On the recordMay 5, 2011
Thank you, Mr. Chairman. Most Americans understand the concept of supply and demand, and in fact a third of oil now comes from the gulf. The Department of Energy's information agency tells us that last year's production in the gulf was 20 percent less than projected in 2007, and in 2012 we are going to be getting a half a million barrels a day decline in production from 2010. What happens when the production goes down and the demand goes up? The price goes up--way up. Add to that the uncertainty and the unrest in the Middle East, and there is no surprise that we have gas prices at $4 and $5 now in this country, and who knows where they are headed. This legislation, if we pass it today and get it enacted, helps turn the key to unlocking the door on domestic energy production. This legislation is not about new lease sales. It is simply catches up with the leases already approved. Let's pass it.
