3:21:02 to 3:21:20( Edit History Discussion )

Byron Dorgan: oil. they buy oil and sell it. they never take possession. they're making money on both sides of the transaction because they're wagering, they're gambling. that is speculating and we have an orgy of speculation

3:21:52 to 3:22:07( Edit History Discussion )

Amy Klobuchar: the futures mark. why? because they're oil experts, do they want to own oil? no, no, they want to speculate on oil and make money. but the fact is that it is damaging this country's economy. we ought

3:22:20 to 3:22:30( Edit History Discussion )

Amy Klobuchar: our country by driving up oil prices and driving up gasoline prices, we ought to do something about it. second, we are now putting oil underground right now we're taking sweet, light crude oil off the

3:22:41 to 3:22:54( Edit History Discussion )

Amy Klobuchar: is 09% if you this administration is taking nearly 70,000 barrels a day, every single day and sticking it underground. they say, well, it doesn't affect the price. of course it affects the price. we've

3:23:10 to 3:23:22( Edit History Discussion )

Amy Klobuchar: it affects the price. i mean, i think it is just nuts for this country to be taking taking $124-barrel of oil and say, you know what let's do? let's stick it underground and save it for a rainy day. well,

3:23:33 to 3:23:40( Edit History Discussion )

Amy Klobuchar: the fuel. it's a rainy day in this country when truckers call and say we're going to have to park the truck because we can't afford the fuel. ab an entire industry at risk. the fact is we need to

3:23:50 to 3:24:03( Edit History Discussion )

Amy Klobuchar: ramup of the price -- ramp up of oil and the price of gasoline. you kn ow, the president says, well, not much anybody can do. this is not a time to wring our hands and mop our brow and nash our teeth

3:24:15 to 3:24:28( Edit History Discussion )

Amy Klobuchar: the longer term the things that we need to do. we're unbelievably dependent on overseas oil and saudi arabia and venezuela. we stick straws in this planet and suck oil out of the planet. every day

3:24:41 to 3:24:53( Edit History Discussion )

Amy Klobuchar: place called the united states of america. 60% of it we get outside of the country. 70% we use in vehicles. we've got a lot to do. we mandated an increase of 10 miles per gallon on a vehicle. we had

3:25:05 to 3:25:17( Edit History Discussion )

Amy Klobuchar: on the outer continental reserve. if you look at the gulf of mexico and california and the west coast, the greater potential reserves is in the gulf of mexico. i and three others introduced the legislation,

3:25:31 to 3:25:43( Edit History Discussion )

Amy Klobuchar: that. but at the moment in the short run we've got to take specific steps that will put downward pressure again on pressures. john maynard said in the long run we're all dead. we can talk about the long

3:25:55 to 3:26:08( Edit History Discussion )

Amy Klobuchar: look at the commodities market and you look at this orgy of speculation, and look at building of a bubble. wouldn't it be nice if someone looked at the bubble as it is built with respect to home mortgages

3:26:16 to 3:26:24( Edit History Discussion )

Amy Klobuchar: road of american families, american businesses, american industries? how many casualties. the big integrated oil companies go to the get perma-grin. it is not just the major integrated oil companies,

3:26:36 to 3:26:46( Edit History Discussion )

Amy Klobuchar: others and -- and others and other major integrated countries. there is no justification for this price and this congress is readto act. senator reid and others have joined together. i'm a part of it to

3:26:59 to 3:27:12( Edit History Discussion )

Amy Klobuchar: say let's ringhe speculation out of the futures market and sop the -- stop the insidious rise of the oil prices. we need to find more oil and use less to the extent that we can. it means more conservation

3:27:23 to 3:27:36( Edit History Discussion )

Amy Klobuchar: to act and say, let's get things right. let's stand up on the side of the american driver, on the side of american business that's need this energy.~ you kw, one final poinl. the "wall street jthournal"

3:27:49 to 3:28:01( Edit History Discussion )

Amy Klobuchar: glasses as they try to think about what they're going to write about the united states senate. and they said, did you see what dorgan and the united states senate did? the saudis want to buy from us

3:28:16 to 3:28:29( Edit History Discussion )

Amy Klobuchar: that. well,. here are the -- well, here are the points. the saudis are producing 800,000 barrels a day less than they did two years ago. just two years ago. its not lost on them what this is doing

