Political Quotes

“All right, Jim is telling me there's a new estimate by IPAA, which is the Independent Petroleum Association, that will create 45,000 American jobs next year, 7,000 wells. And we're doing this not by resorting to the failed methods of Government control but by unleashing the genius of the private sector; guys like Jack, tool pushers and roughnecks like these guys standing right here. And the act, now, it's got other facets to it that get across the broad energy spectrum. The act increases competition in the way that electricity is generated and sold. And that will cut prices, reducing the strain on family budgets across the country. By the year 2010, and most of you look young enough to think you'll be around by then, our reforms will save the average household $150 a year in annual electricity bills. The act also improves licensing procedures for new nuclear power plants, safe use of nuclear power, guaranteeing that this safe and clean resource will help meet our needs for the next century. It also encourages the development and use of clean-burning alternative fuels so that the robust production of energy will go hand in hand with a clean environment. The act provides much needed tax relief for you, our Nation's independents, independent oil and gas producers. By far the most important change that we make as it affects the independents is to reform the alternative minimum tax to better reflect the risk, the risk that it takes to explore for oil. And that will create good jobs, as Jim has pointed out to me just now once again, good jobs all across the oil States. The reform will allow producers to keep more of your hard-earned money to reinvest in the production of some domestic fossil fuels. And the facts are simple: We must work to produce more of our energy here at home and import less from abroad. And our national security demands it. Future generations deserve it. And now we can make sure that it will be done. I spent much of my life, and Barbara at my side, in the oil business, starting out in west Texas in the supply business and then in the land drilling business, in the offshore drilling business, as well as the production business, doing some wild-catting and producing some oil. And I saw firsthand how the Government can sometimes help. But I also saw firsthand, particularly when I was in the offshore business, how the Government can hinder things with too darn much regulation. And so what we're trying to do is cut through the regulation. And I believe that I do understand the men and women who are out there trying to meet America's energy needs. I believe that this act opens a new era in which Government acts not as a master but as a partner and the servant. Once again, to the families in south Louisiana and other places who have been hurting, we understand that. And I do think that this act, with the repeal particularly of the alternative minimum tax, offers a much, much brighter future. And I'm proud to be back in this wonderful part of the world. Thank you all very, very much. Now you're going to see how it works when you sign some of this legislation. Note: The President spoke at 5:05 p.m. at Jack-Wade Drilling, Inc. In his remarks, he referred to Jack Wilson, president and owner, and Leon Smith, tool pusher, Jack-Wade Drilling, Inc.; Charles J. Rimer, drilling engineer, Arco Oil and Gas Co.; and Senator J. Bennett Johnston. H.R. 776, approved October 24, was assigned Public Law No. 102-486.”