Date: 2007-08-04
Speaker: GENE GREEN (democrat)
Chamber: H
State: Texas

Mr. Speaker. I thank the gentleman. And if I had known we had so much time on our side. Jim. I would have asked you for time. Mr. Speaker. I begin by stating how disappointed I am to come to the House floor today and speak against one of this Congresss first major energy initiatives. It pains me because I truly support the bills goals of promoting clean. domestic. renewable energy. What I disagree with is how this Congress chooses to pay for these worthy initiatives. I understand we have a budget deficit and funds for new alternative energy programs are in short supply. but like a broken record. this Congress continues to raid the piggybank of Americas energy producers. Now I know it makes great press releases to say this Congress is taking away the record profits of big oil to invest in renewable energy. But are we drafting press releases or are we drafting sound policy? Earlier this year. I stood on the floor and supported H.R. 6. the Clean Energy Act. which included many of the same tax provisions as the bill today. and I encouraged my colleagues at that time to do the sane. While I had concerns. it could reduce incentives for domestic production. the bill did not include more punitive measures that could destabilize our Nations gasoline supply even further. As a show of good faith during that critical 100 hours for our new majority. I voted for that bill. But I expressed my support for H.R. 6 on the floor concluding with my remarks with one important message: If we hit one industry for billions and billions of dollars. you cant go back for more and more and expect enough gasoline for our cars and fuel to heat and cool our homes. *Only 6 months later. here we are again. only this time we are almost doubling the amount of taxes on U.S. oil and gas companies. I am not here to protect the interest of big oil. I am here to protect the interests of the American consumer who relies on those critical energy supplies. And Im here to protect the jobs of U.S. workers. Neither of these interests are advanced if we in Congress continue to view Americas energy industry as the .ATM for Congress. Everyone agrees we must invest more in renewable sources of energy. but this isnt a buffet. -We dont have the luxury to pick and choose which energy resources our Nation will rely on. The Energy Information Administration predicts that natural gas. oil and coal will comprise approximately the same share of our total energy supply in 2030. as it did in 2005. even with the new investments for renewable energy. That is why our Nations energy security requires tax policies that promote greater supplies of these fuels. not policies that hinder domestic production and refinery capacity. H.R. 6 included tax provisions that brought in $7.7 billion. mostly from the section 199 repeal. That same section now scores $11.4. In only 6 months. the same proposal has increased in cost by an additional $4 billion. This large increase in new taxes targeted at the U.S. energy industry will reduce our Nations energy security by discouraging domestic oil and gas production. discouraging new investments in refining capacity. and actually tilting the competitive playing field for global energy resources against U.S.based oil and gas companies. Ive heard many Members of this chamber preach to the energy industry on the need to reduce the cost of gasoline for consumers and invest more in refinary capacity. Can anyone tell me how increasing their taxes could possibly accomplish these twin goals? From 19922006 the five major oil companies invested $765 billion in new capital energy infrastructure. compared to their net income of $662 billion. These companies invested more than they earned. and less money in their coffers means less money for critical. infrastructure investments. And finally. lets talk about jobs. In the United States. there are almost 1.9 million Americans directly employed in the oil and natural gas industry and almost 6 million total U.S. jobs resulting from oil and gas activity when indirect and other employment is considered. Increasing costs on the domestic oil and gas industry. and on U.S. based oil and gas companies operating abroad. will jeopardize these highpaying jobs. . So before this Congress makes yet another ATM withdrawal from the oil and gas industry. let us not ignore the big picture of ensuring Americans have a stable supply of energy to help move us towards our long term goals of cleaner energy sources. I urge my colleagues to vote for sound energy policy and vote against this bill.