3:28:39 to 3:28:52( Edit History Discussion )

Amy Klobuchar: well, we -- we'd like to buy precision and sophisticated weapons from the united states because we -- we have our strategic military concerns in our region. so maybe we say to the saudis, do you know

3:29:06 to 3:29:21( Edit History Discussion )

Amy Klobuchar: the middle east.mi i'm going to come and speak about that at some point later. but our point to the saudis and our point in the middle east was if you're pumping 800,000 barrel a day less and then sayg,

3:29:33 to 3:29:51( Edit History Discussion )

Amy Klobuchar: others, senator klobuchar, all of us together have decided we're not going to sit here like potted plants. when something's happening in the futures market, when something is happening to take oil off

3:30:01 to 3:30:15( Edit History Discussion )

Amy Klobuchar: at that appropriations markup. i understand it may wbl canceled this afternoon. -- it may well be cans they would afternoon. a senator: would the senator yield? mr. dorgan: i would be happy to yield.

3:30:30 to 3:30:40( Edit History Discussion )

Amy Klobuchar: but can you talk about this strategic reserve, which i know the petroleum reserve, there's some bipartisan support for doing this. is that correct? for stopping putting oil in there? mr. dorgan:

3:30:58 to 3:31:10( Edit History Discussion )

Amy Klobuchar: underground. and then a cowl of weeks ago -- a couple of weeks ago, a republican colleague, senator hutchison, sent a letter to the white house saying we agree that you ought to stop sticking oil

3:31:24 to 3:31:35( Edit History Discussion )

Amy Klobuchar: in the united states senate. that's a veto-proof majority. ms. klobuchar: h much is it projected to save? isn't there some immediate impact we might see that's projected with savings per gallon? mr. dorgan:

3:31:50 to 3:32:00( Edit History Discussion )

Amy Klobuchar: there are people who have testified that it could impact as much as 10% of the price of oil and gasoline. we tn would impact the price. some say, well, 70,000 barrels isn't very much given what

3:32:11 to 3:32:22( Edit History Discussion )

Amy Klobuchar: and make that very point. so this is not irrelevant, this is important. and there are plenty of members of the senate who have now joined this, and my hope -- i just was informed that the markupstarting

3:32:33 to 3:32:40( Edit History Discussion )

Amy Klobuchar: we need to get this done. we cannot sit around and allow things to happen. we have to begin to make things happen, make good things happen for this country and for the economy. i yield the floor.

3:32:51 to 3:33:05( Edit History Discussion )

Amy Klobuchar: ms. klobuchar: mr. president, i would like -- so ordered. ms. klobuchar: i would like to join my colleagues who have chosen to come to the floor and recognize and salute the 60th anniversary of the founding

3:33:20 to 3:33:33( Edit History Discussion )

Amy Klobuchar: states and israel have enjoyed a friendship based on values rooted in democracy and mutual strategic goals. israel's survival and success are a remarkable testimony to the vision that inspired its creation

3:33:45 to 3:33:57( Edit History Discussion )

Amy Klobuchar: made this milestone possible. through the journey, they have always been courageous and it has not always been easy. it has not always been a straight and smooth path. each step along the way has been

3:34:09 to 3:34:24( Edit History Discussion )

Amy Klobuchar: and opportunity for its citizens. it has strengthened and enhanced jewish life around the world. and it has been a beacon of democracy that has made the entire world a safer, more hopeful place. i had

3:34:34 to 3:34:45( Edit History Discussion )

Amy Klobuchar: received from the israeli people as well as the courage and pride they bring to everyday life. i was honored to meet with prime minister sharon just a few weeks before his tragic stroke, and i will value

3:34:57 to 3:35:07( Edit History Discussion )

Amy Klobuchar: objectives continue to drive us to meet the challenges we face and to pursue opportunities for greater peace and prosperity. we are in the midst of turbulent times with instability threatening to

3:35:16 to 3:35:31( Edit History Discussion )

Amy Klobuchar: and defeating those foes.by . by continuing to support israel, mr. president, we support stability and democracy and we can make further progress toward peace in the region. so, mr. president, i ask that

3:35:45 to 3:36:02( Edit History Discussion )

