Pete Domenici: “So a million barrels a day becomes a different thing. A million barrels a day was $19 million. But now a million barrels…”

“So a million barrels a day becomes a different thing. A million barrels a day was $19 million. But now a million barrels is 120 times that. That is what you are losing to foreign countries. You have alluded to the fact that maybe the American economy is suffering irreparable harm. You said it a different way than I. But I happen to believe--and have spoken to it two or three times on the floor--I think we are experiencing irreparable damage to the American economy because of the enormous price of crude oil and our inability to find a way to get along without it. We are just depleting our vitality, and we do not know quite how to figure it out. We do not know why the economy is having trouble. There are just all kinds of things we do not know. But I have an answer for most of them: It is too many dollars going overseas to get crude oil. That is an enormous drain on this economy, as strong as it is. That, plus the big debt we have accrued is hanging out there to be bought by the Chinese and others. You add them up, and it is frightening. If we can do something about it, we should. Isn't that why we are here?”