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Big Oil is Not Drilling

Location: Washington, DC

BIG OIL IS NOT DRILLING -- (House of Representatives - July 17, 2008)

(Mr. DeFAZIO asked and was given permission to address the House for 1 minute.)

Mr. DeFAZIO. Back when George Bush was elected in 2001, gas was $1.48 a gallon, and we imported 52 percent of our oil. Today, gas is $4.39 a gallon in my district, and we're importing 58 percent of our oil. In the meantime, what's been done?

Well, we adopted the Republican energy plan, formulated in secret by DICK CHENEY--yet another oilman along with George Bush--and some people say, Well, it's not working. I think it's working. Record profits for the oil industry and their friends, $551 billion since George Bush took office and more dependence on imported oil from Saudi Arabia and other friends of the President.

We need a new energy policy in this country, and we're striking out in that direction. We've already passed new mandates for fuel efficiency. We tried to move us towards renewables. But we need some interim supply. That's why we have the DRILL Act up today. We need interim supply, but Big Oil is sitting on leases that can access 80 percent of our estimated reserves in Alaska and the Outer Continental Shelf, and they're not drilling it.

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