Reduce the Price of Gas Now

REDUCE THE PRICE OF GAS NOW -- (House of Representatives - July 15, 2008)

(Mr. ISRAEL asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. ISRAEL. Mr. Speaker, I have finally figured it out. I have finally figured out why this administration and many of its Republican allies refuse to release oil from the Strategic Petroleum Reserve and all they want to do is drill, drill, drill, drill. I've figured it out.

Every time oil has been released from the Strategic Petroleum Reserve, the price of oil has fallen, each and every time. This administration has refused our demands that it do the same now, when we are in an emergency and has said, I would rather drill.

But its own Department of Energy analysis said, and I quote, ``Drilling would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.''

I figured it out. In 8 years, this administration has enabled oil company profits to go from $39 billion to $116 billion. Think about what those profits will go to in the next 22 years. That is what this is about.

This administration wants to give oil companies more time to reap larger profits, and refuse to give the American people the price relief they need by releasing oil from the Strategic Petroleum Reserve and reducing the price of gas now.

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