[Congressional Record (Bound Edition), Volume 154 (2008), Part 4]
[Extensions of Remarks]
[Page 5201]
[From the U.S. Government Publishing Office, www.gpo.gov]




                BLAME CONGRESS FOR THE HIGH PRICE OF OIL

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                              HON. TED POE

                                of texas

                    in the house of representatives

                        Thursday, April 3, 2008

  Mr. POE. Madam Speaker, gasoline prices are soaring. The problem 
rests on the well-known principle of supply and demand. Our domestic 
energy supply cannot meet our demand. The solution is to increase our 
supply by exploring domestic energy sources and allowing drilling in 
ANWAR.
  The problem is even worse when you consider that as more countries 
industrialize, especially India and China, there will be more demand 
for the same amount of oil. The result? Even higher gas prices.
  While it is easy to point fingers and blame American oil companies, 
the real culprit is Congress. Congress is responsible because it 
decided to subsidize special interest groups, energy companies which 
may produce expensive and unreliable energy someday. Congress placed 
our future in the hands of unproven energy sources.
  Instead of supporting those companies that provide our energy today, 
Congress punished them with high taxes. But Congress was sure to exempt 
Venezuelan oil company, CITGO, from these high taxes.
  Gas companies have reported record profits in recent years, but these 
profits resulted in record high tax collection. Two months ago, Exxon-
Mobil announced record profits of $40.7 billion, but they paid nearly 
$30 billion in taxes. Their high profits are due to the increasing 
demand for oil by American and global consumers. And this demand isn't 
going to change. Also these profits go to shareholders--the thousands 
of Americans that own stock in oil companies. By punishing oil 
companies, Congress is hurting the average American who owns a little 
stock in oil companies.
  The United States is the only industrial power in the world that does 
not take advantage of its own energy resources. We must drill in the 
Arctic National Wildlife Refuge and the Outer Continental Shelf. Our 
gas prices will fall if we are able to increase our domestic supply of 
oil.
  Federal government restrictions are burdening the American consumer 
and private business. These restrictions have put a halt on building 
new oil refineries. In fact, it's been 32 years since the last US oil 
refinery was built in Garyville, Louisiana. These unnecessary 
restrictions and taxes are driving companies to move off shore where 
restrictions and taxes are less.
  Congress must lift the unnecessary regulations on off-shore drilling. 
If Congress doesn't lift these restrictions, the American consumer will 
continue paying high prices for gas and the United States will remain 
dependent on 3rd world nations and Dictator Chavez.
  And that's just the way it is.

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