Susan Davis: “the real issue here is about moving this Nation in the direction of energy independence. It's true that this bill is…”

“the real issue here is about moving this Nation in the direction of energy independence. It's true that this bill is about increasing royalties for oil extracted from land owned by the American people. Lease agreements from 1998 and 1999 mistakenly did not include the proper royalty language. As a result, the American people lost out on an estimated $865 million in royalties. With this legislation, Congress has an opportunity, and a responsibility, to correct this mistake. We also have an opportunity to roll back unnecessary subsidies and tax breaks for oil companies. But the bill is not about sticking it to the oil industry as some critics have claimed. It is about creating an important funding mechanism for our Nation's energy future. Throughout history, America has been an innovator in technology. Benjamin Franklin's experiments with electricity paved the way toward harnessing its capabilities. The Wright Brothers flew the first airplane. America was the first to put a man on the moon. Now is the time for America to become a leader in another field: renewable energy. The funding generated from this bill will allow us to significantly increase our Nation's investment in renewable energy. As a Nation, we have become more and more dependent on oil. We simply cannot maintain our current rate of oil consumption. Madam Speaker, let's not wait until we hit rock bottom before making significant progress toward energy independence.”