Democrat Energy Bill Will be Received With a Thud on World Markets

Floor Speech

DEMOCRAT ENERGY BILL WILL BE RECEIVED WITH A THUD ON WORLD MARKETS -- (House of Representatives - September 16, 2008)

(Mr. RADANOVICH asked and was given permission to address the House for 1 minute.)

Mr. RADANOVICH. When President Bush lifted the Presidential moratorium on offshore oil drilling, the price of oil dropped $12 a barrel immediately and has been falling ever since.

I have said many times over the summer that if Congress passes an energy bill that increases production of domestic energy, the markets will react immediately with lower prices. This is the litmus test that Congress will be delivering what the American people want.

The Democrat energy bill will be received with a resounding thud on the world markets. It won't move the price of gas one cent because it provides no incentives for States who increase production offshore.

Unlike the Comprehensive American Energy Act, the bill we are voting on today does not address oil shale production, lawsuit reform, streamlining the nuclear energy process, coal-to-liquid technology, increase refinery capacity, and opening ANWR. However, the bill does include a drawdown over Strategic Petroleum Reserves, a fraudulent use-it-or-lose-it legislation, and an extremely costly renewable energy mandate. Maybe this majority ought to go back to suing OPEC to produce more oil because under this bill, that reliance is still there.

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