Nick Rahall: “I do rise in support of this motion. Certainly, Mr. Speaker, it is time to enact a new national energy policy for the…”

“I do rise in support of this motion. Certainly, Mr. Speaker, it is time to enact a new national energy policy for the 21st century, but not, not, at the price of dipping into Social Security and Medicare to finance tax breaks for major oil companies. And that is exactly what the Republican-sponsored House energy bill would do through its lavish tax and royalty relief provisions for large oil companies. This is not just political rhetoric. According to the nonpartisan Congressional Research Service, the House version will provide $35 billion in tax breaks. There is no offset provided and, of course, there are no budget surpluses to pay for it. Let me point out that one provision in the House bill would let companies that want to drill for oil and gas in the Federal waters in the Gulf of Mexico forego paying royalties to the American people. Truly a royalty holiday. Under the House bill, a company drilling in Federal waters of between 400 and 800 meters deep can receive, for free, 5 million barrels of oil or gas equivalent. The owners of these resources, the American people, guess what they get? Zero. Zero. Zilch. It gets even sweeter. Nine million barrels of oil or gas equivalent for drilling in waters between 800 to 1,600 meters for free. If they drill deeper, they get a whopping 12 million barrels of oil or gas equivalent for free.”