On the recordMay 11, 2011
I yield myself such time as I may consume. Mr. Chairman, in the first quarter of this year, the oil companies were actually able to make $35 billion in profits; but in my amendment, we are able to say to them, because of a flaw in leases in the 1990s which required them to pay no royalties on public lands--taxpayers' lands--for oil they're drilling for right now and charging $100 a barrel, $4 a gallon at the pump, that we think there is something wrong when the taxpayers don't get anything back. {time} 1650 And so what my amendment says is that they can't apply for any more leases on taxpayers' land unless they're willing to renegotiate the mistaken leases that were given to them that, by the way, will allow them to escape having to pay $53 billion in taxes, in royalties. That's another word for taxes, ``royalties.'' When you're talking about oil, ``royalties'' is the word we use to describe taxes. This blank check to the oil industry is absolutely undeserved. The Republican approach to offshore oil royalty policy is to treat the Big Oil companies like royalty and to treat the consumers and taxpayers like peasants. They're just going to give away all these breaks to the oil industry. You know, Prince William and Kate Middleton just left on their honeymoon. Their royalty honeymoon is just beginning.…





