|00:00:00||WHICH EXTENDS THE FEDERAL HIGHWAY, TRANSIT, AND HIGHWAY SAFETY PROGRAMS THROUGH THE END OF FISCAL YEAR 2012 AND ESTABLISHES PROGRAM FUNDING LEVELS CONSISTENT WITH THE FISCAL YEAR 2012 APPROPRIATED LEVELS.|
|00:00:15||THE HIGHWAY TRUST FUND TAXES AND EXPENDITURE AUTHORITY ARE ALSO EXTENDED THROUGH FISCAL YEAR 2012.|
|00:00:23||THE FEDERAL SURFACE TRANSPORTATION PROGRAMS AND HIGHWAY TRUST FUND TAXES AND EXPENDITURE AUTHORITY ARE CURRENTLY AUTHORIZED THROUGH JUNE 30, 2012.|
|00:00:34||MR. SPEAKER, THE UNDERLYING BILL TODAY EXPAND THE AUTHORITY OF THE GOVERNMENT TO FUND THE HIGHWAY PROGRAMS THROUGH THE END OF THIS FISCAL YEAR.|
|00:00:43||IN ADDITION, THE BILL PROVIDES FOR THE APPROVAL OF THE KEYSTONE X.|
|00:00:48||L. PIPELINE BY GIVING THE FEDERAL ENERGY REGULATORY COMMISSION 30 DAYS TO APPROVE THE KEYSTONE X.|
|00:00:55||L. PIPELINE EXPANSION AND ALSO INCLUDES LANGUAGE CONTAINED IN H.|
|00:00:59||R. 3096, THE RESOURCES AND ECOSYSTEMS SUSTAINABILITY AND REVISED ECONOMIES OF THE GULF COAST STATES OR RESTORE ACT, WHICH WOULD ESTABLISH THE GULF COAST RESTORATION TRUST FUND AND DEDICATE 80% OF PENALTIES PAID BY THE RESPONSIBLE PARTIES IN CONNECTION WITH THE DEEP WATER HORIZON OIL SPILL TO THE RESTORATION OF THE GULF COAST ECOSYSTEM AND ECONOMY.|
|00:01:29||. OUR CONSTITUENTS ARE FEELING GREAT, REAL PAINS AT THE PUMP.|
|00:01:34||AND THEIR PAINS ARE BEING IGNORED BY THE PRESIDENT AND HIS LIBERAL EXTREMIST ENABLERS IN CONGRESS.|
|00:01:41||RECENT POLLS INDICATE THAT 63% OF AMERICANS SAY INCREASES IN GAS PRICES HAVE CAUSED FINANCIAL HARDSHIP FOR THEIR FAMILIES.|
|00:01:49||MY DEMOCRATIC COLLEAGUES MAY BE WELL SERVED TO IGNORE THEIR OCCUPY WALL STREET HANDLERS FOR A MOMENT AND RECOGNIZE THAT AS GAS PRICES INCREASE, IT COSTS MORE TO TRANSPORT FOODS AND OTHER SERVICES WHICH LOWERS THE STANDARD OF LIVING FOR ALL AMERICANS.|
|00:02:08||THE SIMPLE TRUTH IS THAT WHEN PRESIDENT OBAMA WAS SWORN INTO OFFICE IN JANUARY, 2009, THE PRICE OF A GALLON OF GASOLINE WAS $1.|
|00:02:17||84. TODAY IN MANY PARTS OF OUR COUNTRY IT'S OVER $5 A GALLON.|
|00:02:23||MY GUESS IS THAT THIS IS NOT THE KIND OF CHANGE THAT MOST AMERICANS WERE EXPECTING OR WANTED WHEN PRESIDENT OBAMA PROMISED CHANGE.|
|00:02:34||MAYBE SINCE THE PRESIDENT DOESN'T FILL UP HIS OWN GAS TANK , HE DOES NOT FULLY APPRECIATE THIS REALITY.|
|00:02:42||THE STEEPLY RISING GAS PRICES HAVE MAJOR RIPPLE EFFECTS.|
|00:02:46||HIGHER ENERGY COSTS DESTROY JOBS AND LEAVE FAMILIES WITH LESS MONEY TO MEET THEIR BASIC NEEDS.|
|00:02:52||ONE OF THE MOST WELL KNOWN PRECEPTS OF ECONOMIC IS THE PRINCIPLE OF SUPPLY AND DEMAND AND THE PRICE OF GASOLINE IS NOT IMMUNE TO THIS BASIC PRINCIPLE.|
|00:03:02||THAT'S WHY WE NEED TO INCREASE THE SUPPLY OF ALL AMERICAN ENERGY SOURCES TO GET TO US AMERICAN ENERGY INDEPENDENCE.|
|00:03:10||REPUBLICANS HAVE CRAFTED AND PASSED LEGISLATION THAT WOULD NOT ONLY LOWER THE PRICE OF GAS, BUT CREATE JOBS AT THE SAME TIME.|
|00:03:19||UNFORTUNATELY THE LIBERAL DEMOCRAT-CONTROLLED SENATE STUBBORNLY REFUSES TO MOVE THESE BILLS THROUGH THE PROCESS.|
|00:03:25||IT'S BETTER TO PRODUCE OUR OWN AMERICAN ENERGY AND CREATE AMERICAN JOBS RATHER THAN RELY ON UNSTABLE, HOSTILE FOREIGN REGIMES FOR CRITICAL ENERGY RESOURCES.|
|00:03:37||IT SEEMS THAT DEMOCRATS SUBSCRIBED TO THE WISDOM OF THE -- OF PRESIDENT OBAMA'S ENERGY SECRETARY WHO PROCLAIMED THAT, QUOTE, WE SOMEHOW HAVE TO FIGURE OUT HOW TO BOOST THE PRICE OF GASOLINE TO THE LEVELS IN EUROPE, END QUOTE.|
