On the recordMarch 6, 2012
Mr. President, I thank my friend for putting the gas price situation into a larger picture and also note that one other factor playing a role is manipulation due to some of the instability in the world that our President is certainly dealing with, and many of us here, and the instability in Iran; the fact that we have sanctions, the fact that there is also a greater demand coming for this product from China and other very high-growth areas. I say to my friend, is he aware--I know he is, but because of the rules I have to ask it in a question--that we are producing far more of this resource, oil, in this country than we have done? Since 2008 we have many more rigs out there, and is my colleague also aware that the oil companies are sitting on well over 50 million acres of leases on which they are not drilling when they could? And, my last point, is my friend aware that we are exporting more than we ever have from America? That is also a very important point. To those who say, ``drill, baby, drill,'' that is not an answer if it is ``export, baby, export.'' The fact is we are drilling more, and more is leaving America. So I say to my friend, is he aware of all of these factors, and is he as concerned as I am about the other side playing more politics with this because ``drill, baby, drill'' is not the answer? We are drilling more than ever. We only have 2 percent of the world's proven supply of oil. I wonder if my friend could comment on those points.





