Senate Proceeding on Jul 25th, 2008 :: 0:32:38 to 0:42:17
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0:22:21 to 0:32:38( Edit History Discussion )
Speech By: Christopher S. Bond

0:32:20 to 0:32:38( Edit History Discussion )

Christopher S. Bond: i ask unanimous consent that a fuller and more lengthy statement on the bill be included in the record as if read. the presiding officer: wesithout objection, s o ordered. mr. bo nd: i thank the

0:32:38 to 0:32:56( Edit History Discussion )

Larry Craig: year the the chair and i yield the floor.| mr. craig: mr. president? the presiding officer: the senator from idaho. mr. craig: mr. president, my colleague has just spoken very clearly about a fundamental problem

0:32:38 to 0:42:17( Edit History Discussion )
Speech By: Larry Craig

0:32:56 to 0:33:13( Edit History Discussion )

Larry Craig: facg the american consumer andco the american family, and he has used the word "crisis." and i totally agree with him, that $4 gas or more at the pump today is truly a crisis for the american family

0:33:13 to 0:33:31( Edit History Discussion )

Larry Craig: and for the budget of every american household. ehhe joined with me in cosponsoring an amendment, and he spoke of that amendment a few moments ago, that we would like to offer to the bill that

0:33:31 to 0:33:47( Edit History Discussion )

Larry Craig: the majority leader, the democratic leader has brought to the floor, s. 3268, a bill to allow drilling in this area of the gulf where we know there is substantial oil potential. the senator fr missouri

0:33:47 to 0:34:04( Edit History Discussion )

Larry Craig: spoke of some 3 billion barrels, or someone near that available in this yellow zone off the coast of florida and down from the coast of alabama and mississippi and louisiana. it is critical that the

0:34:04 to 0:34:20( Edit History Discussion )

Larry Craig: american oil industry be allowed to lease that land and begin development and exploration. why? not only do we believe the oil is there, but it is immediately adjacent to pipelines, refineries, the facilities

0:34:20 to 0:34:36( Edit History Discussion )

Larry Craig: that will immediately process that oil and put it into the american distribution system. many are saying, well, it's going to take five years, six years, seven years, eight years if we drill now in the

0:34:36 to 0:34:59( Edit History Discussion )

Larry Craig: outer continental shelf. it will take some time, but in this area it will take potentially a great deal less time, because we know the oil is there and it is immediately adjacent to the distribution

0:34:59 to 0:35:17( Edit History Discussion )

Larry Craig: system of this country and the refinery capacity in the gulf states. when the ph erpb consumer today goes to the pump and pays $4 and $4.10 and $4 .15 and nearly $5 in some states and asks the question

0:35:17 to 0:35:33( Edit History Discussion )

Larry Craig: "yes" here's what happened in the american oil supply system that answers that question: starting in 1950, as the rate of use of oil in our country grew, we began a slow but very aggressive spread

0:35:33 to 0:35:50( Edit History Discussion )

Larry Craig: between our supply and the demand. and as you notice here, starting in the 1990, we actually begin to supply less of our own oil into the market and we begin to buy more and more oil from foreign countries.

0:35:50 to 0:36:04( Edit History Discussion )

Larry Craig: this debate today is a supply-and-demand debate issue. yes, there could be pointed out yesterday by our federal trade commission, a small amount of speculation in the market, and we ought to address

0:36:04 to 0:36:18( Edit History Discussion )

Larry Craig: it. but the reason there is so much activity in the market is this equation right here. the dramatic difference between what the supply is entering the market and the demand from use, world use in the

0:36:18 to 0:36:39( Edit History Discussion )

Larry Craig: market. it really is that fundamental a problem. and when we are using more than we're producing into the world market, and it is a world commodity, then of course prices begin to escalate as they

0:36:39 to 0:36:53( Edit History Discussion )

Larry Craig: have dramatically over the last several years, and now in the last year even more so. why? why, simply, are we saying to the rest of the world, "drill your oil. we don't want to drill ours." "produce

0:36:53 to 0:37:08( Edit History Discussion )

Larry Craig: from your oil fields. we're going to keep ours off limit." i don't understand and i don't think the average consumer in any way understands that kind of an argument. and yet, for the last 15 years, that has

0:37:08 to 0:37:26( Edit History Discussion )

Larry Craig: been largely the public policy of this country, to put off limits known oil reserves while we ask the rest of the world to supply for us. the amendment that i talked about a few moments ago, this

0:37:26 to 0:37:41( Edit History Discussion )

Larry Craig: is a largeer picture of exactly what we're talking about, we are producing oil in this area of the gulf now. our largest domestic volume of oil is coming from that area. but look at this area here,

0:37:41 to 0:37:56( Edit History Discussion )

Larry Craig: almost equivalent in size and potentially as rich in oil, and yet it's off limits. it's politically off limits. we can go there, we can explore, we can develop it if we have the political will to

0:37:56 to 0:38:12( Edit History Discussion )

Larry Craig: say yes to it. and the amendment that i'm offering, or i would like to offer to the bill that's on the floor would allow us to do that and yet create a 50-mile safe zone for the citizens of florida.

