Mike Conaway: “My first reaction to reading this bill was how could 236 Members of Congress on the Democratic side, their legions of…”

“My first reaction to reading this bill was how could 236 Members of Congress on the Democratic side, their legions of staff, and their hired guns, know so little about a fundamental industry like we've got that they would think that these exploration companies would invest millions and, in some instances, billions of dollars of shareholder equity and debt and lease bonus payments, regulatory compliance and bureaucratic compliance costs, geological and geophysical costs, drilling and exploration expenditures, production facilities, to then sit on these generally unsalvageable investments and not produce oil and natural gas, which is the only way to recover these investments and make a profit. This legislation today will add another ongoing step that these companies will have to comply with. My colleagues here on the other side of the aisle know this discourages exploration. It fits in with their overall attempt to continue to keep gasoline prices high. It is one more dagger in the heart of the American lifestyle that has been developed since World War II that has centered on reasonable gasoline. Defeat this bill.”