On the recordMay 18, 2011
Mr. President, I have come to the floor to talk about the Republican bill to expand coastal drilling without environmental review, without the normal planning process, and without important safety measures. But before I do, I just have to respond to the remarks of my distinguished colleague from Alabama about our bill debated on the floor yesterday. Only in Washington--only in Washington--could taking $21 billion from the oil companies' tax breaks, which the legislation clearly stated would go to deficit reduction, at a time that oil companies are making anywhere between $125 billion and $144 billion in profits--not revenue but profits--would that be not reducing the deficit. Only in Washington could you say taking $21 billion from the oil industry and the tax breaks they get, with record profits--and the law said very clearly that was going directly to deficit reduction--only that could be viewed a different way. And to suggest the oil companies cannot do without that $21 billion of the taxpayers' money when they are making $125 billion to $144 billion in profits is pretty outrageous. But I know what today's legislation is about. Yesterday, the Republicans were standing up for Big Oil and today they are standing up for Big Oil again because this is not about reducing gas prices. Haven't we learned anything from the tragic death of 11 men aboard the Deepwater Horizon rig a little over a year ago?…





