complaint about this illegal activity by 
the OPEC cartel. It violates the rules of the World Trade Organization, 
of which this President is such a great fan. Now, why will he not file 
a complaint? Of seven of the OPEC cartel, six are in the World Trade 
Organization and one wants to join. Tremendous leverage. File a 
complaint about their illegal activity. Save the American people from 
cartels that price-gouge them.
  But, no, the President will not do that. Why is that? It is because 
the oil companies, from which the President has sprung forth, and the 
Vice President make a lot of money on this.

[[Page H3880]]

Every time the oil cartels raise the price about two bucks a barrel, 
well, they take that plus another 10 percent for profit. So the higher 
the price, the bigger their profit.
  If you look at the quarterly statements of the largest oil companies 
in the world, ExxonMobil and others, they are awash in tens of billions 
of dollars of cash extracted 10, 20, 30 cents at a time in excess 
profits from the American people at the pump.
  Now, this is hurting real people. But this administration says they 
are powerless. This Republican Congress says they are powerless. They 
cannot take on the OPEC cartel. They cannot take on the price-gouging 
oil industry. They pass so-called energy legislation that says maybe 
10, 12, 15 years from now, if there is any oil in ANWR, and if we can 
pump it, and if they do not take too big of a markup or price gouge on 
that, it will provide some price relief. That is their answer.
  Today, in this bill there was nothing. They could not even adopt the 
minimalist study of what the OPEC cartel is doing to the American 
people. That was not allowed by the Republican majority. And they 
certainly could not allow the amendment that would stop the United 
States Government from buying from the oil companies at this 
extortionate price and pumping that oil into the ground for a future 
crisis.
  This is a crisis now, today, for working American men and women, 
people who have to commute to work in my district by car. Small 
businesses across this country and big businesses and the airlines are 
going broke. But this administration says they are powerless, they can 
do nothing.
  Well, guess what? The United States of America can do better, but we 
just have to get rid of the oil cartel. Not the OPEC oil cartel, but 
the oil cartel running the United States Congress and the White House 
and the Vice President's office.

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