[Congressional Record Volume 154, Number 116 (Tuesday, July 15, 2008)]
[House]
[Page H6478]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      REDUCE THE PRICE OF GAS NOW

  (Mr. ISRAEL asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. ISRAEL. Mr. Speaker, I have finally figured it out. I have 
finally figured out why this administration and many of its Republican 
allies refuse to release oil from the Strategic Petroleum Reserve and 
all they want to do is drill, drill, drill, drill. I've figured it out.
  Every time oil has been released from the Strategic Petroleum 
Reserve, the price of oil has fallen, each and every time. This 
administration has refused our demands that it do the same now, when we 
are in an emergency and has said, I would rather drill.
  But its own Department of Energy analysis said, and I quote, 
``Drilling would not have a significant impact on domestic crude oil 
and natural gas production or prices before 2030.''
  I figured it out. In 8 years, this administration has enabled oil 
company profits to go from $39 billion to $116 billion. Think about 
what those profits will go to in the next 22 years. That is what this 
is about.
  This administration wants to give oil companies more time to reap 
larger profits, and refuse to give the American people the price relief 
they need by releasing oil from the Strategic Petroleum Reserve and 
reducing the price of gas now.

                          ____________________