On the recordMay 17, 2011
this is a very important issue we are debating today, and there are very different views about how we should proceed. I rise to object to the Menendez bill that is on the floor. I urge my colleagues to vote no, and I wish to give at least five reasons why. I don't think this bill is the right approach. It will not solve the problem of high prices at the pump. I think, in many ways, it is actually a waste of time to be taking a whole day on an issue that is not going to result in lower prices at the gas pump or in more domestic supply, which are two things we need to attempt to do sometime in the next short period. I have a great deal of respect for my colleague from New Jersey--as I do my colleague from California, who spoke in favor of this direction-- but I want to give a couple of thoughts about why I will be voting no and why I am urging my colleagues to do the same. According to economic analysis, the bill Senator Menendez presents to us today to remove tax credits and subsidies from the five major oil companies will do nothing to lower prices at the pump. So as everyone goes to fill up their cars, their trucks, or their minivans today, even if this bill passed--which it will not, because it will not get near the 60 votes needed to move it forward--it will not lower prices at the pump by 1 penny. Mr.…





