[Congressional Record Volume 154, Number 118 (Thursday, July 17, 2008)]
[Senate]
[Pages S6907-S6909]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                 ENERGY

  Mr. DOMENICI. Mr. President, it is nice to be here with you in the 
chair, since we are discussing issues that are very important, of which 
you have been a part for a while around here.
  First of all, I wish to talk for a minute about the good news. The 
good news is that crude oil prices have gone down $16 a barrel in 3 
days. That is a bigger drop in the prices of crude oil in history in 
terms of actual dollars. One of those 3 days it was an $8 drop. I do 
not know what this bodes for the future, but today it looks good, it 
sounds good, and it ought to make us feel good.
  What we ought to do is something positive that will have a chance of 
showing the world; that is, the world that is buying and selling oil 
and buying and trading oil futures on the market, that there is going 
to be more oil coming on because the United States has awakened; we 
have decided that after 27 years of being asleep. We have all this 
property called the continental offshore, which is owned by the people 
of our country, and for 27 years we kept all but small portions of it 
under lock and key. We had decided it was not worth opening that to 
drilling, even in modern days, when we have the cleanest and best way 
to go into deep waters and drill for oil. With oil spills being at a 
minimum, we kept it locked up.
  The year before last, we passed a bill that started the process of 
opening parts of this great valuable offshore owned by our people. Yes, 
the President of the United States waited around for us to act and 
finally decided he would lift the Executive ban, the Presidential 
moratorium that was on 85 percent of the offshore that has been locked 
up.
  Make no bones about it, now, when people say we have already let a 
lot of that land out to bid, 85 percent of the offshore--85 percent of 
the offshore--was under lock and key by moratorium until the President 
lifted the Executive ban. We now have imposed, on that same 85 percent, 
millions and millions of acres of offshore property.
  Now we have the situation where, come the first day of October, the 
Congress will have to act to put on another 1-year moratorium; the 
moratorium of Congress is 1 year at a time. We will have to act to put 
it on or there will be no moratorium, and it will be open for leases 
pursuant to the law of the land.
  This morning, I attended a workshop held by the Energy Committee to 
discuss the price of oil. We had two leading experts, and we were very 
fortunate, except that I would say we have heard about enough from 
experts, and we have talked enough about the problem. We ought to do 
something within the next couple weeks.
  But at this workshop was Dan Yergin, chairman of Cambridge Energy 
Research Associates, publisher of a very popular book on oil. He was 
accompanied by Roger Diwan of PFC Energy. Their message to us this 
morning, with many Senators asking questions, coming in and out of the 
room, was the same as I have been hearing from leading economists for 
the last several weeks. What did they say? Supply and demand problems 
are the reason why gas prices are so high, why crude oil prices are so 
high.
  The majority leader stopped by our workshop this morning to talk 
about the bill he has introduced today on speculation. He said that 
while he understood that speculation was not the only problem, he 
thought it was a big part of it and we should start there. Well, 
obviously, he controls how we start, so perhaps we will start with 
speculation. I, for one, think speculation is not nearly the problem of 
supply and demand, it is not nearly the problem of opening more 
property we own for drilling. I think that is the real problem: to put 
more of that out to the oil operators of the country and get started on 
some real new production.
  I am puzzled by the decision our leader has made about going first 
with speculation, antispeculation statutes. I am not against looking at 
that, but if there is something we can do to increase transparency, 
that is fine. But why would we start by addressing problems when the 
experts tell us they are not the real problem?
  What do the experts say? I will share with you a few comments of what 
they say.
  David Yergin, a great expert, a very fluent man:

       The rise in oil prices can be explained by basic economic 
     factors, such as limited growth in supplies in recent years, 
     a weakening dollar, a global surge in energy demand, and a 
     string of production disruptions in countries such as 
     Nigeria.

  Federal Reserve Chairman Ben Bernanke:

       There is speculation, but speculation, under most 
     circumstances, is a positive thing. It provides liquidity and 
     allows people to hedge their risks. And it provides price 
     discovery. It can help allocate oil availability over time, 
     depending on the pattern of future prices and so on.

