Providing For Consideration Of H.R. 2419, Farm, Nutrition, And Bioenergy Act Of 2007

Floor Speech

PROVIDING FOR CONSIDERATION OF H.R. 2419, FARM, NUTRITION, AND BIOENERGY ACT OF 2007 -- (House of Representatives - July 26, 2007)

BREAK IN TRANSCRIPT

Mr. PEARCE. Mr. Speaker, I thank the gentleman for yielding, and it is always imperative that we discuss issues that are brought forward.

Members of Congress often point to other countries who abridge treaties, who abridge contracts of our companies working in those countries, and they claim foul. Recently Hugo Chavez nationalized the oil industry and the electricity and oil companies. Yet the people who work for oil companies that are U.S. oil companies trying to push back that takeover were told why shouldn't we do that, your own government is doing it; we have the right.

They are referring to the language that is in this bill that affects the offshore leases, the '98-'99 leases. The Washington Post described the actions that were taken back on H.R. 6, which are very similar to these actions, as ``heavy handed.'' The stability of contracts, this heavy-handed approach, an attack on the stability of contracts would be welcomed in Russia, Bolivia, and others have been criticized for tearing up revenue-sharing agreements with private energy companies.

Mr. Speaker, we are doing things that affect oil companies and energy prices to Americans. I oppose this rule because it violates the rule of law.

BREAK IN TRANSCIRPT

Source