Ed Markey: “For nearly 8 years, this administration's backwards energy policy has lined the pockets of oil company executives, while…”

“For nearly 8 years, this administration's backwards energy policy has lined the pockets of oil company executives, while hurting American consumers, the economy, and the planet. Since President Bush took office, the price of oil has gone from $30 a barrel to a new record high price of $101 a barrel yesterday. As a result of this administration's failed energy policies, our dependence on foreign oil is now over 60 percent, and we are hemorrhaging funds to pay for our oil addiction at the rate of over $500,000 a minute, $30 million an hour, $5 billion a week sent overseas. And consumers are the ones paying the price for our oil addiction. Gas prices are now at a nationwide average of $3.14, up nearly $1 from a year ago. This administration's oil-centric energy policy has proven itself to be completely bankrupt for everyone except Big Oil. While American consumers are being tipped upside down at the pump and having money shaken out of their pockets, Big Oil is recording the greatest corporate profits we have ever seen in the history of the world. Today, we debate whether we will repeal unnecessary tax breaks for the biggest oil companies and use those funds to spur investment in renewable energies, biofuels and energy efficiency. The future of renewable energy is in America's hands. But the money to fund the renewable revolution is stuck in Big Oil's pockets. Renewable energy is ready to take off, but it needs us to build the runway.”