Ed Markey: “I yield myself a minute and three-quarters. The amendment that I'm offering would give these oil companies a strong…”

“I yield myself a minute and three-quarters. The amendment that I'm offering would give these oil companies a strong incentive to renegotiate their leases and to pay their fair share of royalty taxes. My amendment would offer these oil companies a choice. They can choose to either continue to produce royalty tax-free in the Gulf of Mexico on public lands but not be able to receive any new leases on public lands, or they can agree to pay their fair share and be able to bid on new areas. They can't have it both ways. With oil prices at $100 a barrel, this free drilling is absolutely unacceptable. The Congressional Research Service has repeatedly found that this amendment would not be an abrogation of contract or constitute a taking. In 2010, the Congressional Research Service wrote of my amendment: To reiterate, the amendment imposes no legal compulsion. Just as in Ruckelshaus, Congress simply would be posing an election. {time} 1620 This amendment does not require these companies to renegotiate their leases to pay their fair share; it just gives them an incentive to do so. And this amendment would not force companies to give up their leases; it would just impose a condition in issuing future leases. As CRS has stated, as a general matter, the United States has broad discretion in setting the qualifications of those with whom it contracts.…”