0:38:12 to 0:38:31( Edit History Discussion )

Larry Craig: and yet, we're not given that opportunity. that's really the fundamental issue at hand. the bill that we refuse to let go any further until we get the opportunity to offer amendments is this bill: s. 3268.

0:38:31 to 0:38:44( Edit History Discussion )

Larry Craig: and as i said yesterday, look, not one drop of oil in it. not one drop of oil to satisfy the supply side of a very aggressive demanding market. and the only way we're truly going to bring prices down

0:38:44 to 0:39:00( Edit History Discussion )

Larry Craig: at the pump is to send a very clear message to the marketplace that we're going to allow a greater volume of supply to enter that market. and while we're doing that over the next five to ten years, we're

0:39:00 to 0:39:13( Edit History Discussion )

Larry Craig: going to make every effort through loan guarantees, through new types of technology to reduce the demand side of our market. that's what we ought to be about here as we shape public policy for our

0:39:13 to 0:39:27( Edit History Discussion )

Larry Craig: future. assure that we have the abundant supplies we need while we recognize that it is a finite item, that there will be a day when there will be substantially less oil out there than their currently

0:39:27 to 0:39:42( Edit History Discussion )

Larry Craig: is, and that we ought to be going toward the new technologies, the electric cars, the plug-ins, the hybrids,ll different kinds and versions of that. i'm one of those who now believes we ought to

0:39:42 to 0:39:57( Edit History Discussion )

Larry Craig: be looking at every possible source of energy for the energy supply of our country. but we shouldn't be openly denying known supplies today. and that's exactly what's happening here on the floor of

0:39:57 to 0:40:12( Edit History Discussion )

Larry Craig: thunited states senate. for the last two days or nearly three days now, the leader has simply refused to allow the process to go forward, to allow my amendment and other amendments by my colleagues that

0:40:12 to 0:40:23( Edit History Discussion )

Larry Craig: would ensure a public policy allowing us to go into this area and develop, to go into other areas that we've taken off limits for political purposes only and put them within our limits again. our

0:40:23 to 0:40:39( Edit History Discussion )

Larry Craig: technology is there. the technology we have for the deep water of the gulf is truly the finest in the world. it is the safest, and it is environmentally by far the soundest of any other country in

0:40:39 to 0:40:55( Edit History Discussion )

Larry Craig: the world. and, yet, we deny ourselves the right to use our own technology, to supply our own energy to the american household. no, i suspect the average person listening can't quite figure out

0:40:55 to 0:41:11( Edit History Discussion )

Larry Craig: what's going on here on the floor of the united states senate, and it's really a fundamentally simple argument. the democratic leader will not allow this country to produce in the areas where we have

0:41:11 to 0:41:28( Edit History Discussion )

Larry Craig: known oil reserves that we can get to the quickest, that we can bring on-line the fastest. and i would hope the phones start ringing as americans grow angry with their politician that denies them the

0:41:28 to 0:41:42( Edit History Discussion )

Larry Craig: supply to the marketplace that would bring down the price of oil at the pump. senate bill 3268 is the vehicle on which we could do that if we were allowed to amend it, we were allowed the normal

0:41:42 to 0:42:01( Edit History Discussion )

Larry Craig: process of the united states senate. the republicans unanimously today said we ought to have that right to amend it. we ought to stay here all next week working on it, until we can say to the american

0:42:01 to 0:42:17( Edit History Discussion )

Larry Craig: people the energy crisis isn't over, but we've done everything within our power to bring down the price and lessen the burden on the family budget. i yield theloor. the presiding officer: the senator from

0:42:17 to 0:42:32( Edit History Discussion )

John Cornyn: texas. mr. cornyn: mr. president, i know senate procedure can be confusing, but by this vote that we've just held we've said that we are not leaving, we are not giving up, and we intend to fight

0:42:17 to 0:47:21( Edit History Discussion )
Speech By: John Cornyn