  Warren Buffett, chairman of Berkshire Hathaway:

       It's not speculation, it's supply and demand. We don't have 
     excess capacity in the world anymore, and that's what you're 
     seeing in oil prices.

  So why would we start with speculation, instead of supply and demand? 
Eighty-five percent of the continental U.S. lands offshore are being 
locked up by Congress; that is, we have a prohibition. The most 
conservative estimates of how much oil is in the Atlantic and Pacific 
offshore is 14 billion barrels. Now, I actually think that is totally 
wrong. I think we have many times that, perhaps as much as three times

[[Page S6908]]

that. We have not done a current evaluation, so we are doing some 
enlightened guessing. Yet we are coming up with 14 billion barrels that 
is out there that we might be able to drill for and bring on board.
  Let me assure everyone that is no pittance. That is a lot. For some 
perspective, that is more oil than the United States has imported from 
the Persian Gulf in 15 years and more oil than we have gotten from the 
Gulf of Mexico in 50 years.
  We have a plan to allow States to tap into those resources. The 
American people support that plan overwhelmingly. Why shouldn't we 
start there?
  From 1998 to 2002, global demand rose by 4 million barrels per day. 
Since 2002, it has risen by 8 million barrels per day.
  In China, the number of cars on the road double every 5 years. The 
economy there is growing by 10 percent annually. Yet, through problems 
in places such as Nigeria, we have lost global supplies.

  It should be no surprise that prices have gone up. It is clear what 
this Senate needs to do about it: increase American production now.
  I close by saying, the time has come to act on supply and demand. 
That means, as the American people are saying it: Start drilling on our 
property to produce oil and gas for our people instead of getting more 
and more from others overseas and actually sending all our wealth 
overseas, putting us in a ruinous situation, where we are growing 
poorer and poorer by the day.
  With that, I wonder if the distinguished Senator from Virginia would 
like to speak.
  The PRESIDING OFFICER. The Senator from Virginia is recognized.
  Mr. WARNER. Mr. President, I have a long history of supporting 
opening the OCS to drilling. Aside from being a longtime supporter of 
opening the Arctic National Wildlife Refuge, I have also engaged in 
attempts to open the Pacific, Atlantic, and Gulf Coasts to drilling.
  While we were successful in opening a portion of the gulf, the 
Pacific and Atlantic coasts remain off limits.
  Instead of focusing my effort on all the off-limit portions of the 
OCS, I have concentrated over the last year on opening the coast of 
Virginia, for exploration of natural gas only. I think the history on 
this effort demonstrates a momentum shift in the minds of my 
colleagues.
  In June 2007, I offered an amendment to the Energy Policy Act of 2007 
that would allow for the exploration of natural gas in Virginia only. 
Extraction of natural gas could only occur if the Governor and State 
legislature approve such a move.
  That vote lost by a vote of 44 nays and 43 yeas.
  Of those 44 nays, there are two Senators who are now cosponsors of 
the Gas Price Reduction Act, a bill that includes a drilling title.
  With the nonvoting Members, I think we could win this vote today, on 
an up-or-down vote.
  This fact is significant because it represents a shift in momentum 
and the way my colleagues are now thinking of rectifying this energy 
crisis in which our Nation finds itself.
  Mr. President, I commend my distinguished colleague, whom I have been 
these 30 years sharing this floor with from time to time.
  Mr. DOMENICI. That is right.
  Mr. WARNER. We have collaborated on so many things together.
  Mr. DOMENICI. That is right.
  Mr. WARNER. But now, as both of us are looking forward to quietly 
stepping down, I say to the Senator, you are carrying as full a weight 
as you ever did, and you are the man of the hour among our peer group 
to work on this energy question because of the depth and background you 
have on this subject.
  Mr. DOMENICI. Thank you, sir.
  Mr. WARNER. So I commend you on your efforts with respect to 
drilling. But I wonder if you would bear with me a minute. Several 
years ago, I started on this, trying to drill offshore. Do you remember 
that?
  Mr. DOMENICI. Yes, sir, I do.
  Mr. WARNER. You always said to me, well, there will come a time.
  Mr. DOMENICI. Yes, sir.
  Mr. WARNER. But I kept putting in bill after bill, and Senator 
Alexander joined me on one. And now--
  Mr. DOMENICI. The time is here.
  Mr. WARNER. The President has joined, and the time is here.
  Mr. President, I ask unanimous consent to have printed in the Record 
a list of the votes that were actually cast on my amendment at one 
time, where I lost by--it was actually 44 to 43--1 vote.
  Mr. DOMENICI. Yes.
  Mr. WARNER. Or I would have received a majority vote at that time, 
notwithstanding the 60 votes required for passage, and we might be a 
little further down the road if that had happened.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

