As the talkathon on the House floor continues, Republicans addressed an unusual crowd compared to their Democratic opponents: Tourists in t-shirts and shorts coming from as far away as Texas. (more…)
“Let out people go,” entreated Rep Joe Barton (R-Tex.) former chairman of the House Energy and Commerce Committee of Speaker of the House Nancy Pelosi (D-Calif.) Barton was speaking at a press conference on the fifth day of Republican grandstanding in the House of Representative. Barton and Republican Whip Roy Blunt (R-Mo.), who returned from his district for the event, called on the Democratic leadership to call the House back into session for debate on the American Energy Act, a bill which the Republicans call their “all of the above” energy solution. Minority leader John Boeher (R-Ohio) has called for this “revolt” to last up until the tart of the Democratic National Convention.
The members which included, Representatives Dean Heller (R-Nev.) and Steve Scalise (R-La.) pointed out statements made by Democratic members of the House calling for a vote on energy legislation, particularly to for votes on expanded drilling measures. Blunt said that the group will be sending letters to every member of the Democratic caucus asking that they return from August recess to debate and vote on energy legislation.
The Republicans will get a vote on off shore drilling sooner or later, as the Congressional ban on offshore drilling on the Outer Continental Shelf expires Sept. 30 of 2008. Blunt said that if the ban where to expire on that date “fuel prices will head back down October 1st.” Blunt also said that threats of a government shutdown by opposing a continuing resolution were dependent on whether legislation to renew bans on off shore and oil shale drilling are included.
Rep. Louis Gohmert (R-Texas) called the Democratic leadership the “very best friend OPEC has in the entire world,” accusing House Democrats of funding “both sides” of the war on terror by standing in the way of opening up more U.S. territory for oil exploration.
Rep. Joe Barton (R-Texas) says high oil prices have not resulted in the supply increase that should result, attributing it to the United States’ decision not to develop its own reserves. (0:32)
The role of market speculation and its effect on the dramatic increases in the price of oil was discussed by the House Energy and Commerce Committee’s Oversight and and Investigations Subcommittee. Rep. Michael Burgess (R-Texas) stated that the American economy will not be sustainable if high prices at the pump continue to climb.
Rep. Jay Inslee (D-Wash.) said a solution to inappropriate speculation would help to lower prices in the short term, contrasting this idea with calls to increase supply by drilling in the ANWR. Inslee said that these measures would affect future generations but have no immediate result now. Rep. Bart Stupak (D-Mich.) stated that speculation of future demand for oil has played a large role in oil’s price increase and that one can solve the issue of high prices by traveling to New York or Chicago.
Rep. Joe Barton (R-Texas) said the cost of oil can be attributed to low supply, not market speculation. Barton suggested opening the Strategic Petroleum Reserve and selling two million barrels each day. Barton said this would return oil prices to under $100 per barrel. He noted that the Bush administration opposes this strategy and that its success would rely on an act of Congress. Rep. Greg Walden (R-Ore.) said supply and demand principles, as well as deflation and market forces cannot be ignored.
Michael Masters of Masters Capital Management said that investment firms are good at making profits but ignore the long-term consequences of their decisions, naming the subprime mortgage crisis as an example. Inslee recalled being told by Vice President Dick Cheney that he did not understand economics when he presented Cheney with information concerning Enron, comparing that experience with what he views as the Bush administration’s refusal to acknowledge the effect of futures markets on oil.
