[Congressional Record (Bound Edition), Volume 151 (2005), Part 14]
[House]
[Pages 19452-19453]
[From the U.S. Government Publishing Office, www.gpo.gov]




     EMERGENCY ACTIONS NEEDED TO ADDRESS SKYROCKETING ENERGY PRICES

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Massachusetts (Mr. Markey) is recognized for 5 minutes.
  Mr. MARKEY. Mr. Speaker, our hearts go out to all of the victims in 
Louisiana, Alabama and Mississippi; and we in Congress stand committed 
to ensuring that we rebuild each of those families' hopes and dreams. 
But, unfortunately, during this time of crisis, I am very, very 
concerned that the American driving public is being gouged at the pump 
by Big Oil and by OPEC, which has been taking advantage of this crisis 
in our country. I am very concerned that Big Oil is exploiting this 
tragedy by tipping consumers upside down at the pump and shaking money 
out of their pockets. This is no time to take advantage of the American 
consumer. This is a time for the oil companies, as well as OPEC, to 
rally to the protection of the American consumer and the American 
economy.
  We have all been disturbed by the television footage of looters 
ransacking stores and homes in New Orleans, but it also appears that 
Big Oil is engaging in widespread looting as it runs up the price of 
gasoline paid by the driving public.
  We need action by this administration. They have to make it clear 
that they are going to put in effect immediately investigations, put 
investigators in the field, in the board rooms, to make sure that 
people understand that this kind of exploitation of the American 
consumer will not be tolerated. Unfortunately, right after 9/11, the 
very same oil companies took advantage of the American consumer, 
resulting ultimately in large fines having to be paid by oil companies 
for their exploitation of the American consumer in the immediate 
aftermath of 9/11.
  Also the President should demand that OPEC help us at this time. OPEC 
has announced that they will take up the issue of producing more oil at 
their September 19 meeting. September 19? When Saddam Hussein was 
threatening the Middle East, we did not say to our friends, Call us 
next month. We said we would respond immediately.
  OPEC, led by Saudi Arabia, should announce that they are going to 
produce 1.5 million to 2 million barrels of oil a day beginning today, 
not waiting until some September 19 meeting. And the President, who 
held the hand of the Saudi prince in April at his ranch in Crawford, 
should now hold OPEC's feet to the fire and ensure that, as they are 
now saying they may have a surplus of 1.5 million to 2 million barrels 
of oil a day to produce, and they may consider releasing it all.
  They should have done that back in April, when the price of gasoline 
was already skyrocketing. We should not be at a point where a barrel of 
oil is at $65 a barrel, now approaching $70 and going higher. All of 
that has happened subsequent to Katrina, this additional spike.
  So we need a response from OPEC. We can no longer allow them to sit 
on the sidelines with this additional 1.5 million to 2 million barrels 
of oil that they are going to consider releasing on September 19.

[[Page 19453]]

  In addition, the President should immediately suspend all royalty 
relief for the oil and gas companies for drilling on public lands, the 
Secretary of Interior should require the oil companies to pay the full 
royalty for drilling and extracting oil and gas from public lands, and 
those revenues should be earmarked for the victims of this enormous 
disaster. That is where those revenues should go. And the President and 
this Congress should enact a windfall profits tax on the oil industry, 
and the proceeds should go to the Low Income Home Energy Assistance 
Program for this coming winter, the neediest people in our society, who 
are going to be most adversely affected by these skyrocketing energy 
prices.
  But we just have to look in the rearview mirror 5 weeks ago when this 
Congress and President Bush passed and then signed a historic energy 
bill that was a failure in dealing with increase in fuel economy 
standards for SUVs, encouraging renewable energy resources that would 
be used by the utilities in this country. Instead, we gave tax breaks 
to the oil and gas industries of our country. It is time we got 
something back from those industries. It is time for this Congress and 
this President to stand up.

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