DEEP OCEAN ENERGY RESOURCES ACT OF 2006
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Mr. DUNCAN. Mr. Chairman, I want to thank and commend Chairman Pombo for this bill.
Mr. Chairman, I rise in support of the Deep Ocean Energy Resources Act. Simply put, the DOER Act is a matter of both out national security and our economic security. Over the last couple of years gasoline and natural gas prices have skyrocketed.
More and more people are finding it harder to pay for the gas to fill up their tanks just so they can get to work to provide for their families. Lower income citizens are having trouble paying their utility bills.
We have been blessed with relatively low inflation rates that date back to the Reagan Administration. However, now in recent months, the Federal Reserve is constantly rising interest rates due to inflation, largely caused by rising energy costs.
When businesses have to raise their prices to pay for their energy bills, those increased costs get passed on to consumers. that is just simple economics.
At one of our hearings in the Resources Committee we were told that the United States is the only country in the world that forbids safe energy production on its Outer Continental shelf. If environmentalists will not let us drill offshore or in areas within the Country, from where are we supposed to get our energy? this makes us more vulnerable to foreign energy producers.
It also drives up prices and hurts poor and lower income and working people most of all.
We are forced to seek supplies overseas in politically unstable areas of the world such as the Middle East, Nigeria and Venezuela. Now we are told that the President of Venezuela wants to work with Castro's Cuba and the Chinese and drill for energy in Cuban waters that are close to Florida, so Cuba can drill close to Florida, but we can't.
America has proven oil and gas reserves that we have locked up. We can no longer afford that luxury. the DOER Act would allow us to increase the supply of domestic oil and gas and improve the prospects for a more affordable energy future.
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