Lowering Gasoline Prices to Fuel an America That Works Act of 2014

Floor Speech

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Mr. BISHOP of New York. Mr. Speaker, I rise to offer a motion to recommit. This is the final amendment to the bill, which will not kill the bill or send it back to committee. If adopted, the bill will immediately be amended and proceed to final passage.

The bill before us does not represent a substantive effort to empower America's middle class to move up the ladder of success or put Americans back to work. Though creatively titled, it instead represents another effort by the majority to look out for special interests already doing well from a Tax Code stacked against millions of our hardworking constituents.

Under the guise of attempting to lower gasoline prices, Republicans are using this bill as a vehicle to steer control of our Nation's precious natural resources to companies that accounted for nearly $100 billion in profits in 2013. It is a textbook example of corporate welfare run amok.

My final amendment will add two critical components to the underlying bill. First, none of the big five oil companies will be granted a new lease to drill on Federal lands without first foregoing the massive subsidies that they receive from American taxpayers.

This would result in nearly $10 billion of savings that could be put towards the pressing national priorities that need our attention, but are being ignored by this House--education, the highway trust fund, unemployment insurance, or a permanent Medicare reimbursement fix.

Second, oil companies will not be permitted to export U.S. oil or natural gas, if doing so will increase domestic prices of gasoline or home heating oil. In other words, if the government is going to make drilling easier for the big oil companies, let's make sure the benefits are passed on to the American people, rather than the corporate bottom line or foreign consumers.

We all want lower gas prices. In my district on Long Island, gas prices just went over $4 a gallon. That is almost a half a buck increase in the last 4 months. Democrat or Republican, all of us recognize that lower gas prices are desirable for American families.

Let us also remember that the price of oil results from a combination of both supply and demand. As more and more Chinese nationals purchase cars, increased demand on the global gasoline marketplace will lead to higher gas prices, regardless of U.S. or international oil production.

In fact, since 2010, China alone has consumed about half of the extra oil that has been produced during this current oil production boom. This bill will do nothing to actually lower prices at the pump.

Claiming this bill is a panacea to fix the problem of sky-high prices is just plain wrong. Without the protections contained within this motion to recommit, the underlying bill could very well result in lower prices at the pump in China and higher prices here at home. This is unacceptable and--I am sure--not what my friends across the aisle have in mind.

American energy independence is more achievable than ever. In fact, domestic oil production is at a 25-year high, while net imports are at a 29-year low. Let's support the American middle class by adding these vital consumer protections to the underlying bill. I urge passage of this motion to recommit.

Mr. Speaker, I yield back the balance of my time.

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