Amy Klobuchar: will continue to celebrate each successive anniversary for decades to come. now, mr. president, i'm also going to speak on another topic which is somewhat related. it's about energy security and

3:36:18 to 3:36:33( Edit History Discussion )

Amy Klobuchar: money going to countries that we might not want to be doing business with if we had a choice. an israel, just like our country, is very interested in developing alternative energy so that we can cut our

3:36:49 to 3:37:06( Edit History Discussion )

Amy Klobuchar: co-ops in minnesota to talk about renewable energy. eat river is building a new energy-efficient office complex in the suburb of maple grove, minnesota. but what i remember best about this day

3:37:21 to 3:37:31( Edit History Discussion )

Amy Klobuchar: a company would put a wind turbine in the suburbs of the twin cities, but, in fact, it's become a landmark for the commuters who drive past each morning and evening. it might seem even more odd that

3:37:44 to 3:37:59( Edit History Discussion )

Amy Klobuchar: a huge opportunity for our country country. great river is not alone among utility companies who can see the great future before us. exel energy, based in the twin cities and in colorado, already gets

3:38:12 to 3:38:24( Edit History Discussion )

Amy Klobuchar: fact, exel was supportive of our bipartisan state legislation that basically put in place one of the most aggressive renewable standards in the country. exel's c.e.o. dick kelly recently said that exel

3:38:42 to 3:38:51( Edit History Discussion )

Amy Klobuchar: the landmark climate change legislation that will come before us in a few weeks, i hope we will keep these two examples in mind, because here's what they show us: global climate change represents

3:39:01 to 3:39:18( Edit History Discussion )

Amy Klobuchar: achieve greater energy security and independence. first, there is opportunities for consumers. the national academy of sciences has estimated that american motorists were able to cut their gasoline

3:39:27 to 3:39:41( Edit History Discussion )

Amy Klobuchar: that we adopted in december will not only further slow the emission of greenhouse gases, they will also save the average consumer as much as $1,000 a year at the gas pump. and we're developing the

3:39:52 to 3:40:09( Edit History Discussion )

Amy Klobuchar: the next generation of ethanol, but in making our vehicles more efficient. increased efficiency is perhaps our greatest opportunity to stretch a family's energy dollar. $4-a-gallon gasoline stretches

3:40:27 to 3:40:44( Edit History Discussion )

Amy Klobuchar: sources, such as electricity or hydrogen, open a new world of opportunity for the american consumer, an opportunity for innovative american companies to be at the forefront, an opportunity to reduce our environmental

3:41:07 to 3:41:22( Edit History Discussion )

Amy Klobuchar: million in annual energy costs. the nation would save enough energy to light 3 million homes for a year and we wouldrevent greenhouse gas pollution equivalent to the emissions of more than 800,000 cars.

3:41:39 to 3:41:54( Edit History Discussion )

Amy Klobuchar: of more than 800,000 cars. but there's also an opportunity for business here in addition to consumers. let me give you some examples. the safeway grocery chain decided recently to install solar panels on

3:42:09 to 3:42:24( Edit History Discussion )

Amy Klobuchar: emissions every year. general electric, one of the biggest corporations in the world, has med aggressively into what it calls green products, such as energy-efficient appliances and components for wind turbines.

3:42:43 to 3:42:57( Edit History Discussion )

Amy Klobuchar: and in my home state, the state of minnesota, in the town of starbuck, minnesota, there is a small company called solar skies. there are just 10 employees at solar skies, but those 10 people decide take

3:43:11 to 3:43:21( Edit History Discussion )

Amy Klobuchar: work and are now reaping the benefits of the opportunity created by this new green economy. when i visited them, they actually had me jump up and down on the solar panels, mr. president, to show

3:43:30 to 3:43:46( Edit History Discussion )

Amy Klobuchar: the only ones to understand the opportunity. if you look at the leading indicator of american investment, venture capital, you will find that it reached $2.9 billion of investments in green technologies

3:44:03 to 3:44:17( Edit History Discussion )

Amy Klobuchar: software. so today we have to ask ourselves, does the united states want to be a leader in creating the new green technologies and the new green industries of the future? are we going to sit back and

3:44:31 to 3:44:45( Edit History Discussion )

an overview. the second one was about leadership and the needs to push this country forward and to be a world leader on this climate change issue and on technology. today -- today -- we are talking