Adaptation to Changing Crude Oil Markets
Floor Speech
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Mr. Chair, I thank Mr. Barton for the leadership he has provided on this bill.
I rise in support of H.R. 702 that repeals the ban on crude oil. This ban reflects an America of yesterday. It is our job, as Members of Congress, that our laws reflect the America of tomorrow.
If you look at why this is important, this ban hurts the economy and prevents the creation of jobs. This ban imposes an estimated $200 to $300 billion cost to the economy and discourages domestic, made-in-America crude oil production.
By lifting the ban now, we will create 359,000 new jobs. How do I know? Because I represent the Eagle Ford and I have seen small-business people, men and women, that work very hard every single day to have this type of job. And I think we owe it to them and across the Nation.
This ban also reduces the Federal direct spending by $1.4 billion, according to the CBO. So it also helps our deficit. This ban is something that we need to change, and we need to make sure that we lift this ban.
What about gasoline prices? You heard Mr. Ryan. You heard other folks. According to the General Accounting Office, this will bring prices down from 1.5 cents to 13 cents. The CBO says the same thing: 5 cents to 10 cents. The administration's own agency, the Energy Information Administration, says it will bring it down one penny or remain. It doesn't go up. It goes down.
This ban also doesn't allow us to use our powers in foreign policy. Why are we allowing Russia or Iran to dictate what happens in this world? This is why we need to make sure that we support the repealing of this ban.
Now, who supports this? Mr. Barton, you know it is a bipartisan bill. Democrats and Republicans support this bill, but it is also supported by business, small-business owners, and by some of the labor organizations. We have talked to those labor organizations.
Mr. Chairman, support H.R. 702, a bipartisan bill.
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Mr. Chairman, I am here, of course, to talk about an amendment to H.R. 702, this important legislation before us that will lift this outdated ban on the export of oil, modernize the U.S. energy economy, and create U.S. jobs. The amendment that I bring forward is to help Minority-Serving Institutions grow the leaders of the future in the oil and gas industry.
The Bureau of Labor Statistics predicts that Hispanics will account for 74 percent of the growth in the Nation's labor force from 2010 to 2020. This amendment ensures that our Minority-Serving Institutions, such as Hispanic-Serving Institutions and Historically Black Colleges and Universities, can create a competitive and able workforce in our oil and gas industry. This will ensure that our Nation can continue to compete in the global market far into the future. Hispanic-Serving Institutions are about 12 percent of the nonprofit colleges and universities, yet they enroll 59 percent of all Hispanic students.
The other part of this amendment, Mr. Chairman, is that it also calls for the Department of Energy to encourage public-private partnerships between the energy sector and Minority-Serving Institutions.
This is an amendment that I think will be good for all workers across the Nation. I ask all Members to vote in favor of this amendment and to support the underlying bill.
I reserve the balance of my time.
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Mr. Chairman, I appreciate the kind words of the gentleman from Illinois.
I understand the amendment that he was trying to get in. Actually, I was trying to help try to get his amendment accepted, but it is up to the Rules Committee and the democracy there.
This amendment is very simple. It is something that we have added in the appropriation bill on different agencies. We all have voted for this in the appropriation bills time after time after time, and it is to help the Minority-Serving Institutions.
I ask the gentleman from Texas and Members to please accept this amendment.
I yield back the balance of my time.
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