Statements On Introduced Bills And Joint Resolutions

Floor Speech

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By Mr. WYDEN:

S. 499. A bill to amend the Energy Policy Act of 2005 to repeal the ultra-deepwater and unconventional onshore natural gas and other petroleum research and development program; to the Committee on Energy and Natural Resources.

Mr. WYDEN. Mr. President, I rise this afternoon to reintroduce the Withdraw Energy Addicting New Subsidies Act. I first introduced this legislation in the 109th Congress to repeal what I believed to be a back-door subsidy to the oil and gas industry at a time when the oil and gas industry didn't need any more subsidies. This hidden subsidy was included in the Energy Policy Act of 2005. And what it does is to directly transfer $50 million dollars a year of oil and gas royalties, which would otherwise go the Federal Treasury, into a special program to research on advanced, ultra-deep drilling technology for the oil and gas industry. This transfer isn't a one-time transfer, it's an annual transfer that continues every year through the year 2017, at a cost of $250 million over five years.

There are plenty of industries in this country that are hurting, but the oil and gas industry is not one of them. It's time, as President Obama has said, to end Federal programs that we don't really need. And this is one of them. I applaud the decision by the President to propose the repeal of the ultra-deepwater drilling program in the budget he announced today. It's a decision that's long overdue. That's why I am reintroducing this bill--the WEANS Act. I urge my colleagues in joining me in ending this unneeded subsidy by supporting the WEANS Act.

I ask unanimous consent that a copy of the bill be printed in the Record.

There being no objection, the text of the bill was ordered to be printed in the Record

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