ENERGY PRICES -- (House of Representatives - July 22, 2008)
(Mr. SMITH of Texas asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. SMITH of Texas. Mr. Speaker, last week, President Bush removed the executive ban on offshore drilling. After the announcement was made, crude oil futures plunged. Prices fell $6.44 in the biggest one-day drop since the Gulf War. The next day, prices dropped another $4.50 to $134. This is not a coincidence.
The Democratic majority says it will take years to produce oil from offshore drilling and that it won't affect energy prices.
If Congress lifts the ban on offshore drilling, we will continue to see oil prices fall. Energy traders do take government policies into account. Deciding to develop our American energy resources can immediately lower the cost per barrel of oil and can provide relief at the gas pump.
Democratic Party leaders should heed the will of the American people and should schedule a vote to increase our American energy supply.