        U.S. Senate Roll Call Votes 110th Congress--1st Session

  (As compiled through Senate LIS by the Senate Bill Clerk under the 
               direction of the Secretary of the Senate)


                              vote summary

       Question: On the Amendment (Warner Amdt. No. 1566, As 
     Modified).
       Vote Number: 212
       Vote Date: June 14, 2007, 05:30 PM.
       Required for Majority: 3/5.
       Vote Result: Amendment Rejected.
       Amendment Number: S. Amdt. 1566 to S. Amdt. 1502 to H.R. 6 
     (CLEAN Energy Act of 2007).
       Statement of Purpose: To authorize the State of Virginia to 
     petition for authorization to conduct natural gas exploration 
     and drilling activities in the coastal zone of the State.
       Vote Counts: Yeas--43; Nays--44; Not Voting--12.


                      Alphabetical by Senator Name

     Akaka (D-HI), Nay
     Alexander (R-TN), Yea
     Allard (R-CO), Yea
     Baucus (D-MT), Nay
     Bayh (D-IN), Nay
     Bennett (R-UT), Yea
     Biden (D-DE), Nay
     Bingaman (D-NM), Nay
     Bond (R-MO), Yea
     Boxer (D-CA), Nay
     Brown (D-OH), Nay
     Brownback (R-KS), Yea
     Bunning (R-KY), Yea
     Burr (R-NC), Yea
     Byrd (D-WV), Nay
     Cantwell (D-WA), Nay
     Cardin (D-MD), Nay
     Carper (D-DE), Yea
     Casey (D-PA), Nay
     Chambliss (R-GA), Yea
     Clinton (D-NY), Not Voting
     Coburn (R-OK), Not Voting
     Cochran (R-MS), Yea
     Coleman (R-MN), Not Voting
     Collins (R-ME), Nay
     Conrad (D-ND), Nay
     Corker (R-TN), Yea
     Cornyn (R-TX), Yea
     Craig (R-ID), Yea
     Crapo (R-ID), Yea
     DeMint (R-SC), Yea
     Dodd (D-CT), Not Voting
     Dole (R-NC), Nay
     Domenici (R-NM), Yea
     Dorgan (D-ND), Nay
     Durbin (D-IL), Nay
     Ensign (R-NV), Not Voting
     Enzi (R-WY), Yea
     Feingold (D-WI), Nay
     Feinstein (D-CA), Not Voting
     Graham (R-SC), Yea
     Grassley (R-IA), Yea
     Gregg (R-NH), Yea
     Hagel (R-NE), Yea
     Harkin (D-IA), Nay
     Hatch (R-UT), Yea
     Hutchison (R-TX), Yea
     Inhofe (R-OK), Yea
     Inouye (D-HI), Nay
     Isakson (R-GA), Yea
     Johnson (D-SD), Not Voting
     Kennedy (D-MA), Nay
     Kerry (D-MA), Nay
     Klobuchar (D-MN), Nay
     Kohl (D-WI), Nay
     Kyl (R-AZ), Yea
     Landrieu (D-LA), Yea
     Lautenberg (D-NJ), Nay
     Leahy (D-VT), Nay
     Levin (D-MI), Not Voting
     Lieberman (ID-CT), Nay
     Lincoln (D-AR), Yea
     Lott (R-MS), Yea
     Lugar (R-IN), Yea
     Martinez (R-FL), Nay
     McCain (R-AZ), Not Voting
     McCaskill (D-MO), Nay
     McConnell (R-KY), Yea
     Menendez (D-NJ), Nay
     Mikulski (D-MD), Nay
     Murkowski (R-AK), Yea
     Murray (D-WA), Nay
     Nelson (D-FL), Nay
     Nelson (D-NE), Yea
     Obama (D-IL), Not Voting
     Pryor (D-AR), Yea
     Reed (D-RI), Nay
     Reid (D-NV), Nay
     Roberts (R-KS), Not Voting
     Rockefeller (D-WV), Nay
     Salazar (D-CO), Nay
     Sanders (I-VT), Nay
     Schumer (D-NY), Nay
     Sesions (R-AL), Not Voting
     Shelby (R-AL), Yea
     Smith (R-OR), Nay
     Snowe (R-ME), Nay
     Specter (R-PA), Yea
     Stabenow (D-MI), Nay
     Stevens (R-AK), Yea
     Sununu (R-NH), Yea
     Tester (D-MT), Nay
     Thune (R-SD), Yea
     Vitter (R-LA), Yea
     Voinovich (R-OH), Yea
     Warner (R-VA), Yea
     Webb (D-VA), Yea
     Whitehouse (D-RI), Nay
     Wyden (D-OR), Nay


