Jerry Moran: “3 years ago this month I made my first speech on the House floor, highlighting the importance of domestic oil production…”

“3 years ago this month I made my first speech on the House floor, highlighting the importance of domestic oil production and our dangerous reliance upon imported oil. At that time oil was just under $15 a barrel and gasoline was around 80 cents a gallon. Within the following 12 months, the price of crude would fall to $7.75 per barrel for western Kansas crude and would remain under $10 per barrel for most of the next year. As a result of the dramatic price decline, since 1997 more than 136,000 wells were shut in and more than 41,000 jobs were lost in the oil and gas industry in our country. This amounts to 136,000 wells and 41,000 people not producing oil to meet our country's energy needs. It was during that time that I introduced legislation aimed at reducing the cost of production for independent oil and gas producers. The bill seeks to boost domestic production by lowering the tax burden on small producers, increasing the credit for advanced oil recovery and calling for a strategic plan that would include additional research and development on secondary and tertiary oil recovery to address our national security needs. While the focus now is on the cost of energy paid by the American consumer, the solution for today's consumer is the same as the solution for the problem of the independent oil and gas producer. We must encourage production in our domestic industry and limit our dependence on foreign supplies of petroleum.”