|00:03:54||MR. SPEAKER, IN ITALY GAS PRICES EXCEED $9 PER GALLON.|
|00:03:58||THE OBAMA ENERGY POLICY CONSISTS OF IGNORING THE NEEDS OF AMERICANS AND PLEASING HIS LIBERAL BASE RATHER THAN WORKING FOR ALL AMERICANS.|
|00:04:09||CONGRESSIONAL DEMOCRATS PERSIST IN THEIR CLAIM THAT INCREASING DOMESTIC OIL AND NATURAL GAS PRODUCTION WILL NOT IMMEDIATELY DECREASE THE PRICE OF GASOLINE.|
|00:04:17||FOR DECADES THIS ARGUMENT HAS BEEN USED AS AN EXCUSE TO CONTINUE STALLING.|
|00:04:22||WE CAN NO LONGER DELAY AND DENY ACCESS TO OUR OWN AMERICAN RESOURCES.|
|00:04:27||ANOTHER FALSE CLAIM OF CONGRESSIONAL LIBERALS IS THAT THE OIL PRODUCERS ARE SOMEHOW RESPONSIBLE FOR THE HIGH PRICE OF GASOLINE, EVEN THOUGH OFFICIAL GOVERNMENT INVESTIGATIONS HAVE SHOWN TIME AND AGAIN NO WRONG DOING.|
|00:04:40||BUT THEY INSIST ON TYING THEIR FUNDAMENTAL DISDAIN FOR CAPITALISM INTO THE CLAIM THAT DENYING FAIR TAX TREATMENT TO DOMESTIC ENERGY PRODUCERS, THAT IS PROVIDED TO EVERY OTHER INDUSTRY, WILL SOMEHOW LOWER GAS PRICES.|
|00:04:57||MR. SPEAKER, INCREASING TAXES ON AMERICAN ENERGY PRODUCERS WILL ONLY MAKE THE PRICE OF GASOLINE HIGHER FOR FAMILIES AND JOB CREATORS, BECAUSE EFFECTIVE COMPANIES SIMPLY PASS THEIR INCREASED COSTS ON TO CUSTOMERS IN ORDER TO STAY IN BUSINESS.|
|00:05:13||IN WHAT UNIVERSE DOES MAKING SOMETHING MORE EXPENSIVE TO PRODUCE MAKE IT CHEAPER TO SELL?|
|00:05:19||THE SIMPLE TRUTH IS THAT DOMESTIC ENERGY PRODUCERS ARE ESSENTIAL TO THE U.|
|00:05:25||S. ECONOMY, JOB CREATION, ENERGY SECURITY AND DEFICIT REDUCTION.|
|00:05:27||IT SUPPORTS MORE THAN NINE MILLION JOBS AND HAS MORE THAN $1 TRILLION -- ADDS MORE THAN $1 TRILLION TO THE U.|
|00:05:34||S. ECONOMY EACH YEAR.|
|00:05:35||TODAY THE ENERGY INDUSTRY PAYS OVER $86 MILLION A DAY IN INCOME TAXES, ROYALTIES, BONUSES AND RENTS TO THE FEDERAL GOVERNMENT.|
|00:05:44||BETWEEN 1996 AND 2007, THE INDUSTRY INVESTED MORE THAN $1.|
|00:05:51||2 TRILLION IN A RANGE OF LONG-TERM ENERGY INITIATIVES COMPARED TO NET INCOME OR EARNINGS OF $974 BILLION.|
|00:06:02||THE REALITY IS THAT FAILURE TO PRODUCE DOMESTIC ENERGY SUPPLIES ALONG WITH GLOBAL TURMOIL AND COMPETITION FOR SUPPLIES WITH DEVELOPING NATIONS HAVE DRIVEN UP ENERGY PRICES AND BOOSTED FOREIGN ENERGY COMPANIES THAT DO NOT PAY AMERICAN TAXES, NOR COMPLY WITH AMERICAN ENVIRONMENTAL STANDARDS.|
|00:06:19||HOUSE REPUBLICANS ARE NOW BRINGING FORWARD YET ANOTHER BILL THAT WILL HAVE THE DUAL IMPACT OF LOWERING GAS PRICES WHILE SUPPORTING JOB CREATION.|
|00:06:29||REPUBLICANS REMAIN COMMITTED TO SOLUTIONS THAT PROMOTE AMERICA'S ENERGY INDEPENDENCE, LOWER GAS PRICES AND HELPS CREATE AMERICAN JOBS.|
|00:06:39||WITH THAT, MR.|
|00:06:40||SPEAKER, I RESERVE THE BALANCE OF MY TIME.|
|00:06:42||THE SPEAKER PRO TEMPORE: THE GENTLEWOMAN RESERVES THE BALANCE OF HER TIME.|
|00:06:47||THE GENTLEMAN FROM -- THE GENTLEMAN FROM|
Ms. FOXX. House Resolution 619 provides for a structured rule providing for consideration of H.R. 4348, a bill which extends the Federal highway, transit, and highway safety programs through the end of fiscal year 2012 and establishes program funding levels consistent with the fiscal year 2012 appropriated levels. The highway trust fund taxes and expenditure authority are also extended through fiscal year 2012. The Federal surface transportation programs and highway trust fund taxes and expenditure authority are currently authorized through June 30, 2012.
