[Congressional Record (Bound Edition), Volume 156 (2010), Part 1]
[Extensions of Remarks]
[Page 749]
[From the U.S. Government Publishing Office, www.gpo.gov]




  INTRODUCTION OF THE ``ROYALTY RELIEF FOR AMERICAN CONSUMERS ACT OF 
                                 2010''

                                 ______
                                 

                         HON. EDWARD J. MARKEY

                            of massachusetts

                    in the house of representatives

                       Tuesday, January 26, 2010

  Mr. MARKEY of Massachusetts. Madam Speaker, yesterday the 
administration announced that President Obama will propose a three-year 
freeze on non-security discretionary spending in his State of the Union 
address tomorrow as a way of addressing the federal deficit. However, 
as President Obama works to reduce the budget deficit and put our 
nation on a path of fiscal responsibility, oil companies are pushing us 
further into the red by continuing to drill for free on public land.
  The ``Royalty Relief for American Consumers Act of 2010'' that I am 
introducing today with the gentleman from Maryland, Mr. Van Hollen, 
would recover the more than $50 billion that taxpayers currently stand 
to lose in foregone oil royalty payments as a result of defective 
leases issued by the Department of Interior between 1996 and 2000. The 
minerals below our public lands belong to the American people and no 
company should be allowed to exploit them for free. This legislation 
would protect American taxpayers and reduce our budget deficit by up to 
$54 billion.
  The legislation that we are introducing today would offer oil 
companies a simple choice: they can continue to drill for free on 
public lands but they will not be permitted to purchase new leases from 
the federal government. The language in the Royalty Relief for American 
Consumers Act has repeatedly passed the House of Representatives in 
2006, 2007 and 2008. It is time that we start drilling for deficit 
dollars by reclaiming these lost royalty payments and ending the free 
ride that oil companies are currently enjoying on public land.
  As President Obama steps up efforts to reduce the federal budget 
deficit, ensuring that oil companies are paying their fair share is a 
common sense way to help restore fiscal responsibility. We can no 
longer afford to allow oil companies to drill for free while taxpayers 
are left holding the bill. Enacting this legislation will put an end to 
this taxpayer rip off once and for all.

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