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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:53 |
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ONE OF THE MEMBERS OF THE SENATE COMMERCE COMMITTEE TODAY, A HEARING ON RISING OIL PRICES. WITNESSES... |
| 00:01:31 |
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I WOULD LIKE TO WELCOME EVERYONE TO TODAY'S HEARING ON MANIPULATION ENERGY ON. THANK YOU TO OUR DISTINGUISHED... |
| 00:09:46 |
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THANK YOU VERY MUCH. YOU MENTIONED THE ENRON SCANDAL. I CHAIRED THE HEARINGS IN THIS COMMITTEE WHEN... |
| 00:13:37 |
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SENATOR. |
| 00:13:39 |
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THANK YOU. YOU TALKED ABOUT THE RECORD INCREASE IN ENERGY PRICES. WE HAVE ALSO SEEN RECORD INCREASES... |
| 00:16:00 |
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SENATOR. |
| 00:16:03 |
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THANK YOU VERY MUCH, MADAME CHAIR FOR HOLDING THIS HEARING. TO OUR WITNESSES, I JUST SPENT THE LAST... |
| 00:19:28 |
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SENATOR. |
| 00:19:32 |
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THANK YOU, MADAM CHAIR. I LOOK FORWARD TO THE TESTIMONY AS WELL. THE SPECIFIC TITLE OF THIS HEARING... |
| 00:20:55 |
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I DID NOT SAY OVER TIME, I TALKED ABOUT THE FUNDAMENTALS THAT EXIST TODAY. A BIG DIFFERENCE. |
| 00:20:59 |
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THANK YOU. |
| 00:21:03 |
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LET'S TURN TO OUR WITNESSES. AGAIN, WE THANK YOU FOR BEING HERE AND MAKING TIME FOR THIS IMPORTANT... |
| 00:21:29 |
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LEASE TURN YOUR MICROPHONE ON. |
| 00:21:32 |
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I'M VERY HONORED TO BE INVITED TO TESTIFY BEFORE YOUR COMMITTEE. AS I UNDERSTAND IT, YOU ARE SEEKING... |
| 00:32:58 |
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THANK YOU, MR. SOROS. NOW WE TURN TO PROFESSOR GREEN BURGER, FORMER DIRECTOR OF TRADING OF MARKETS... |
| 00:33:09 |
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THANK YOU. I HAVE SUBMITTED A LENGTHY STATEMENT ANTICIPATING IN THE HELPED MANY OF THE ISSUES OVER... |
| 00:41:20 |
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NEXT WE WILL HEAR FROM GARY RAMM, SPEAKING ON BEHALF OF THE PETROLEUM MARKETERS ASSOCIATION. I WOULD... |
| 00:41:33 |
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THANK YOU. I APPRECIATE THE OPPORTUNITY TO PROVIDE SOME INSIGHT ON THIS EXTREME VOLATILITY AND RECORD... |
| 00:47:32 |
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THANK YOU. |
| 00:47:34 |
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WE WILL HEAR FROM LEE ANN WATSON FROM THE FEDERAL REGULATORY ENERGY COMMISSION. SHE HELPED DEVELOP... |
| 00:47:55 |
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FIRST LET ME APOLOGIZE FOR MY VOICE. I WOKE UP WITH A COLD THIS MORNING. BEAR WITH ME. |
| 00:47:59 |
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THANK YOU. PLEASE PULL THE MICROPHONE A LITTLE CLOSER. |
| 00:48:04 |
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THANK YOU. THANK YOU FOR INVITING ME TO TESTIFY. I'M HERE TO DISCUSS THE EXPENSE OF THE FEDERAL ENERGY... |
| 00:53:21 |
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THANK YOU VERY MUCH. WE APPRECIATE YOU BEING HERE. WE WILL NOW HEAR FROM MARK COOPER, DIRECTOR OF... |
| 00:53:33 |