Mr. Speaker, the underlying bill today extends the authority of the government to fund highway programs through the end of this fiscal year.
[Time: 12:30] In addition, the bill provides for the approval of the Keystone XL pipeline by giving the Federal Energy Regulatory Commission 30 days to approve the Keystone XL pipeline expansion, and also includes language contained in H.R. 3096, the Resources and Ecosystem Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States, or RESTORE, Act which would establish the Gulf Coast Restoration Trust Fund and dedicate 80 percent of penalties paid by the responsible parties in connection with the Deepwater Horizon oil spill to the restoration of the gulf coast ecosystem and economy.
Mr. Speaker, our constituents are feeling great real pains at the pump, and their pains are being ignored by the President and his liberal extremist enablers in Congress.
Recent polls indicate that 63 percent of Americans say increases in gas prices have caused financial hardship for their families. My Democratic colleagues may be well served to ignore their Occupy Wall Street handlers for a moment and recognize that, as gas prices increase, it costs more to transport food and other essential goods and services, which lowers the standard of living for all Americans.
The simple truth is that when President Obama was sworn into office in January 2009, the price of a gallon of gasoline was $1.84. Today, in many parts of our country, it's over $5 a gallon. My guess is this is not the kind of change that most Americans were expecting or wanted when President Obama promised change.
Maybe since the President doesn't fill up his own gas tank, he does not fully appreciate this reality.
These steeply rising gas prices have major ripple effects. Higher energy costs destroy jobs and leave families with less money to meet their basic needs.
One of the most well-known precepts of economics is the principle of supply and demand, and the price of gasoline is not immune to this basic principle. That's why we need to increase the supply of all American energy sources to get us to American energy independence.
Republicans have crafted and passed legislation that would not only lower the price of gas, but create jobs at the same time. Unfortunately, the liberal Democrat-controlled Senate stubbornly refuses to move these bills through the process.
It's better to produce our own American energy and create American jobs rather than rely on unstable, hostile foreign regimes for critical energy resources.
It seems that Democrats subscribe to the wisdom of President Obama's Energy Secretary who proclaimed that ``we somehow have to figure out how to boost the price of gasoline to the levels in Europe.'' Mr. Speaker, in Italy gas prices exceed $9 per gallon. The Obama energy policy consists of ignoring the needs of Americans and pleasing his liberal base, rather than working for all Americans.
Congressional Democrats persist in their claim that increasing domestic oil and natural gas production will not immediately decrease the price of gasoline. For decades, this argument has been used as an excuse to continue stalling. We can no longer delay and [Page: H1926] deny access to our own American resources.
Another false claim of congressional liberals is that the oil producers are somehow responsible for the high price of gasoline, even though official government investigations have shown time and again no wrongdoing. But they insist on tying their fundamental disdain for capitalism into the claim that denying fair tax treatment to domestic energy producers that is provided to every other industry will somehow lower gas prices.
Well, Mr. Speaker, increasing taxes on American energy producers will only make the price of gasoline higher for families and job creators because affected companies simply pass their increased costs on to customers in order to stay in business.
In what universe does making something more expensive to produce make it cheaper to sell? The simple truth is that domestic energy producers are essential to the U.S. economy, job creation, energy security, and deficit reduction. It supports more than 9 million jobs and adds more than $1 trillion to the U.S. economy each year.
Today, the energy industry pays over $86 million a day in income taxes, royalties, bonuses, and rents to the Federal Government. Between 1996 and 2007, the industry invested more than $1.2 trillion in a range of long-term energy initiatives, compared to net income or earnings of $974 billion.
The reality is that failure to produce domestic energy supplies, along with global turmoil and competition for supplies with developing nations, has driven up energy prices and boosted foreign energy companies that do not pay American taxes, nor comply with American environmental standards.
House Republicans are now bringing forward yet another bill that will have the dual impact of lowering gas prices while supporting job creation. Republicans remain committed to solutions that promote America's energy independence, lower gas prices, and help create American jobs.
With that, Mr. Speaker, I reserve the balance of my time.