Local spending from exploration of production dropped by a whopping 10 6 in twirch and is increased by 22 this year. Altogether this amounts to more than 300 billion dollars in lost investment to this industry. Yesterday, [inaudible] some of the focus was reporting high in numbers. Especially between 2015 through 2020. Recently in new deli we have figures rarng between 1 trillion are to 2 trillion are within this period. This track is not to continue in unprecedented in the history of the oil industry. We have never had this in investment for three consecutive years in our history. This is a frightening situation when you consider that it must be according to our oil outlook and must have 10 trillion in Oil Related Investment is required n to to meet future oil demand and the industry must not be able to emit this level of investment. These factors are the reasons decided it was time to take action and that action were there for the industry. And let me say also for the first time, we
1975, when they were considering these efficiency standards they were supposed to consider that the technology was really feasible and that there was an economic justification for it. But today thats beginning to be blurred and we know, certainly, at epa when they consider it, they certainly dont consider whether its technologically feasible or economically justified. So if we wanted to have a more balanced approach what were trying to do is hear from people who are involved in this on a daily basis because the American Public when they go to the Appliance Store to buy an appliance, they dont understand all about this efficiency. They just know what the price is, and then some people are telling them well you are going to save money even though its a lot more, because of the electricity that will go down. And other people make the other argument. So one of our objectives today is to just try to get a better understanding of what is the reality of this. And thats why were here. So i wan
Other body has in effect decided to, if not slowwalk tax reform, certainly take its time. Last month, the news here in washington was full of headlines about various discussions among the house leaders, and you got a sense all of them speak for themselves that the tax reform issues they were apparently going to take their foot off the gas. So, mr. President , it does not seem that the other body is poised to move forward any time soon on comprehensive tax reform, so because there is little indication that the other body is going to move on this, my view is letting the incentives for the Renewable Energy resources in particular, solar and wind and other renewables and Energy Efficiency in effect get thrown overboard, in effect sacrificed on this altar of inaction, that would be a huge mistake. If you do that, youre talking about putting at risk thousands and thousands of american jobs and jobs that are critical to our countrys energy and environmental and economic security. My view is h
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