In Case You Missed It... Democrats Against Drilling

Thursday July 24, 2008

Nancy Pelosi, Harry Reid and other liberal leaders on Capitol Hill are gripped by cold-sweat terror. If they permit a vote on offshore drilling, they know they will lose when Blue Dogs and oil-patch Democrats defect to the GOP position of increasing domestic energy production. So the last failsafe is to shut down Congress.

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In Case You Missed It... Democrats Against Drilling

Thursday July 24, 2008

In Case You Missed It...

WALL STREET JOURNAL:

REVIEW & OUTLOOK

Democrats Against Drilling

 

July 24, 2008

 

 

Nancy Pelosi, Harry Reid and other liberal leaders on Capitol Hill are gripped by cold-sweat terror. If they permit a vote on offshore drilling, they know they will lose when Blue Dogs and oil-patch Democrats defect to the GOP position of increasing domestic energy production. So the last failsafe is to shut down Congress.

Majority Leader Reid has decided that deliberation is too taxing for "the world's greatest deliberative body." This week he cut off serious energy amendments to his antispeculation bill. Then Senate Appropriations baron Robert Byrd abruptly canceled a bill markup planned for today where Republicans intended to press the issue. Mr. Byrd's counterpart in the House, David Obey, is enforcing a similar lockdown. Speaker Pelosi says she won't allow even a debate before Congress's August recess begins in eight days.

She and Mr. Reid are cornered by substance. The upward pressure on oil prices is caused by rising world-wide consumption and limited growth in supplies. Yet at least 65% of America's undiscovered, recoverable oil, and 40% of its natural gas, is hostage to the Congressional drilling moratorium.

The Democratic leadership is trying to smother any awareness of their responsibility for high prices. They are also trying to quash a revolt among Democrats who realize that the country is still dependent on fossil fuels, no matter how loudly quasimystical environmentalists like Al Gore claim otherwise.

Inhofe Opening Statement: Business Meeting to Consider Subpoena Request to EPA Administrator on Endangerment Finding, July 24, 2008

Thursday July 24, 2008

Madame Chairman, I am very disappointed with the actions of this Committee today. It is my view that the calling of this Business Meeting to consider a Committee Resolution to issue a subpoena to EPA Administrator Johnson is unwarranted and not focused on true oversight. Rather, this is a political exercise that is intended to score more political points to help keep this issue of alleged Administration interference alive in the press as long as possible. The document in question today has been offered to the Committee for review, and was in fact reviewed by staff yesterday evening. This same offer was accepted by Congressman Markey and the Select Committee on Energy Independence and Global Warming, but had been rejected by my Democratic colleagues.

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Democrats’ Energy Bill Does Nothing to Address Gas Prices – Could Make Worse

Wednesday July 23, 2008

From the Inhofe-EPW Press Office

 

Fact of the Day

Democrats’ Energy Bill Does Nothing to Address Gas Prices – Could Make Worse

 

"But I do know this is something we can do and have an immediate impact on the price of gasoline at the pump, and that's what my constituents are asking us to do." Senator Cardin (D, MD) Senate Floor, July 21, 2008.

"First, address speculation with the democratic bill. We have said to the republicans, offer your version. If you don't want to offer a bill, vote against ours if you wish but we offer you this opportunity to put your amendment on the floor on speculation, whatever it happens to be. We will go head to head, one on one against the other." Senator Durbin (D, IL), Senate Floor, July 21, 2008.

FACT: Near universal agreement dictates that something should be done to increase transparency and ensure integrity in commodities’ markets. But while Senate Democrats claim compassion for the average American, they consistently fail to address the disastrous supply problem. The effect of yet another Democratic "no energy" bill could actually be higher gas prices.

In a response to a request from Senator Chambliss (R, GA), Presidential Working Group members Treasury Secretary Paulson, Federal Chairman Bernanke, SEC Chairman Cox, and CFTC Chairman Lukken gave their analysis of S. 3268, "The Stop Excessive Energy Speculation Act of 2008."

The response letter expressed concern for the current market condition of high commodity prices, especially oil. However, these four experts concluded this bill could actually have harmful repercussions for U.S. energy markets.

"(T)he PWG believes that bill S. 3268, as introduced, would significantly harm U.S. energy markets without evidence that it would lower crude oil prices."

"(P)rices appear to be reflecting tight global supplies and the growing world demand for oil, particularly in emerging economies."

"Provisions in the bill may also harm U.S. competitiveness by driving some trading to overseas markets or to more opaque trading systems at a time when policymakers are trying to encourage greater transparency."

"To date, the PWG has not found valid evidence to suggest that high crude prices over time are a direct result of speculation or systematic manipulation by traders."

A Wall Street Journal editorial explains just how ridiculous the Democrats’ energy plan is:

"Even the title of the Senate's bill -- the ‘Stop Excessive Energy Speculation Act’ -- is idiotic. True, the volume of trading has increased by about sixfold since 2000, but it can't be ‘excessive.’ The inviolable law of futures markets is that someone has to take the other side of any option. That is, the value of contracts agreed to by sellers anticipating that prices will fall must equal the value of contracts agreed to by buyers anticipating prices will rise. The overall size of the market is irrelevant." Wall Street Journal, An Energy Sarbox, July 22, 2008

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Inhofe Opening Statement: Midwest Floods: What Happened and What Might be Improved for Managing Risk and Responses in the Future, July 23, 2008

Wednesday July 23, 2008

Thank you, Chairman Boxer. I’d like to welcome our colleagues who are here today to give us their observations on the impacts of the flooding and what their communities might now need. Also, welcome to Secretary Woodley and General Walsh, who will provide us with specific details on the emergency preparedness and response activities of the Corps of Engineers and whether their efforts were at all hampered by existing authorities, as well as the impacts of the flooding across all Corps mission areas.

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Inhofe Welcomes Senate Debate on Bringing Down Energy Prices

Tuesday July 22, 2008

WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Environment and Public Works Committee, today voted in favor of the motion to proceed to S. 3268, the Energy Speculation Bill, with the understanding that Senators will be allowed to offer and debate amendments to the bill. Through his leadership position on the EPW Committee, Senator Inhofe has been working with his colleagues to find ways to bring down rising energy costs. Last week, Senator Inhofe introduced the “Drive America on Natural Gas Act” as well as a comprehensive energy proposal, the “American Affordable Fuels Act,” to address insufficient refining capacity, increase energy supply, and promote the use of future transportation fuels.

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Boxer's Erroneous Assertions on Defeated Global Warming Bill

Tuesday July 22, 2008

Senator Barbara Boxer implied that the money raised by the now defunct Lieberman-Warner global warming cap-and-trade bill would have gone back to American consumers and Boxer further claimed that 54 Senators were prepared to move the global warming bill forward in June 2008.

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