[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[Senate]
[Pages 22173-22174]
[From the U.S. Government Publishing Office, www.gpo.gov]




                               OIL SHALES

  Mr. INHOFE. Mr. President, the discussion is on the serious problem 
this country is facing. While I take a position against the 
administration's program, I know they are behind closed doors with the 
leadership on both sides, both Houses, trying to come up with something 
that is workable.
  I suggest what we are going to vote on, scheduled for 11:30 a.m., 
which I think will be a little later than that, does not have a 
solution. One of the points I want to make sure everyone knows is that 
in this legislation is the extension of the moratorium on oil shale.
  The Consolidated Appropriations Act of 2007 established a 1-year 
moratorium on the necessary funding to complete the final regulations 
for commercial leasing of oil shale on public lands. Without 
congressional action, the moratorium will expire. The stimulus bill 
that we will be voting on shortly after 11:30 will continue this 
moratorium for another year.
  This is serious. The Senate has debated energy legislation for weeks, 
and the extension of this moratorium does nothing to address increasing 
domestic energy supply.
  The potential energy development from the Rocky Mountain oil shale is 
truly massive. The Green River Formation located within Colorado, 
Wyoming, and Utah contains the equivalent of 6 trillion barrels of oil. 
Of this 6 trillion, the RAND Corporation estimates there are 1.1 
trillion recoverable barrels. That equals more than 2,000 years' worth 
of imports from Saudi Arabia, or 145 years of domestic supply at 
current rates of oil consumption. These numbers would nearly double 
assuming the Department of Energy's estimate of nearly 2 trillion 
potentially recoverable barrels. What we are talking about is huge.
  The RAND Corporation projects that within the first 12 years of 
commercial production, these barrels would be recoverable at prices as 
low as $35 to $48 per barrel.

[[Page 22174]]

  There are problems out there. We have been arguing on the floor of 
the Senate, and the Democrats refuse to increase the supply or vote for 
any increase in oil or gas in America.
  We have the Outer Continental Shelf discussion that is going on. This 
bill doesn't affect that. However, since 1982, Democrats and the 
environmental left have blocked access to 85 percent of America's Outer 
Continental Shelf resources. With this year's record-high gas prices, 
Americans have demanded that the Democrats in Congress allow us to 
produce from our own resources. With just 6 weeks until election day, 
Democrats have finally relented.
  We held a news conference yesterday. We all celebrated the fact that 
we are going to allow these two moratoria to expire. This bill will 
stop the expiration of the moratorium on oil shale.
  The Interior Department estimates that the Outer Continental Shelf 
contains 19 billion barrels of undiscovered recoverable oil. That 
equals 35 years of imports from Saudi Arabia.
  We can see that while the Outer Continental Shelf is great, we want 
to remove that moratorium. It is even much more important we do it with 
oil shale because of the sheer size. As I say, the vote doesn't affect 
the Outer Continental Shelf, but it does affect oil shale.
  Americans spent more than $327 billion to import oil in 2007. These 
oil imports accounted for 46 percent of the Nation's $711 billion trade 
deficit last year. By opening the Outer Continental Shelf and the oil 
shale, America can cut that trade deficit in half.
  Assuming a $130 price per barrel of oil, America will trade more than 
$135 billion to Saudi Arabia and Venezuela for oil imports this year.
  Outer Continental Shelf and oil shale production can stop this 
transfer of oil and keep hundreds of billions of dollars at home within 
our economy creating jobs at home, not overseas.
  America is not running out of oil and gas or running out of places to 
look for oil and gas. America is running out of places where the 
Democrats in Congress are allowing us to look for oil and gas.
  We had a great celebration on Wednesday that the moratoria would be 
lifted in both areas. This bill would extend the moratorium on shale, 
the largest opportunity we have and potential we have for reserves and 
for lowering the price of gas at the pump that we will be dealing with 
this year.
  I yield the floor.
  The ACTING PRESIDENT pro tempore. The senior Senator from Washington 
is recognized.
  Mrs. MURRAY. Mr. President, before I speak, I ask unanimous consent 
that following my remarks on the Democratic side, Senator Baucus be 
allowed to speak, and following Senator Baucus, Senator Byrd.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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