James A. Leach: “Mr. Speaker, I must oppose this bill. I understand why this bill comes, but my colleagues, I was raised in the oil…”

“Mr. Speaker, I must oppose this bill. I understand why this bill comes, but my colleagues, I was raised in the oil fields. My daddy was a drilling contractor. We went through many ups and downs in the economy in the oil and gas industry. I come from Houston, Texas, the capital of the oil and gas industry in the world, and I am telling my colleagues this is a horrible policy. This is a horrible policy. We just went through a depression in the oil and gas industry in the late 1970s and early 1980s, and we got through it. Sure, there were a lot of people that lost their jobs, but I have to tell my colleagues that the oil and gas industry got through that deep depression and they are stronger for it today. They are stronger for it today. When this bill was first conceived, oil was at $8, $10 a barrel, West Texas crude is up to $20 to $21 a barrel. The oil and gas industry does not need the government fooling around with their market by suggesting that loan guarantees will somehow save all the jobs and save the oil and gas industry. They do not need this.”