Political Quotes

“At a time of, again, increased dependency on our enemies, my amendment addresses the royalty rates that were imposed by the Biden administration through the Inflation Reduction Act of 2022. We can see today that it did nothing to reduce inflation but in fact has increased inflation, taking away from many Americans their dream of owning a home. In order to pay for what ended up being approximately $1.2 trillion in green subsidies, the Biden administration chose to raise the royalty rate of onshore oil and gas leases from 12.5 percent to 16.6 percent through the Inflation Reduction Act of 2022. Democrats also voted in unison to quintuple the minimum bid amount from $2 per acre to $10 per acre. They voted to increase the rental rate by a factor of 9, from $1.50 to $15 per acre. At the time of the bill's passage, estimates indicated the bill would impose a $6.5 billion hike on oil and gas development. Here is what I find to be one of the most remarkable things about the so-called Inflation Reduction Act of 2022: Nowhere in that bill did Democrats identify any government program worth cutting. Not one. Mr. Chairman, I reserve the balance of my time.”