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Public Statements

Restarting American Offshore Leasing Act Now

By:
Date:
Location: Washington, DC

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Mr. Chair, we should oppose this bill not because it is too strong, but because it is too weak. Americans do need relief from $4 a gallon gasoline, and they are not going to get it from this bill either in the short term or the long term. The reason they won't get relief in the short term is we're not drilling in the right places. We need to drill speculators, not just wells. Even Goldman Sachs recognizes that a significant portion of the huge spike in prices is due to rampant speculation in the market, but this bill doesn't do a single thing about that short-term reason for this short-term price. We need to drill speculators, not just wells.

But, secondly, in the long term, this bill does not give us what we need. My friends across the aisle told us they were going to give us an all-of-the-above energy strategy. They haven't given us an all-of-the-above strategy. They are just giving an all-of-the-below strategy, because the only thing they are thinking about are these archaic technologies of drilling holes in the ground.

We use 25 percent of the world's oil. We only have 3 percent of the world's oil supply, even if we drill in Yellowstone National Park. The dinosaurs just didn't die underneath our feet. We need new supplies of energy, of electricity, camalena-based biofuels from Targeted Growth in Seattle, advanced forms of algae-based biofuels from Sapphire Energy and General Atomic and other companies.

We need new sources of energy, not just below our feet but above our feet, and in our minds where we get the intellect to invent these technologies. That's an all-of-the-above strategy. Let's do what we can do to give real short-term relief. Defeat this bill, and we will get a comprehensive energy policy for this country.

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