Raúl Grijalva: “The underlying legislation would already roll back all the positive reforms Democrats have made to the oil and gas…”

“The underlying legislation would already roll back all the positive reforms Democrats have made to the oil and gas leasing program in the Inflation Reduction Act. For too long, Big Oil paid the taxpayers a pittance for publicly owned gas and oil they extracted and sold for an enormous profit. In the IRA, Democrats fixed our outdated royalty rates, bringing them in line with the royalty rates charged by States. Studies have shown that this will have no impact on gas prices, but it will bring a fair return to the taxpayers. Republicans want to repeal our reforms and lower royalty rates-- again, a giveaway to an industry that clearly doesn't need it. These low royalty rates are part of the reason this bill increases the deficit. So much for that fiscal responsibility and restraint. Big Oil doesn't need the giveaway. The rich are getting richer. Mr. Chair, I urge a ``no'' vote on the amendment, and I reserve the balance of my time.”