Ed Markey: “During this period, the leadership of the Republican Party in the Congress and in the White House have pumped literally…”

“During this period, the leadership of the Republican Party in the Congress and in the White House have pumped literally billions of dollars of unnecessary subsidies into the pockets of Big Oil, tens of billions of dollars. They voted for royalty-free drilling for the biggest oil companies on offshore public lands. They've opposed all efforts to repeal billions in tax breaks for Big Oil. And in the 12 years they controlled the Congress up until the beginning of last year, they opposed high fuel economy standards for the vehicles which we drive in America so we could back out that oil that we import from the Persian Gulf. GOP used to stand for 'Grand Old Party,' but now it stands for 'Gas and Oil Party.' Here's what the President said about giving incentives to Big Oil in 2005. He said, 'I will tell you, with $55 oil, we don't need incentives for the oil and gas companies to explore. There are plenty of incentives for the oil industry.' That's George Bush, April 2005 at $55 a barrel. Today, it's at $119 a barrel. But the Republicans, you know, they just can't kick a bad habit. Offering subsidies to Big Oil to drill is like subsidizing fish to swim, you just don't need to do it.”