[Congressional Record Volume 151, Number 146 (Monday, November 7, 2005)]
[House]
[Pages H9933-H9934]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
GOP DOUBLE-TALK ON ENERGY
The SPEAKER pro tempore. Under a previous order of the House, the
gentleman from Illinois (Mr. Emanuel) is recognized for 5 minutes.
Mr. EMANUEL. Madam Speaker, this Wednesday, some of the biggest names
in the oil industry are coming to Capitol Hill to testify why their
companies are making record profits at the same time Americans are
struggling to heat their homes and fill their cars with gasoline.
We are hearing some big talk out of the Republicans now. Senator
Domenici said the oil executives ``are going to get pounded on the
price.'' Last week, my colleague from Georgia (Mr. Kingston), my
friend, said that oil companies should ``give back to the American
people and put some of that profit toward lowering the cost of gas.''
Even the Speaker of the House said, ``The oil companies need to do
their part.''
Man, you would think we were all Rip Van Winkle around here, as if we
just woke up after 100 years. You might actually believe the
Republicans were trying to do something about gas prices. I only wish
this was the attitude and intention when we had the energy bill up on
the Floor just only 6 weeks ago. Their tune was different then and
winners were different then. Back then, they were all singing the
energy industry's hymn. The chairman of the Energy and Commerce
Committee said, ``This is a darned good bill, and this is going to help
this country. The sooner we get it implemented, the better.'' Senator
Domenici said that the energy bill was ``the most important piece of
energy legislation by Congress in 50 years.''
Republicans may be talking a good game now, but the fact is that,
until recently, the Republican Congress has done everything in its
power to help oil and gas companies. The energy bill they passed this
July actually contained $14.5 billion in taxpayer subsidies to oil and
gas companies to drill for oil. We are subsidizing oil and gas
companies when the price of a barrel is 65 bucks a barrel. In fact, the
bill they passed, according to the Department of Energy, the bill
actually increases the cost of gasoline. It increases the cost of
gasoline so consumers pay more at the pump, and because of the tax
subsidy, on April 15, we also pay more, all for big oil companies who
are making record profits.
I think what the big oil companies miss and what we need is a little
free market in this process. There is too much corporate welfare going
on. Most recently, this Congress passed a refinery bill with an
additional $2 billion in handouts to oil and gas companies. The worst
part of it is that the refiners did not even ask for the bill; the
Republican Congress just gave it to them.
So why the sudden change towards the oil industry from cheerleader to
detractor? Gas is around 3 bucks a gallon. Utilities are now predicting
that families could pay as much as 70 percent more to heat their homes
this winter, and 1 year from today is Election Day. So all of a sudden,
everybody is realizing that they have to act really tough on the big
oil companies.
Natural gas prices are so high that the Energy Department predicts
the average bill for the average family will be $350 more this season.
American families are struggling with sky-high energy bills, and oil
and gas companies are struggling with ways to count their cash.
ExxonMobil recently reported that their profits increased by 75
percent in the third quarter. Shell's earnings increased 68 percent.
Phillips' third quarter, 89 percent; BP Amoco, a 34 percent rise in
quarterly earnings. And what did we do in Congress the same season? We
gave them $14 billion a year to help them drill for oil, which is their
business plan.
Now, I do not know about you, but my view is, if you are making
record profits, somewhere north of 80 percent, the last thing we want
to ask the consumers is to subsidize your business plan. You are in the
business of looking for oil and getting it to consumers, and the
taxpayers should not be in the business of subsidizing it. You should
get a wake-up call on what the free market is like.
ExxonMobil is the largest donor to the Republican Party, and that is
why we produced a piece of legislation that gave them one of the
biggest handouts to corporate beneficiaries. But I cannot fault the oil
companies; it is just a good investment for them. Since 1980, big oil
and big gas have given the Republican Party well over $200 million in
support, and they have gotten $14.5 billion in taxpayer subsidies.
Where else can you get an investment like that with a return like that?
You cannot get that on Wall Street.
Now, with their approval ratings at an all-time low, all of a sudden,
Republicans are trying to figure out how to
[[Page H9934]]
punish big oil. Big, big talk. Do you think anything is going to come
out of it? The first thing they can do is give back the $14 billion.
The second thing they can do is give back the $2 billion, all of which
were assessed on the taxpayers to subsidize these companies.
So, Madam Speaker, it is wrong to hand out money to energy companies
who are making massive profits, and then cut home heating assistance
for our most vulnerable citizens, our senior citizens. And it is wrong
to claim to be doing something when you are not, nor do you have any
intention. And when you had a chance to do it, rather than help the
consumers, what did you do? You actually produced a bill that actually
increased the price of gas at the pump and gave $14 billion that you
did not have to big oil companies to support them to execute their
business plan.
{time} 1945
Those are not the values of this country, and thank God they are not
the values of the American people. We need a change of priorities. We
need a new set of priorities. And we can do better, Mr. Speaker. The
American people can do better. It is time we returned the People's
House back to the people rather than to the auction house it has been
to the big oil and gas companies.
____________________