[Congressional Record Volume 152, Number 106 (Thursday, August 3, 2006)]
[Senate]
[Page S8782]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   GULF OF MEXICO ENERGY SECURITY ACT

  Mr. DOMENICI. Mr. President, the Senate passed one of the most 
important bills it has considered this year. We passed legislation that 
I believe is the most important thing we can do in the near-term to 
stabilize our energy prices and expand our energy supply.
  This is American can-do legislation. With this bill, we are bringing 
vast reserves of American energy onshore from the American real estate 
that we own out in the ocean.
  We are doing it safely, cleanly, and responsibly. We are bringing 
this clean energy onshore so our businesses can prosper, our farmers 
can prosper, and American families can have much needed relief from 
high energy costs.
  Right now, energy is on all of our minds. Oil prices continue to 
climb because of instability in oil rich regions. Today, oil hovers at 
just below $75 a barrel. Natural gas prices are climbing because of the 
intense heat in many regions of our country. This week, the price 
jumped 11 percent in 1 day, and right now it is at $8.05 per million 
Btu--that price is four times higher than it was 6 years ago.
  Let me tell you why Americans care so much. Between 1999 and 2005, 
the price of natural gas in the United States increased by 289 percent. 
At the same time, we lost over 3 million U.S. jobs in the manufacturing 
sector.
  The heat wave gripping our Nation has made energy supply and energy 
prices a topic of real concern for all of us. As I speak, the lights in 
the hallways of the Senate and House office buildings are dimmed to 
conserve energy during this heat wave.
  I think it is fitting that during a time of strong national concern 
over our soaring energy prices, the Senate will pass by what I expect 
to be a wide margin a bill to bring 1.2 billion barrels of oil and 5.8 
trillion cubic feet of natural gas to market. Every once in awhile, we 
get it just right. This is one of those times.
  I am particularly pleased that we did this bill in a way that 
reinvests in our environment. For decades, our coastal States have 
produced much of the oil and gas this Nation consumes. They will no 
longer sit back and go along with leasing without the compensation 
needed to fix the energy infrastructure and coastal environment that is 
so critical to our domestic energy survival.
  Our coastal States provide 27 percent of our oil and 20 percent of 
the natural gas. MMS estimates that Gulf of Mexico production is 
expected to rise within the next several years to about 23 percent of 
our Nation's natural gas production and 40 percent of U.S. oil 
production.
  In addition, our coastal States host nearly 50 percent of our 
refining infrastructure. The hurricanes last fall and the soaring 
energy prices afterward reminded all of us how critical the coastal 
States' production and infrastructure are to our energy supply.
  I am pleased that today marks the beginning of the end of the days of 
turning our backs on our coastal States while we turn our energy 
dollars over to hostile regimes.
  I am pleased that the bill invests a portion of our royalties in the 
coastal States and the coastal environment instead of forfeiting all 
royalties and sending that money to hostile governments to buy their 
energy. I hope the Gulf of Mexico Energy Security Act marks the 
beginning of the end of this long cycle of sending our dollars abroad 
to buy the energy we use here at home.
  This bill represents America stepping up to the plate to solve our 
energy problems. It opens up 8.3 million new acres to development of 
nearly 6 trillion cubic feet of natural gas and 1.26 billion barrels of 
oil. We are talking about enough natural gas to heat and cool nearly 6 
million homes for 15 years.
  The proof of the substantive merits of this bill lies in is its broad 
support around the Nation from America's agricultural community, 
manufacturing community, producers of chemicals and plastics, the 
textile industry, the utility sector, and small businesses. Literally, 
thousands of consumer groups representing millions of Americans and 
millions of American jobs say the same thing--that S. 3711 provides the 
much needed relief for the American people.
  That is why this bill is right for America. It is right for our 
national security. It is right for our economy, our businesses, our 
farms, and our families. I am pleased at the strong support for this 
measure.
  I thank the following Energy Committee staff for their hard work on 
this bill: Frank Macchiarola, Bruce Evans, Marnie Funk, Angela Harper, 
Kara Gleason, and Kristina Rolph.

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