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Mr. MORAN. Mr. Chairman, I want to thank my good friend from New Jersey for yielding to me.
I have a few facts that we need to put on the table here:
One, this bill isn't going anywhere. It's not going to be accepted by the Senate, let alone be enacted by the President;
Secondly, we could create more jobs and a more sustainable future if we dropped the subsidies for oil and gas and we redirected them into wind and solar power;
Thirdly, this will have no impact upon the world oil price.
The fact is that we have a good deal of experience that shows that no matter how much production comes out of the United States, it, at best, has a negligible impact upon what consumers pay at the gas pump. Let me introduce some numbers to that effect to prove the point.
We currently consume about 18.8 million barrels of oil a day, and we produce about 5.4 million. Despite the concerted efforts of former oilmen President Bush and Vice President Cheney and a Congress that embraced the ``drill, baby, drill'' mantra, total oil production actually dropped from 2.118 billion barrels in 2001, when President Bush and Vice President Cheney came into office, to 1.812 billion barrels in 2008, when they left office. Under the friendliest, most pro-oil administration, U.S. production declined, despite technological advances in drilling and despite the lifting of previously restricted areas to drilling on land and at sea.
Ironically, oil production today, under the Obama administration, is higher than at any time during the last 14 years. I'll mention that once again. Oil production today is higher, under the Obama administration, than at any time during the last 14 years.
Onshore, oil companies hold leases on more than 73 million acres of the public's land; offshore, more than 37 million acres of the Outer Continental Shelf have been offered for lease since 2012.
More of the public's lands and waters are available and have been leased for drilling than at any previous time in U.S. history. It's worth repeating. More of the public's lands and waters are available today and have been leased for drilling than at any previous time in U.S. history.
As of June 1 of this year, there were 1,980 rotary drilling rigs operating on U.S. lands and waters, more than all other countries combined.
But all this activity has had no impact on prices. The fact is we have 36 years of data to show that it will have no impact on the price of oil.
Why are we doing this? That's the real question that needs to be answered. The Associated Press undertook a statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production. The study found that there was no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.
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