|00:00:07||NOT ONLY WOULD IT SAVE THAT ENERGY, BUT HELP EACH HOMEOWNER'S UTILITY BILL.|
|00:00:17||I HAVE TO ANSWER THIS QUESTION AND PLEASE HELP ME WITH THIS, WHO GETS THE MOST SUBSIDIES?|
|00:00:25||SOLAR, ALGAE, WIND OR OIL?|
|00:00:30||THE ANSWER IS OIL.|
|00:00:32||IF YOU TAKE A LOOK 2002 TO 2008, WHERE DID THE SUBSIDIES GO?|
|00:00:39||WELL, THE OIL INDUSTRY GOT OVER $70 BILLION OF TAXPAYER MONEY IN DIRECT TAX SUBSIDIES, $72 BILLION.|
|00:00:50||THE GREEN RENEWABLE ENERGY GOT $ 12.|
|00:00:58||2 BILLION FROM 2002 TT 2008.|
|00:01:01||AND ETHANOL, $16.|
|00:01:05||IF WE TOOK THIS MONEY, THIS SUBSIDY, $70 BILLION OVER A SIX-YEAR PERIOD AND SHIFTED IT OVER TO THIS SIDE, PARTICULARLY UP HERE TO THE RENEWABLE ENERGY, THIS IS SOLAR, WIND, ADVANCED BIOFUELS LIKE ALGAE AND THE REST, WHERE WOULD WE BE, WHERE WOULD THAT YOUNG LADY'S FUTURE BE?|
|00:01:31||YOU SHIFT THE SUBSIDIES AROUND.|
|00:01:33||IS THAT POSSIBLE?|
|00:01:34||CAN WE DO THAT?|
|00:01:36||WHAT DO YOU THINK?|
|00:01:39||MS. SPEIER: OF COURSE.|
|00:01:41||IT'S WHETHER WE HAVE THE WILL.|
Mr. GARAMENDI. The answer is oil. If you take a look, 2002 to 2008, where did the subsidies go? Well, the oil industry got over $70 billion of taxpayer money in direct tax subsidies, $72 billion. The green renewable energy got $12.2 billion over that same period of time, 2002 to 2008. And in addition to that, the ethanol industry got $16.8 billion.
So we really, if we took this money, this subsidy, $70 billion over a 6-year period and shifted it over to this side, particularly up here to the renewable energy--this is solar, wind, advanced biofuels like algae and the rest--where would we be? Where would that young lady's future be? Renewable energy of all kinds. You shift the subsidies around.
Is that possible? Can we do that? What do you think?