Published: 05-13-08
Senate Democrats Acknowledge Gas Prices Result from Supply & Demand Then Vote Against More Supply
WASHINGTON—With gas prices in Texas reaching a new record high of $3.54 a gallon U.S. Sen. John Cornyn R-Texas Vice-Chair of the Senate Republican Conference expressed his disappointment today with the decision by Senate Democrats to help defeat a sweeping domestic energy production bill that would have provided both short and long-term relief at the gas pump.
The Republican-sponsored legislation would dramatically increase domestic energy production protect Texas jobs and reduce our dependence of foreign oil. It would lead to the estimated production of up to 24 billion new barrels of oil -- enough oil to supply America for 5 years with no foreign imports. Following the defeat of this measure Senate Democrats joined by Cornyn and his Republican colleagues voted to pass a separate minor measure that would just temporarily halt the filling of the Strategic Petroleum Reserve.
Sen. Cornyn questioned the mixed messages by Senate Democrats on tackling high gas prices saying “By voting to put a temporary hold on the government’s filling of our strategic petroleum reserves Senate Democrats are finally admitting that high gas prices are an effect of supply and demand. But if Democrats believe that the 70000 barrels which will no longer be put into the SPR can save 2 to 5 cents at the gas pump doesn’t it make sense that the estimated 1 million barrels we could get from ANWR every day could do a lot more?”
Sen. Cornyn noted recent remarks by the Democratic Chairman of the Senate Joint Economic Committee who said “If they Saudi Arabia produced half a million barrels more oil a day the price would come down a very significant amount and at the same time it would stop the speculation that keeps driving up the price of oil.”
Sen. Cornyn responded today by saying “While some of my colleagues may be content to demand Saudi Arabia fix our supply problems I would much rather we take our future in our own hands and start producing our own energy. Our plan would have the same effect on gas prices that my colleagues say their plan will have except it will be anywhere from 14 to 42 times more effective. That’s because our plan actually involves producing more energy ourselves rather than remain complacent in our dependence on foreign countries for energy.”
“Using our own energy resources could provide roughly three million barrels of oil per day. That is more than 42 times as many barrels as we can save by ceasing to fill the Strategic Petroleum Reserves. It is unconscionable that at a time when families in Texas and across the country are struggling with high gas prices that Senate Democrats would block common-sense legislation to address this problem. I hope that as gas prices continue to rise Senate Democrats will re-consider their opposition to this important legislation” Sen. Cornyn concluded.
To view Senator Cornyn’s remarks on the Senate floor this morning please click here.
For additional information on the American Energy Production Act which was opposed by Senate Democrats today please click here.
To view an op-ed by Senator Cornyn on this subject that was published in yesterday’s Dallas Morning News please click here.
