Steven Holt: “My amendment would offer oil companies a choice. They could choose either to continue to produce royalty-free oil in the…”

“My amendment would offer oil companies a choice. They could choose either to continue to produce royalty-free oil in the gulf and not get new leases or they could pay their fair share and proceed with this willy-nilly drilling that would be allowed under this law, under this legislation. My amendment does not break contracts. It simply would not force companies to give up their leases. It would impose a condition on future leases. As the Congressional Research Service has stated: As a general matter, the United States has broad discretion in setting the qualifications of those with whom it contracts. These oil companies are the most profitable companies in the history of the world, yet they receive more than $4 billion a year in taxpayer subsidies. On top of that, they get to drill for free on all of these public lands. Because of a quirk in the 1995 law, which came about because that Republican Congress was not eager to make oil companies pay, we shouldn't continue to give them a free ride. If my colleagues on the other side are serious about paying down the deficit and realistically financing necessary investments in this Nation, then there is no excuse for not supporting this amendment to recover about $1 billion a year--actually, somewhat more than that probably--that is rightfully owed to the American people. {time} 1830 It's time to end this taxpayer rip-off once and for all. With that, I yield back the balance of my time.”