                        grouped by vote position

                                YEAS--43

     Alexander (R-TN)
     Allared (R-CO)
     Bennett (R-UT)
     Bond (R-MO)
     Brownback (R-KS)
     Bunning (R-KY)
     Burr (R-NC)
     Carper (D-DE)
     Chambliss (R-GA)
     Cochran (R-MS)
     Corker (R-TN)
     Cornyn (R-TX)
     Craig (R-ID)
     Crapo (R-ID)
     DeMint (R-SC)
     Domenici (R-NM)
     Enzi (R-WY)
     Graham (R-SC)
     Grassley (R-IA)
     Gregg (R-NH)
     Hagel (R-NE)
     Hatch (R-UT)
     Hutchison (R-TX)
     Inhofe (R-OK)
     Isakson (R-GA)
     Kyl (R-AZ)
     Landrieu (D-LA)
     Lincoln (D-AR)
     Lott (R-MS)
     Lugar (R-IN)
     McConnell (R-KY)
     Murkowski (R-AK)
     Nelson (D-NE)
     Pryor (D-AR)
     Shelby (R-AL)
     Specter (R-PA)
     Stevens (R-AK)
     Sununu (R-NH)
     Thune (R-SD)
     Vitter (R-LA)
     Voinovich (R-OH)
     Warner (R-VA)
     Webb (D-VA)

                                NAYS--44

     Akaka (D-HI)
     Baucus (D-MT)
     Bayh (D-IN)
     Biden (D-DE)
     Bingaman (D-NM)
     Boxer (D-CA)
     Brown (D-OH)
     Byrd (D-WV)
     Cantwell (D-WA)
     Cardin (D-MD)
     Casey (D-PA)
     Collins (R-ME)
     Conrad (D-ND)
     Dole (R-NC)
     Dorgan (D-ND)
     Durbin (D-IL)
     Feingold (D-WI)
     Harkin (D-IA)
     Inouye (D-HI)
     Kennedy (D-MA)
     Kerry (D-MA)
     Klobuchar (D-MN)
     Kohl (D-WI)
     Lautenberg (D-NJ)
     Leahy (D-VT)
     Lieberman (ID-CT)
     Martinez (R-FL)
     McCaskill (D-MO)

[[Page S6909]]


     Menendez (D-NJ)
     Mikulski (D-MD)
     Murray (D-WA)
     Nelson (D-FL)
     Reed (D-RI)
     Reid (D-NV)
     Rockefeller (D-WV)
     Salazar (D-CO)
     Sanders (I-VT)
     Schumer (D-NY)
     Smith (R-OR)
     Snowe (R-ME)
     Stabenow (D-MI)
     Tester (D-MT)
     Whithouse (D-RI)
     Wyder (D-OR)

