[Congressional Record Volume 154, Number 112 (Wednesday, July 9, 2008)]
[House]
[Page H6234]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      ENERGY FACTS VERSUS FICTION

  (Mr. ISRAEL asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. ISRAEL. Madam Speaker, here is today's energy Facts versus 
Fiction, Volume II.
  According to Gal Luft of the Institute for the Analysis of Global 
Security, at $137 per barrel of oil, OPEC could potentially buy the 
Bank of America within 5 weeks of production revenues; Apple Computer 
within 12 days; General Motors within 5 days, and it would take 2.5 
years for OPEC to buy a 20 percent blocking vote in every S&P 500 
company.
  Fact: The administration's budget slashes $467 million from energy 
efficiency and renewable energy accounts. The House Appropriations 
Committee added $1.2 billion. It is a much better investment, Madam 
Speaker, to add $1.2 billion than to give away the Bank of America, 
Apple Computer and General Motors to the Saudis.
  We need an energy policy that invests in American ingenuity, not 
Saudi Arabia oil profits.

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