Political Quotes

“I thank the gentleman from Texas. I think a point in terms of the profits that oil companies make, it really is what most industries, whether it's a manufacturer or service industry, make right around 6 to 8 percent; but yet you have to answer who is benefiting from that. I would find it hard to believe that there's not a lot of Americans that benefit from that because their pension programs are investing in the portfolios they may have. Their pensions are investing in those types of companies and benefiting from that 6 to 8 percent margin that these companies are delivering. Those who will speak against using oil, they say, well, we don't have enough. We use so much, but we only have 2 percent of the proven reserves. Here's the facts. Frankly, when they define proven reserves, they just look at conventional. They don't look at unconventional. They don't consider shale gas. They don't consider shale oil. They just look at conventional reserves. Then they really don't look at probable. {time} 2110 For probable, there is 10 to 20 times that much available in terms of probable. And then when you get the estimate, there is enough oil out there to really, I think, meet the needs of this country for as long as we need to. Now, I'm not saying forever because I think at some point, there will be a new energy source that comes along. It may be generations until we get that. It may be hydrogen-fueled cars.…”