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THANK YOU. THE BUBBLE AND PETROLEUM MARKETS HAS COST THE AVERAGE AMERICAN HOUSEHOLD ABOUT 50 -- $50... |
| 00:59:20 |
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THANK YOU VERY MUCH. AGAIN, I WANT TO THANK ALL THE WITNESSES WERE TESTIFYING TODAY AND FOR YOUR TESTIMONY... |
| 01:00:38 |
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OF THE OIL EXECUTIVE SAID BETWEEN $35.60 $5. THE PRICE OF OIL WAS $18 A BARREL AT THE BEGINNING OF... |
| 01:01:18 |
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I SHOULD HAVE SAID THAT I WILL DO A FIVE MINUTE ROUND. IF YOU COULD BE SUSPECT -- I WAS JUST LOOKING... |
| 01:01:40 |
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THERE IS DEFINITELY A SPECULATIVE BUBBLE THAT WAS SUPERIMPOSED ON FUNDAMENTAL TRENDS IN SUPPLY AND... |
| 01:02:43 |
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DO YOU HAVE A QUICK ANSWER TO THAT? DO EITHER OF YOU HAVE A QUIZ ANSWER TO THAT? |
| 01:02:48 |
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MY QUICK ANSWER IS NO. |
| 01:02:51 |
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IT IS NOT JUST SUPPLY AND DEMAND? WITH RESPECT TO IF YOU ONLY LOOK AT THE PHYSICAL SUPPLY AND DEMAND.... |
| 01:03:03 |
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I WILL BE QUITE PRECISE. $40 FOR THE PHYSICAL COST FOR THE ECONOMIC COST, $40 FOR THE CARTEL TAX,... |
| 01:03:42 |
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YES. |
| 01:03:49 |
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YOU ARE BASICALLY SAYING THAT SPECULATING POSITION OR THE LACK THEREOF IS CAUSING A GREAT DEAL OF... |
| 01:04:02 |
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WHENEVER YOU HAVE OUTSIDE SPECULATORS COMING INTO A MARKET ON A VERY LARGE SCALE AND PARTICULARLY... |
| 01:05:10 |
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DO WE HAVE SPECULATION LIMITS ON ALL U.S. OIL TRADED PRODUCT? |
| 01:05:14 |
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ABSOLUTELY NOT. WE HAVE THEM ON SOME, BUT SOME LARGE PORTIONS NOT. IN 2000, THIS CONGRESS SAID THAT... |
| 01:05:51 |
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THAT IS A U.S. COMMODITY? |
| 01:05:52 |
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ABSOLUTELY. 30% OF THE MARKET IS IN AN EXCHANGE THAT HAS NO SPECULATION LIMIT. BY THE WAY, MR. SOROS... |
| 01:06:39 |
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THANK YOU. SENATOR DORGAN? |
| 01:06:46 |
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I WANT TO OBSERVE THAT THE COMMODITY FUTURES TRADING COMMISSION HAS SEEN AN 8% DECREASE IN ITS STAFF... |
| 01:07:41 |
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I WOULD GO BACK TO THE STATUS QUO ANTE BEFORE THE ENRON LOOPHOLE WAS PASSED. IT WAS, IF YOU ARE TRADING... |
| 01:08:29 |
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I THINK YOU ALLUDED TO THIS. YOU KNOW AND I KNOW THAT WAS NOT A DELIBERATE POLICY. THE CREATION OF... |
| 01:08:54 |
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BY THE WAY, ALAN GREENSPAN ADVISED AGAINST IT. |
| 01:09:00 |
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EVEN A STOPPED CLOCK IS RIGHT TWICE A DAY. LET ME ALSO MAKE THE POINT THAT WHILE A LOT OF THIS SPECULATION... |
| 01:09:26 |
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WANT TO ASK YOU ABOUT MARGIN REQUIREMENTS. NYMEX WILL SIGH -- WILL SAY THAT IT MUST BE ON AN UNREGULATED... |
| 01:09:43 |
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NYMEX SAYS THAT BECAUSE THEY TREAT INVESTMENT BANKS IN AND HEDGE FUNDS AS OIL DEALERS. OF COURSE THEY... |
