Senator George Voinovich (R-Ohio) discusses how the national debt has skyrocketed since he took office in 1999 (0:20).

 

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“If we let the world know that we’re going after every drop that we can responsibly gather, and let the world know that we are going to be the least reliant country in the world on oil…we would send a ripple throughout the world,” said Senator George Voinovich (R-Ohio) during a telephone conference on energy independence and national security.

“We wouldn’t need to be at the mercy of other people. It wouldn’t impact our foreign policy decisions as it does today.”

Voinovich made the case that the combination of the country’s debt and reliance on foreign oil received from hostile nations has created a security concern that neither presidential candidate has properly addressed.

“The problem that they’re not talking about is that 51 percent of the debt is owned by foreign countries…70% of it is being bought by the Chinese, the Japanese, and the OPEC nations.”

Voinovich likened the situation to a business whose competitors have a supply that’s in demand and control of their debt. He said that under those circumstances it was doubtful it would be in business much longer.

“If we let the world know that we’re going after every drop that we can responsibly gather, and let the world know that we are going to be the least reliant country in the world on oil…we would send a ripple throughout the world,” said Senator Voinovich (R-OH) during a telephone conference on energy independence and national security.

“We wouldn’t need to be at the mercy of other people. It wouldn’t impact our foreign policy decisions as it does today.”

Voinovich made the case that the combination of the country’s debt and reliance on foreign oil received from hostile nations has created a security concern that neither presidential candidate has properly addressed.

“The problem that they’re not talking about is that 51 percent of the debt is owned by foreign countries…70 percent of it is being bought by the Chinese, the Japanese, and the OPEC nations.”

Voinovich likened the situation to a business whose competitors have a supply that’s in demand and control of their debt. He said that under those circumstances it was doubtful it would be in business much longer.

“Pelosi challenged Republicans to use their imaginations. And they are,” Rep. Pete Sessions (R-Texas) said at a news conference held by House Republicans to discuss their party’s ongoing floor speeches. He and others continued their call for Speaker of the House Nancy Pelosi (D-Calif.) to call an emergency session of Congress to address America’s high energy costs. Sessions went on to pull out a large tire pump, stating that presumptive Democratic presidential nominee Barack Obama (D-Ill.) suggested using the mechanism as a solution for America’s energy problems. Sessions referred to a recent statement from Sen. Obama in which he stated that properly inflated tires and regular vehicle maintenance are important for maximizing fuel economy.

“This isn’t a red problem. This isn’t a blue problem. This is a red, white and blue problem,” said Rep. Michael McCaul (R-Texas), after showing a photograph of a Texas woman carrying a small bag filled with gas station receipts. From his pocket, he then pulled a handful of receipts he gathered from members of his district, and vowed to send each to Speaker Pelosi’s office.

Louie Gohmert (R-Texas) said that when asking American citizens, who joined him on the House floor this afternoon, who they felt was OPEC’s best friend at the moment, the crowd pointed to Pelosi’s chair at the head of the room.

“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.

Sen. Richard Durbin (D-Ill) says oil is a global commodity and that an increasing American oil production would not guarantee an increase in American oil supply. He notes that 1.6 million barrels of US oil were exported daily in the first four months of 2008 and that since the US only has 3 percent of world oil supplies, OPEC could slightly cut production to keep prices high. (0:57)

 

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House Majority Leader Steny Hoyer (D-Md.) spoke at his weekly pen and pad today about the failures of the Bush Administration and the need to regulate the speculation in the oil market. The House is holding four hearings this week on the impact of speculation on the oil market.

Recently President Bush said that the United States was addicted to oil, and his solution was to get more oil, Hoyer said you don’t give a cocaine addict more drugs and that the United States should be looking for alternative solutions to our energy needs. The United States should be looking to reduce, explore, extract, refine, sell and bring prices down in the oil market in the near future, he said. The House Democrats were recently blocked by the Republicans to get the oil industry to drill on the 68 million acres of federal land they have permits for or lose the permits. Hoyer said that Republicans have blocked many pieces of legislation on the House and Senate side and are not seriously working to solve the energy crisis.

Hoyer said that the Bush Administration has had the worst job performance of any administration, they have lost jobs and increase the national debt of the U.S. Americans are correctly concerned about the energy crisis, and that only recently did the Bush Administration recognize the fact that global warming was an issue.

The House will be getting its message out to voter in the month of July, and Hoyer said they will be working with the Obama campaign to get a change of direction from the Bush economic, energy and fiscal policies.

Five senators held a press conference today immediately following a vote on a Democratic proposal to “suspend filling the nearly full Strategic Petroleum Reserve (SPR) in order to increase supply and lower energy prices,” the official release said. Sen. Charles Schumer (D-NY) said that Saudi Arabia currently produces nearly two million barrels of oil per day below capacity, and said that prices would likely lower by 50 cents per gallon in the next month or two if they increased production by just one million barrels per day. Schumer said that himself and the other senators wanted to present President Bush with a “motion of disapproval” of the Saudi arms deal, and urge him to put pressure on the Saudis to increase productivity and lower prices as he leaves for his trip to the Middle East today. “We are saying to the Saudis that ‘if you don’t help us, why should we be helping you?’” Schumer said. “You need our arms, but we need you to cooperate and not strangle American consumers.”
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The House Judiciary Committee met today to discuss ‘Retail Gas Prices’ and the effects it has on consumers. The Competition Policy and Antitrust Laws Task Force Subcommittee led the hearing, which discussed the future of diesel fuel and it’s effects on small businesses as well as consumers. Many of the witnesses suggested drilling for oil in ANWR, the Arctic National Wildlife Refuge, and turning the oil market from an oligarchy to a competitive market.

We regulate onions more than we do oil, said Dr. Mark Cooper, director of research of the Consumer Federation of American today. The oil industry is not a competitive market and thus is under the jurisdiction of the antitrust task force. Cooper stressed the necessity to not ignore the traditional problem of the market structure. Since the market is working like a “cartel”, drilling in the United States whether in ANWR or creating more refineries will not influence the world price of oil. Cooper said it is necessary to change the market and make it more competitive, which will in turn lower gas prices. (more…)

By Ellen Ratner

As I sit here writing this column from the oil rich Middle East, I am reflecting on the political oil wars that we are hearing so much about from President Bush, Congress and the presidential candidates. Yet, no matter our favorite party, branch of government or candidate, the whole story is not being told.

During the last week in April, there were press briefings galore in Congress with words and accusations flying everywhere. The price of oil is killing our economy, small airlines are folding and larger ones are laying off employees or trying to merge. Trucks and their drivers are parading around the Capitol on a daily basis, honking horns and making it clear that it is difficult to survive with the gas prices so high.

The Democrats want the president to stop adding to the strategic oil reserve, which is 97 percent full. So far the president has not budged. The Democrats figure that it could save Americans 5 to 24 cents per gallon. Their plan put forward in four congressional bills includes holding OPEC accountable for price fixing (HR 2264), cracking down on gas price gouging (HR 1252), repealing subsidies to oil companies, investing in renewables (HR 5351) and developing new mileage standards (HR 6).

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