David Thomas: “we are here, of course, to talk about oil prices, high oil prices that affect each of us. Let me start by recalling that…”

“we are here, of course, to talk about oil prices, high oil prices that affect each of us. Let me start by recalling that less than 2 years ago, in 1998, we had what was considered to be the largest oil collapse since 1900. The price of oil in my State, which is heavy oil and less expensive than some other places, was $5 or $6 a barrel. Now, of course, we are faced with oil prices that are in the neighborhood of $30 a barrel. I think we will hear a great deal of talk that we need to find a long-term answer to stabilize the production cost of energy so we have, in fact, an ample amount of energy. We need an incentive to produce energy on a continuing basis so the price is relatively stable. I have talked to a number of the producers in my State, and production is still not as high--there are not as many wells, not as many pumps--as it could be. We say the price is as high as it has ever been, but there is no assurance it will continue, so you are hesitant to invest the money you have--a great deal of money, as a matter of fact--when you do not know if that price is going to be back where it was before. So what we are talking about basically is some kind of policy that would bring about some stability in fuel prices. I thank Senator Murkowski, the distinguished chairman of the Senate Committee on Energy and Natural Resources, for his interest and leadership in this matter.”