On the recordMay 11, 2011
I thank the Senator. I wish to ask the Senator a final point. We are going to hear tomorrow speeches given about America is at the highest production levels ever. That may be true. But it is true for a very short period of time--maybe the next month or two--because as you can see, there is going to be a precipitous fall. Why? Because of the Deepwater Horizon, the shutdown in the Gulf of Mexico. Even though people say we are at the highest production levels we ever have been, it is going to be temporary. Then the production levels are going to decline down to the lowest level since 1997. I want people to understand, we are not on a path to produce more in America. We are on a path to produce less. And taking all subsidies away from the five major international oil companies is not going to change this line. It is going to make it continue to go down. It is not going to reduce the price of gasoline at the pump, not by one penny. It is not going to get us on the path to a strong, sound energy policy. I will say in conclusion, should some of these subsidies and tax credits be looked at? Yes, in a comprehensive format. And I will say, I will be open to the ones that are the least effective, the least necessary, and are fairly applied across companies such as Google, AT&T, GE, and other companies. I will be happy to do my part. People in Louisiana will do our part. But we are not, along with Texas and Oklahoma and Alaska, going to take it all on our shoulders. We have had enough.…





