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-- week ever see -- oil prices again.
Today oil is trading around -- 126 dollars a barrel -- more than two of -- members of congress.
Believe low prices are at the ready later today the House of Representatives will indeed it's got the consumer energy supply act which calls for the -- And seventy million barrels of oil held in reserve.
Now in the half Nelson strategic petroleum reserve have lowered oil price is here to talk about whether or not this bill.
Which did recently -- in fact -- failed yesterday.
Will come up for debate once again is -- Texas democratic represented.
Nick -- then who is the bills.
Sponsor -- good morning congressman thanks for joining me.
You're -- Alexis thanks for having are so let's.
Make this crystal clear to our viewers.
You you're talking about eighteen.
In -- in essence a release from the strategic petroleum reserve.
What's considers -- a light sweet crude with the replacement of the heavier grade what does that do and why will that work.
Originally when we looked at the intention was to create a pool of money because there's a difference in price of the to about 1218 dollars difference.
A pool of money for research we've got to increase our access to sources new sources of energy.
This was a way that we could find the funding so what we we've we've through the time we've compromised away from that.
And felt that it was important because of the GAO report that came out in 2005 -- said.
We -- processing -- our refineries 60% light crude and 40% heavy crude but we have no heavy crude on hand.
And there where we're told through that report.
That it would decrease the the capacity the capabilities.
-- the heavy crude refining.
What we wanted to do -- to modernize the strategic petroleum reserve was a common sense.
That clearly would because of the history decrease the price of oil and constantly gasoline at the same time it would increase our national security.
In the long -- I understand okay because I had to be honest with you when I read about -- I heard about the discussion of the -- yesterday.
I think pretty average viewer including me I didn't really understand why the difference but we should mention.
That the hard or the heavy part.
Of crude is much cheaper than the light created so that impasse yesterday and yet you're still -- continue -- to fight this fight.
We should say to people that when only have opened up the strategic petroleum reserve in the past.
Three cases in particular that are of note.
Bush in 91.
Opened up while we were fighting overseas.
Oil prices declined by a third.
The release of -- it in 2000 the price declined by 19%.
And that of course hurricane Katrina and 05 it was down 9%.
The president has said I'm not opening are you still gonna continue to fight that's.
Absolutely we are like society said that also when we asked him to stop filling this pro.
The daily increases.
And he changed his mind and allowed it to happen this is common sense this is not something that is going to put us in greater jeopardy it is going to.
Our national security we will have a better functioning strategic petroleum reserve.
It's a common sense support.
Our proposal and again you said it.
Every time in history that we've done it it has impacted the price of oil we're at a crisis right now people are feeling the pain at the pop.
Congress is not doing any thing this was a compromised.
That we believe was defeated because of politics not because of the -- -- -- -- it's only sixteen we only needed sixteen additional votes to have a two thirds vote.
Yet I understand that they had a 157 Republicans who voted against it and you and I both know the issue here.
As Republicans want offshore drilling or drilling of and mark.
Democrats say no you the you know the whole music it was a concept out of that all hate you that 68 million -- -- -- you know you need to use it or lose it yet that -- as well so.
You -- -- bit of members of the Democratic Party who actually says we should Israel can you not giving you one particular can -- not get the Democrats on your side defense.
To come to -- we usable resolution between the two parties for the we can get something done.
We master that has been my effort from the very beginning I originally proposed this bill.
Which had alternative.
-- energy research programs and at that range from fossil fuels to renewals.
Those are the kinds of things that we do know one point is going to be our magic bullet.
We're not gonna solve our problem with -- and we're not gonna probably solve our problem with alternatives it's gonna take all of it.
That was what our proposal is about now working with Neil Abercrombie and John Peterson a Democrat and a Republican.
There is a group of rank and file members who are going to work diligently.
To get enough support for us to be able to push forward a bill that is truly a compromise measure.
That recognizes the balance that we need to change this crisis for America -- get it done by election that.
We can't and I believe that the -- is that the incentive is certainly there on the part of of those members who are working so very hard.
With luck we will have a proposal that comes out very quickly.
And if that public is interested in seeing congress actually -- -- -- then we're gonna need to get congress to tell every member a -- to the public to tell every member of congress.
Act on this do something for America quit doing it for our parties we are sick of the gridlock.
We are looking to see something occur -- help our children and grandchildren right what.
Bus for right now congressman just quickly here before we go I'm going to be speaking just moments to Bart Chilton who is the -- one of the commissioners of the CFTC.
They announced this you know one case in specifically yesterday.
About manipulation and speculation in the oil markets I know there's a bill being discussed about speculation down there it's going to be discussed today in fact.
Senator Cantwell has very aggressively said the CFTC has not done their job and she's gonna hold back and make sure that nothing gets done in terms -- People being renewed in their roles as commissioner is part of the job -- the responsibility of the CFTC do you think they've done their job.
Well -- clearly they had and are we would be much further along than where we are we need action and and if congress has been.
Playing too many partisan games and we're preventing ourselves for moving forward.
The public wants to see something happen that begins to.
Show that we recognize there's a problem and are willing to do something -- to address that problem that's what I've been trying to do and I'm gonna continue to.
I think that when we stopped playing partisan politics and -- members of congress together again for the purpose of doing something good for the American people.
Regardless of whether it's the agency -- regardless of whether it's congress then we're going to start seeing progress.
We've got to get there are -- while I certainly hope you will get their congressman Lanston thanks much for joining us today act.
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