| 01:10:19 |
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WHAT SHOULD THE INCREASE IN MARGIN REQUIREMENTS BE? I BELIEVE THE MARGIN REQUIREMENT IS ABOUT 50%.... |
| 01:10:33 |
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UNFORTUNATELY, I AM NOT AN EXPERT IN THE OIL MARKETS. SO, I REALLY CANNOT EXPRESS A VIEW. I AM NOT... |
| 01:10:47 |
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DR. COOPER, WHAT YOU RECOMMEND? " I WANT TO MAKE AN OBSERVATION. I DID A REPORT FOR THE ATTORNEY GENERAL... |
| 01:12:07 |
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JUST ONE MORE QUICK POINT. BECAUSE INVESTMENT BANKS AND OTHERS ARE TAKING LARGE POSITIONS ON THIS... |
| 01:12:38 |
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GOLDMAN SACHS IS VERY LARGE IN THESE MARKETS. AS MR. SOROS SAID, THESE BANKS HAVE GOTTEN -- THEY HAVE... |
| 01:13:01 |
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IS IT IN THEIR INTEREST TO PREDICT HIGHER PRICES? |
| 01:13:05 |
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LET ME JUST SAY FROM MY OBSERVATION, I THOUGHT IT HIGHLY IRONIC THAT WHEN YOU CONTROL THE PRICE OF... |
| 01:13:21 |
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I HAVE ANOTHER ROUND OF QUESTIONS, BUT MY TIME HAS EXPIRED. |
| 01:13:24 |
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THANK YOU. SENATOR SNOWE? |
| 01:13:30 |
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THANK YOU VERY MUCH, MADAME CHAIR. AS I WAS LISTENING TO YOU WILL ABOUT THE ENRON GLOBAL -- ENRON ... |
| 01:14:31 |
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BEFORE THE END RUNRON LOOPHOLE PAST, THE STATUS QUO SAID THAT WHEN YOU TRADE A FUTURES CONTRACT, IT... |
| 01:15:49 |
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BECAUSE OF THE ACTIONS WITH THE LETTERS HE WAS TALKING ABOUT THAT THIS IS ALSO AN ADDITIONAL PROBLEM.... |
| 01:16:07 |
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I HAVE A LIFE DISSERTATION ON THAT. THERE IS NOTHING IN THE LAW THAT SANCTIONS FOR AND BOARD OF TRADE... |
| 01:17:04 |
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THE IDEA IS TO PUT THE WORD ENERGY BACK AND SAW THAT WE CAN ACTUALLY GO BACK TO WHERE WE WERE BEFORE... |
| 01:17:20 |
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THERE HAS TO BE A GRACE PERIOD. ANYBODY TRADING IN UNITED STATES DELIVER PRODUCTS MUST BE SUBJECT... |
| 01:17:32 |
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HE PRESENTED AN IDEA. IS YOUR IDEA CONSISTENT WITH WHAT HE HAS BEEN SAYING? I THINK IT IS INTERESTING... |
| 01:17:54 |
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WE ARE COMPLETELY IN AGREEMENT. YOU ARE CORRECT. PETROLEUM MARKETERS ARE GOING OUT OF BUSINESS. FARMERS... |
| 01:18:36 |
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I AM NOT GOING UP AND TELLING THAT GUY THAT DUBAI IS PLANNED TO TAKE CARE OF HIM. |
| 01:18:45 |
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SENATOR SNOWE? |
| 01:18:47 |
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THANK YOU, MADAM CHAIR. THANK YOU FOR EXAMINING ONE OF THE MOST UNEXPLORED AREAS, WHICH IS THE ENERGY... |
| 01:21:55 |
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THAT IS A STAFF -- THAT FOR THE BOARD OF TRADE LICENSE TO COME INTO THE UNITED STATES AND SELL IN... |
| 01:23:02 |
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IS THAT SOMETHING THAT WE SHOULD BE DEMANDING IMMEDIATELY TODAY? |
| 01:23:09 |
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AS I READ YOUR LETTER, THAT IS EXACTLY WHAT YOU ASKED. I NOTED THEIR CONVENTION -- AND ALL THAT THE... |
| 01:24:21 |