                             NOT VOTING--12

     Clinton (D-NY)
     Coburn (R-OK)
     Coleman (R-MN)
     Dodd (D-CT)
     Ensign (R-NV)
     Feinstein (D-CA)
     Johnson (D-SD)
     Levin (D-MI)
     McCain (R-AZ)
     Obama (D-IL)
     Roberts (R-KS)
     Sessions (R-AL)


                         grouped by home state

       Alabama: Sessions (R-AL), Not Voting; Shelby (R-AL), Yea.
       Alaska: Murkowski (R-AK), Yea; Stevens (R-AK), Yea.
       Arizona: Kyl (R-AZ), Yea; McCain (R-AZ), Not Voting.
       Arkansas: Lincoln (D-AR), Yea; Pryor (D-AR), Yea.
       California: Boxer (D-CA), Nay; Feinstein (D-CA), Not 
     Voting.
       Colorado: Allard (R-CO), Yea; Salazar (D-CO), Nay.
       Connecticut: Dodd (D-CT), Not Voting; Lieberman (ID-CT), 
     Nay.
       Delaware: Biden (D-DE), Nay; Carper (D-DE), Yea.
       Florida: Martinez (R-FL), Nay; Nelson (D-FL), Nay.
       Georgia: Chambliss (R-GA), Yea; Isakson (R-GA), Yea.
       Hawaii: Akaka (D-HI), Nay; Inouye (D-HI), Nay.
       Idaho: Craig (R-ID), Yea; Crapo (R-ID), Yea.
       Illinois: Durbin (D-IL), Nay; Obama (D-IL), Not Voting.
       Indiana: Bayh (D-IN), Nay; Lugar (R-IN), Yea.
       Iowa: Grassley (R-IA), Yea; Harkin (D-IA), Nay.
       Kansas: Brownback (R-KS), Yea; Roberts (R-KS), Not Voting.
       Kentucky: Bunning (R-KY), Yea; McConnell (R-KY), Yea.
       Louisiana: Landrieu (D-LA), Yea; Vitter (R-LA), Yea.
       Maine: Collins (R-ME), Nay; Snowe (FR-ME), Nay.
       Maryland: Cardin (D-MD), Nay; Mikulski (D-MD), Nay.
       Massachusetts: Kennedy (D-MA), Nay; Kerry (D-MA), Nay.
       Michigan: Levin (D-MI), Not Voting; Stabenow (D-MI), Nay.
       Minnesota: Coleman (R-MN), Not Voting; Klobuchar (D-MN), 
     Nay.
       Mississippi: Cochran (R-MS), Yea; Lott (R-MS), Yea.
       Missouri: Bond (R-MO), Yea; McCaskill (D-MO), Nay.
       Montana: Baucus (D-MT), Nay; Tester (D-MT), Nay.
       Nebraska: Hagel (R-NE), Yea; Nelson (D-NE), Yea.
       Nevada: Ensign (R-NV), Not Voting; Reid (D-NV), Nay.
       New Hampshire: Gregg (R-NH), Yea; Sununu (FR-NH), Yea.
       New Jersey: Lautenberg (D-NJ), Nay; Menendez (D-NJ), Nay.
       New Mexico: Bingaman (D-NM), Nay; Domenici (R-NM), Yea.
       New York: Clinton (D-NY), Not Voting; Schumer (D-NY), Nay.
       North Carolina: Burr (R-NC), Yea; Dole (R-NC), Nay.
       North Dakota: Conrad (D-ND), Nay; Dorgan (D-ND), Nay.
       Ohio: Brown (D-OH), Nay; Voinovich (R-OH), Yea.
       Oklahoma: Coburn (R-OK), Not Voting; Inhofe (R-OK), Yea.
       Oregon: Smith (R-OR), Nay; Wyden (D-OR), Nay.
       Pennsylvania: Casey (D-PA), Nay; Specter (R-PA), Yea.
       Rhode Island: Reed (D-RI), Nay; Whitehouse (D-RI), Nay.
       South Carolina: DeMint (R-SC), Yea; Graham (R-SC), Yea.
       South Dakota: Johnson (D-SD), Not Voting; Thune (R-SD), 
     Yea.
       Tennessee: Alexander (R-TN), Yea; Corker (R-TN), Yea.
       Texas: Cornyn (R-TX), Yea; Hutchison (R-TX), Yea.
       Utah: Bennett (R-UT), Yea; Hatch (R-UT), Yea.
       Vermont: Leahy (D-VT), Nay; Sanders (I-VT), Nay.
       Virginia: Warner (R-VA), Yea; Webb (D-VA), Yea.
       Washington: Cantwell (D-WA), Nay; Murray (D-WA), Nay.
       West Virginia: Byrd (D-WV), Nay; Rockefeller (D-WV), Nay.
       Wisconsin: Feingold (D-WI), Nay; Kohl (D-WI), Nay.
       Wyoming: Enzi (R-WY), Yea.

