[Congressional Record (Bound Edition), Volume 154 (2008), Part 14]
[House]
[Page 19204]
[From the U.S. Government Publishing Office, www.gpo.gov]




   DEMOCRAT ENERGY BILL WILL BE RECEIVED WITH A THUD ON WORLD MARKETS

  (Mr. RADANOVICH asked and was given permission to address the House 
for 1 minute.)
  Mr. RADANOVICH. When President Bush lifted the Presidential 
moratorium on offshore oil drilling, the price of oil dropped $12 a 
barrel immediately and has been falling ever since.
  I have said many times over the summer that if Congress passes an 
energy bill that increases production of domestic energy, the markets 
will react immediately with lower prices. This is the litmus test that 
Congress will be delivering what the American people want.
  The Democrat energy bill will be received with a resounding thud on 
the world markets. It won't move the price of gas one cent because it 
provides no incentives for States who increase production offshore.
  Unlike the Comprehensive American Energy Act, the bill we are voting 
on today does not address oil shale production, lawsuit reform, 
streamlining the nuclear energy process, coal-to-liquid technology, 
increase refinery capacity, and opening ANWR. However, the bill does 
include a drawdown over Strategic Petroleum Reserves, a fraudulent use-
it-or-lose-it legislation, and an extremely costly renewable energy 
mandate. Maybe this majority ought to go back to suing OPEC to produce 
more oil because under this bill, that reliance is still there.

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