[Congressional Record (Bound Edition), Volume 152 (2006), Part 5]
[Senate]
[Pages 6512-6513]
[From the U.S. Government Publishing Office, www.gpo.gov]




                                 ENERGY

  Mr. FRIST. Mr. President, over the weekend, we got more bad news on 
the rising price of gas. Energy Secretary Samuel Bodman told us to 
expect high gas prices to continue for 2 to 3 more years. In his words, 
suppliers have lost control of the market.
  Every day drivers are getting socked with higher and higher prices at 
the pump and in some places gas prices are well over $3 per gallon. 
Worse yet, the situation only threatens to intensify as those summer 
driving months come into view.
  Consumers are understandably frustrated. They are worried. For most 
families, gas is a basic necessity, and rising gas prices simply put 
them over a barrel. They need a break. The Republican leadership is 
delivering a plan.
  Last Thursday, we unveiled our proposal to offer immediate short-term 
relief for American consumers, as well as a broader strategy to 
increase America's energy supply and to reduce our demand for oil.
  We propose giving taxpayers a $100 gas tax holiday rebate check so 
their hard-earned money goes back into their pockets instead of into 
their gas tanks.
  We also want to make sure consumers are protected against any price 
gouging or anticompetitive behavior by oil companies or other suppliers 
of energy. Our proposal includes strong Federal antiprice-gouging 
protection.
  These are two steps we can take right now to offer the consumer 
immediate relief. But for the midterm and for the long term, we need to 
get to the root of what is driving oil prices through the roof: basic 
supply and demand. We don't have enough domestic oil to meet our energy 
needs, and that global demand is growing day by day.
  In order to get control of the problem, we need to increase domestic 
supplies, supplies at home, and we need to diversify our energy 
sources.
  The package we have introduced promotes the development of 
alternative fuels in the use of hybrids and other advanced technology 
vehicles. It also gives Secretary Mineta the authority to issue a rule 
looking at fuel economy standards for passenger cars.
  These two measures address the demand side of the equation, but we 
also must address the supply side. If President Clinton had not vetoed 
ANWR a decade ago, ANWR today would be producing a million barrels of 
oil each and every day right now. A million barrels of supply each day 
would be coming to the continent. That is about three-fourths of what 
we currently import from all of Saudi Arabia.
  We need to open a portion of the Reserve to environmentally sensitive 
exploration and get that oil to the market. There is no question that 
tapping into this domestic resource will bring down oil prices.
  We also need to expand our refinery capacity. It is amazing, we have 
not built a new refinery in the United States in over 30 years. It is 
next to impossible to expand an existing one today.
  One reason why gas prices are so high right now is that several 
refineries are still offline in the wake of Katrina. Several others 
deferred maintenance to help after the hurricane are performing 
maintenance now, still at lower than pre-Katrina levels.
  Adding refinery capacity will help to increase gasoline supplies and 
lower prices at the pump. Our plan takes important steps in this 
direction.
  We all know America is dangerously dependent on foreign sources of 
oil. This dependence compromises our economic and national security. 
Last summer, after a decade of partisan obstruction, Congress passed a 
comprehensive Energy bill that goes a long way toward addressing this 
grave problem. We double the amount of ethanol and biodiesel in our 
gasoline. By 2012, this should reduce oil consumption by 80,000 barrels 
a day.
  We passed a hybrid car tax credit of up to $3,400 per vehicle.
  The Energy bill also allocated significant funding for research and 
development of hydrogen fuel cells. If just 20 percent of our cars used 
fuel cell technology, we could cut oil imports by 1.5 million barrels a 
day.
  We need to build on these initiatives and encourage American 
consumers,

[[Page 6513]]

producers, and entrepreneurs to think beyond oil. I believe, as does 
the President, that America's future lies with technology that will 
allow Americans to use environmentally safe and diverse energy sources. 
America will be safer, America will be more secure with American energy 
coming from American sources.
  We presented a strong package that will give consumers relief at the 
pump and will bring down the high cost of gas. I am hopeful we will 
vote on this package in the coming days. Filling up the tank shouldn't 
break the bank.
  Mr. President, I yield the floor.

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