[Congressional Record (Bound Edition), Volume 151 (2005), Part 15]
[Senate]
[Page 20269]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              ENERGY COSTS

  Mr. DORGAN. Mr. President, there is one additional point I would like 
to make on legislation I have introduced. I notice the Energy 
Information Administration just released its short-term outlook. They 
forecast dramatic increases for residential energy costs this upcoming 
winter.
  I come from North Dakota. We don't exactly have balmy weather in 
February and January, the middle of winter. We can sometimes have some 
pretty tough winters. It is a great State, but we have some tough 
winters. The ranges for heating fuel expenditures for natural gas in 
the Midwest, according to the EIA, are 69 to 70 percent increases in 
the winter in the Midwest.
  We have a lot of folks who are going to have a devil of a time trying 
to pay these costs. I made the point before, and I know there are 
people in this Chamber who chafe at this, that the major integrated oil 
companies have gotten larger through mergers. They are much more 
powerful. They have the capability, working with others, to determine 
what happens in pricing and supply. We have OPEC people sitting around 
a table talking about pricing supplies. Then we have a futures market 
which is supposed to provide liquidity--which it does, but it provides 
much more than that nowadays. It is rampant speculation in spot 
markets. The result of that is the highest prices we have seen in this 
country.
  Last year, the price of oil was $34.50 a barrel--January 31, 2004. At 
that price the oil companies are making record profits. Now it is $30 
above that. That is $7 billion a month in extra profit, $80 billion on 
a yearly basis of extra profit. That, in my judgment, is unfair. 
Flowing through it is a 70-percent increase in natural gas prices to 
those trying to heat their homes, or flowing through the gas pump where 
you put in 15 gallons and pay $52. That is unfair. I think there ought 
to be a windfall profits tax recapturing that windfall and using it in 
rebates to consumers. I don't begrudge anyone a fair profit, but this 
is not a fair market and I believe Congress should take some action. 
This issue existed long before Hurricane Katrina formed and hit this 
country, and I believe it behooves this Congress to address these 
issues, especially before we go into the winter heating season and the 
folks, particularly in the northern Great Plains and other States, are 
going to pay 70 percent increases--in some cases a price they simply 
cannot afford to pay for something as basic as heating their homes.
  This Congress needs to act. I hope one of the actions will be to 
consider the legislation I have introduced.
  I yield the floor and suggest the absence of a quorum.
  The PRESIDENT pro tempore. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. McCONNELL. I ask unanimous consent that the order for the quorum 
call be rescinded.
  The PRESIDING OFFICER (Mr. Martinez). Without objection, it is so 
ordered.

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