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I APPRECIATE THAT FORTHRIGHTNESS. I THINK THAT IS CERTAINLY SOMETHING WE SHOULD BE PURSUING AS SOON... |
| 01:24:30 |
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SENATOR PRYOR? |
| 01:24:34 |
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THANK YOU. I APPRECIATE YOU HAVING THIS HEARING. LET ME FOLLOW UP, IF I CAN ON WHAT YOU JUST TALKED... |
| 01:25:08 |
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IT IS A WAY. I THINK IT SHOULD BE LOOKED AT. I THINK WHAT MR. SOROS SAID IT IS THE HISTORIC TRADITIONAL... |
| 01:26:35 |
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INTERESTINGLY ENOUGH, IT TOUCHED $135 THE DAY THE F -- THE CFCCFTC ANNOUNCED IT WOULD DO SOMETHING... |
| 01:26:51 |
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WHAT YOU THINK THE PRICE OF A BARREL OF WEST TEXAS CRUDE MAY GO TOO? |
| 01:26:56 |
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I WISH I COULD FORTHRIGHTLY PREDICT THAT. MY PREDICTION IS FOR WHATEVER IT'S WORTH, YOU GET AT LEAST... |
| 01:27:17 |
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LET ME FALL OF OF SOMETHING -- FOLLOW UP ON SOMETHING. I KNOW HE FEELS PASSIONATELY ABOUT STOPPING... |
| 01:27:36 |
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OPEC WILL NOT RELEASE OIL INTO THIS MARKET BECAUSE THEY BELIEVE THAT THEY CAN THROW ALL THE WHILE... |
| 01:28:50 |
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OF THE ADDITIONS TO THE LAST FEW YEARS HAVE BEEN AN MULTIPLE OF THE ADDITIONS TO THE STRATEGIC RESERVES.... |
| 01:29:02 |
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EXPLAIN THAT, IF YOU CAN TO THE COMMITTEE. THESE INSTITUTIONS ACTING AS A HERD ARE ACCUMULATING MUCH... |
| 01:29:42 |
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LET ME ASK YOU TO FOLLOW UP WITH SOMETHING YOU SAID EARLIER. YOU GIVE A 40-40-40 PRICE OF A BARREL... |
| 01:30:00 |
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I THINK THE MIDDLE OF THE RANGE THAT THE OIL INDUSTRY HAS OFFERED UP ON THE HILL THIS PAST FEW MONTHS... |
| 01:31:53 |
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IF YOU LOOK AT THE REPORT I DID FOR THE MIDWEST ATTORNEY- GENERAL, THIS WAS DURING THE NATURAL GAS... |
| 01:33:37 |
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THANK YOU. CENTER CARPER WILL BE NEXT. I KNOW THAT THERE ARE SOME MEMBERS WHO WANT TO GET IN THEIR... |
| 01:33:54 |
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THANK YOU. WE APPRECIATE YOUR PRESENCE IN YOUR TESTIMONY. ABOUT TWO WEEKS AGO, WE HELD A HEARING... |
| 01:35:05 |
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DEFINITELY, I SPOKE ABOUT THE BACKWARDS SUPPLY CURVE. THIS IS SAYING THAT OIL- PRODUCING COUNTRIES... |
| 01:36:41 |
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I AGREE WITH WHAT MR. SORRELL SAID. I AGREE WITH WHAT -- WITH THE ASSESSMENTS YOU ARTICULATE IT. I... |
| 01:39:04 |
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MY TIME IS JUST ABOUT TO EXPIRE. |
| 01:39:07 |
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I REALLY CANNOT ADDRESS THAT. |
| 01:39:18 |
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$40 FOR THE ECONOMIC COST -- " WE COULD LEARN FROM YOU. |
| 01:39:21 |
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THE EVIDENCE SUPPORTS THOSE THREE NUMBERS. OPEC IS ONLY SUPPORTING $80 PER BARREL. THE SENATE COMMERCE... |
| 01:40:24 |
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RESPECTFULLY I HAVE TO DISAGREE WITH THIS. I HAVE HEARD THIS TOO MANY TIMES. I THINK THAT IS AN EXAGGERATION.... |
| 01:40:53 |
