Nick Rahall: “and both sides of the aisle, I stand with President Bush on this issue. The President has said, ``With oil at more than…”

“and both sides of the aisle, I stand with President Bush on this issue. The President has said, ``With oil at more than $50 a barrel, by the way, energy companies do not need taxpayer-funded incentives to explore for oil and gas.'' That was President George W. Bush in the Washington Post, April 21, 2005. This amendment protects the taxpayer. This amendment is vital to restore some semblance of sanity to this legislation. To my colleagues from the Gulf States I would say, vote for this amendment if you also support the provisions in H.R. 6 to distribute $500 million in OCS revenues to coastal States and to redirect $2 billion in OCS to alter deep water research. If you support that, you simply cannot have it both ways. There will not be revenue enough for you to distribute if we do not collect the royalties on OCS production. I urge my colleagues, and from the Gulf States especially, to support this amendment, and also I urge my colleagues on both sides of the aisle, support President Bush on this.”