On the recordMay 4, 2011
Mr. Speaker, in the great debate over oil and gas prices, there are actually many things we can all agree on. We agree our dependence on foreign oil endangers our environment, hurts our economy, and weakens our national security. Our disagreement lies in potential solutions. I believe that in order to lower gas prices, we can and must crack down on oil speculators, end Big Oil handouts, invest in public transit and electric vehicles, and increase corporate average fuel economy standards. The other side of the argument would have you believe that all we need to do is increase our domestic oil resources and remove regulations--regulations that purportedly forced us to look outside our Nation's borders for oil. Our answers do not lie in more oil. Our answers lie in conservation and smart investments. Talk about smart investment--every increase of 1 mile per gallon in auto fuel efficiency yields more oil than can be found in two Arctic National Wildlife Refuges. An improvement right now of 2.7 miles per gallon would eliminate our need for all Persian Gulf oil. But it's not a question of simple domestic supply and demand either, another argument the other side of this issue will use. Oil prices are set on a global oil market. Historically, such small increases in U.S. production have had little or no impact on world oil prices. The U.S.…