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THANK YOU. |
| 01:40:59 |
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CENTER THUNE? LET'S LET ME ASK THAT QUESTION ANOTHER WAY. LET US SAY THAT THE PRESS FOR A BARREL... |
| 01:41:13 |
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I THINK IT GOES DOWN 25%, WHICH IS ABOUT $40. THERE'S A TREMENDOUS SPECULATIVE PREMIUM THAT HAS BEEN... |
| 01:41:27 |
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I BELIEVE SOME OF GO RECENTLY SAID -- SUNOCO SAID $50 TO $55. ECONOMISTS BELIEVE THAT THERE IS AT... |
| 01:42:16 |
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I HAVE SEEN DIFFERENT ASSESSMENTS AND ATTEMPT TO QUANTIFY THE IMPACT OF VARIOUS PARTS OF THIS EQUATION.... |
| 01:42:38 |
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I THINK MR. SOROS EXPLAIN THAT AS WELL AS IT CAN BE EXPLAINED. IF YOU HAVE ARE HOLDING AN ASP -- AN... |
| 01:43:39 |
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IT IS A LITTLE MISLEADING THE WAY WE ARE PRESENTING IT NOW. LET US SAY THAT THERE IS -- I BELIEVE... |
| 01:45:10 |
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I WOULD DISAGREE. THERE ARE MARKET FUNDAMENTALS THAT ARE IMPACTING THIS. THERE'S NOTHING THAT PROBABLY... |
| 01:45:51 |
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I BASE THAT NUMBER ON -- I DID A SIMPLE LITTLE DISCOUNT QUESTION OF HOW MUCH THE DOLLAR TO PROVE --... |
| 01:47:06 |
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I KNOW MY TIME HAS EXPIRED. I WOULD LIKE TO ADD SOME MORE QUESTIONS. MAYBE I COULD SEE THAT THOSE,... |
| 01:47:14 |
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THANK YOU. SENATOR NELSON? |
| 01:47:19 |
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PI HAVE JUST RETURNED FROM MY STATE OF FLORIDA HAVING DONE 18 TOWN HALL MEETINGS. I CAN TELL YOU THAT... |
| 01:49:30 |
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IT IS A VERY IN DIRECT RELATION. THE DROP IN FED FUNDS, WHICH WAS REFLECTED THE SLOWDOWN IN THE ECONOMY... |
| 01:49:58 |
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THAT IS ANOTHER WAY OF SAYING THAT IF WE WANT TO STOP THIS INDIRECT INCREASE COST OF OIL AS A RESULT... |
| 01:50:32 |
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IN CANDOR, I CANNOT ANSWER THAT QUESTION. AS A MEMBER OF THE WORLD WHAT REGULATOR CONFERENCE, THE... |
| 01:52:49 |
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WE HAD A LITTLE VICTORY A WEEK AND A HALF AGO IN THE FARM BILL. WE CREATED MORE OVERSIGHT IN THE COMMITTEE... |
| 01:53:07 |
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THE CFTC HAS SAID IT DOES NOT AFFECT WEST TEXAS INTERMEDIATE CONTRACT. EVEN THOUGH THEY ARE SOLD IN... |
| 01:54:03 |
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I DOES WANT TO BE CLEAR. THERE IS SOMETHING THAT SOME PEOPLE MIGHT FIND A -- MIGHT FIND CONFUSING.... |
| 01:54:31 |
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IT IS CORRECT, BUT IT IS A LITTLE MORE COMPLICATED THAN THAT. THAT LED TO THE WHOLE FOREIGN BOARD... |
| 01:56:15 |
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THANK YOU. I ACTUALLY HAVE A QUESTION FOR MS. WATSON. OBVIOUSLY, PART OF THE CONCERN THAT HAS BEEN... |
| 01:56:45 |
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THAT IS CORRECT. |
| 01:56:51 |
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YOU WERE ABLE TO DO THAT, THINK BECAUSE -- |
| 01:56:55 |
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WE WERE ABLE TO SHOW THAT WE HAD GOOD CAUSE WITH THE TIME -- AT THE TIME. WE WERE CONCERNED ABOUT WHAT... |
| 01:57:22 |
