Energy Policy

Floor Speech

Madam President, we are all facing the challenge of gasoline prices adding a new burden to family budgeting as well as small businesses and large businesses alike. It couldn't come at a worse time, in light of our recession and unemployment. But it is important for us to put into perspective where we are and how we should resolve this issue.

When we look at the entire known reserves of oil and gas in the world--in the entire world--the United States has 3 percent--3 percent--and each year the United States consumes 25 percent of the energy that is used in the world. So when I hear my colleagues on the other side come to the floor and say we can drill our way out of this, I say to them: That is unrealistic and doesn't reflect the reality of what we face today.

Yes, we should have responsible drilling for oil and gas. We should be sensitive to the environment to avoid the kind of hazards and accidents we saw in the Gulf of Mexico, to protect that part of America and part of the world we believe should be preserved for future generations. But the notion if we could start drilling more our problems would go away is not only naive, it is wrong--flatout wrong.

We heard the chants of ``drill, baby, drill'' a year and a half ago in the course of a Presidential campaign. It is not the answer to America's energy policy, ever. We still import $1 billion worth of oil a day into the United States. It is an indication of our dependence on foreign oil that any interruption in the Middle East or from other sources is going to raise our prices.

What should we do about it? Several things. First, on the immediate agenda, we should look at the Strategic Petroleum Reserve. The President has to decide--and said Friday he was considering--on releasing oil we have saved in this reserve to bring down prices and keep the economy moving forward. I support that. I hope the President will do that.

Secondly, we have to look at ways that the current oil pricing is being gamed by some financiers and speculators. From my point of view, this is something that needs to be not only examined but stopped. This speculation in oil prices runs up prices way too high, way too fast.

Third, take a look at the oil companies themselves. The top five oil companies are extremely profitable and, in the midst of crises, they make even more money. That is the reality.

Then, we need to step back and look at our national energy policy. How do we encourage the use of more efficient cars and trucks? Well, we don't do it by entertaining the amendment by the Republican leader in the Senate. He says the Environmental Protection Agency should step back from even encouraging the kind of fuel efficiency in cars and trucks which reduce our dependence on foreign oil and reduce pollution in the atmosphere. That is a step backward to the past. It is a rejection of basic science.

So when the Republican leader comes to the floor and gives his prescription for today's energy challenge in America, I would say to him: The patient is not going to get well, Senator, with your prescription. We have to have a coordinated energy policy moving toward fuel efficiency, reducing the use of energy, and still fueling our economy with renewable and sustainable sources of energy that don't pollute the atmosphere.

The Senator from Kentucky, who was giving us a speech this morning about energy, actually has an amendment he is preparing for the floor which removes the right of the Environmental Protection Agency to even deal with greenhouse gas emissions as they affect climate change and the world we live in. That is a stick-your-head-in-the-sand approach to an issue which future generations will look back on and say: What were they thinking; that they would ignore the reality of climate change in the world and the reality of what pollution is doing to our lungs, our health, our future. It is a reality that is being rejected by the Republican side of the aisle.

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