[Congressional Record (Bound Edition), Volume 154 (2008), Part 11]
[House]
[Page 15706]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             ENERGY PRICES

  (Mr. SMITH of Texas asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Texas. Mr. Speaker, last week, President Bush removed 
the executive ban on offshore drilling. After the announcement was 
made, crude oil futures plunged. Prices fell $6.44 in the biggest one-
day drop since the Gulf War. The next day, prices dropped another $4.50 
to $134. This is not a coincidence.
  The Democratic majority says it will take years to produce oil from 
offshore drilling and that it won't affect energy prices.
  If Congress lifts the ban on offshore drilling, we will continue to 
see oil prices fall. Energy traders do take government policies into 
account. Deciding to develop our American energy resources can 
immediately lower the cost per barrel of oil and can provide relief at 
the gas pump.
  Democratic Party leaders should heed the will of the American people 
and should schedule a vote to increase our American energy supply.

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