  Mr. WARNER. But I wish to say how pleased I am to see you vigorous 
and strong, and with our distinguished leader, Senator McConnell, 
leading the charge. I hope we get it up here and let these 100 Senators 
speak their will.
  Mr. DOMENICI. Thank you. I am glad to be at our Republican leader's 
side on this issue and help wherever I can.
  Mr. WARNER. We share that.
  Mr. DOMENICI. We are aware this is a real big, big-time American 
problem, as hard as any kind of problem as we have had.
  Mr. WARNER. I say to the Senator, go back and look at your mailbox, 
look at your e-mail, look at the hundreds of communications each of us 
are receiving every day.
  Mr. DOMENICI. You bet.
  Mr. WARNER. These people are gathered--I would say almost a quarter 
of Americans are gathered around the kitchen table every night looking 
at the increased costs in their food, the increased costs in their 
heating and their gasoline, trying to figure out how they are going to 
make ends meet, with relatively small amounts of dollars in the overall 
picture. But to them, it is the difference between buying a little 
extra food and having the choice to forego it.

  I yield the floor.
  Mr. WHITEHOUSE addressed the Chair.
  The PRESIDING OFFICER (Ms. Klobuchar). The Senator from Rhode Island 
is recognized.
  Mr. McCONNELL addressed the Chair.
  The PRESIDING OFFICER. The Republican leader is recognized.
  Mr. McCONNELL. Madam President, let me just say to my good friend 
from Rhode Island, I am sorry we have gotten a little bit behind. My 
remarks are not very long, and I will be happy to proceed on leader 
time.
  The PRESIDING OFFICER. The Senator may proceed.
  Mr. WHITEHOUSE. I am happy the leader should proceed. I simply wished 
to have an idea of how long it might be so I know when I would begin.
  Mr. McCONNELL. Ten minutes or less.
  Mr. WARNER. Madam President, if I could make an inquiry of the 
distinguished leader while he is on the Senate floor, at some point I 
would like to work into the queue. If my good friend from Rhode Island 
is following the leader, perhaps I could follow him. Is there a 
standing order?
  Mr. WHITEHOUSE. If I could indicate to the Senator from Virginia, we 
are under an order that allocates the time of one-half-hour blocks, and 
I have our first Democratic half hour. So it would probably be more 
convenient and better, if the Senator simply followed the Republican 
leader, and I just deferred some additional time to allow him to speak 
directly after the Republican leader, and we can adjust the order 
accordingly.
  Mr. WARNER. Madam President, I appreciate that courtesy, and I will 
just take, say, 6 minutes following the distinguished Republican 
leader.
  The PRESIDING OFFICER. The Republican leader is recognized.
  Mr. McCONNELL. Madam President, my remarks are on another issue, but 
I was here for the colloquy between my good friend from Virginia and my 
equally good friend from New Mexico. We all know they are both retiring 
from the Senate later this year, but it is serendipitous that this 
issue has arisen at this particular time, when the American people are 
demanding the kind of action that the Senator from New Mexico and the 
Senator from Virginia have been promoting for years. So I think it is a 
good thing that while they are still here in their service to our 
country, we will be debating this issue vigorously next week, and all 
of us hope for success.

                          ____________________