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IN EFFECT, THE FTC SHOULD BE ABLE TO DO THE SAME THING? I WOULD ASSUME THAT THEY HAVE EVEN MORE HISTORY... |
| 01:57:35 |
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I CANNOT SPEAK FOR THE FTC'S. WHAT WOULD YOU SAY THAT THE FTC HAS A CLEAR MANDATE TO IMPLEMENT AND... |
| 01:57:56 |
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ABSOLUTELY. FOR SEVERAL REASONS. AT THE RC HAS ALREADY SET UP THE TEMPLATE. THEY PUT UP AS CRAZY ADVANCED... |
| 01:59:18 |
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ARE WE LIKELY TO EXPECT THE CURRENT HEAD OF THE CFTC TO BE ADDRESSING THESE PROBLEMS ADDRESSED --... |
| 01:59:25 |
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HE CERTAINLY TRIED TO GIVE THE APPEARANCE OF IT BY HIS MAY 29 RELEASE. I HAVE MY DOUBTS. MANY OF THE... |
| 02:01:21 |
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YES, THAT WAS MY -- |
| 02:01:23 |
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THAT'S PRETTY WELL-DEFINED AS SUCCESS, I WOULD GUESS. I ALSO -- IS ANY OF THAT COMING FROM SPECULATIVE... |
| 02:01:35 |
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NO. NO. I AM NOT A PARTICIPANT IN THAT. |
| 02:01:40 |
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I DID READ RECENTLY -- AND I DON'T KNOW IF WAS AN INTERPRETATION OF WHAT YOU SAID. I DID READ THAT... |
| 02:01:59 |
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THAT WAS PROBABLY A DISTORTION OF THE TESTIMONY OF WHICH I GAVE TODAY, WHICH IS REALLY THAT THEY --... |
| 02:02:13 |
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I DON'T THINK THERE'S DISAGREEMENT BEHIND IT. THERE IS A GENERAL ISSUE OF ENERGY, SUPPLY, DEMAND,... |
| 02:03:01 |
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SOME OF THE BUSINESS WOULDN'T BE HERE TO BEGIN WITH. AS MR. SOROS SAID, I BELIEVE, WE HAVE TOO MANY... |
| 02:04:45 |
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BUT THEY SAY THEY CAN ESCAPE BECAUSE YOU CAN'T SEE THEM AND CAN'T FIND THEM. IT'S ALSO THE CASE, ISN'T... |
| 02:05:14 |
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THE FOUNDERS OF THE INTERCONTINENTAL EXCHANGE WERE GOLDMAN SACHS, MORGAN STANLEY AND BRITISH PETROLEUM.... |
| 02:06:08 |
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I WANT TO HAVE FURTHER CONVERSATION WITH YOU AT SOME POINT THIS WEEK IF I MIGHT. |
| 02:06:12 |
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SURE. |
| 02:06:14 |
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LET ME JUST THANK ALL OF THE WITNESSES. I THINK IT'S BEEN A GOOD |
| 02:06:19 |
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THANK YOU. MR. SOROS, YOU TALKED ABOUT PEAK OIL AND I KNOW THAT SENATOR NELSON ASKED YOU ABOUT QUESTIONS... |
| 02:07:01 |
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YES. PEAK OIL, TAKEN LITERALLY, MEANS THAT AT SOME POINT THE TOTAL VOLUME OF PRODUCTION DECLINES.... |
| 02:07:30 |
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THIS IS LIKE ENHANCED OIL RECOVERY. |
| 02:07:32 |
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BUT THE UNDERLYING FACT IS THAT AT THAT -- THE MOST OF THE EXISTING OIL FIELDS ARE NOW AGING. AND... |
| 02:09:51 |
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YOU A HAD A. |
| 02:09:58 |
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HOWEVER, A -- HOWEVER, YOU DON'T HAVE A PRICE ON CARBON THAT WOULD JUSTIFY TAKING CARBON OUT OF COAL.... |
| 02:10:14 |
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RIGHT. AND I THINK ONE OF THE THINGS WE ARE TRYING TO GET AT, PEOPLE TALK ABOUT IT IN MINNESOTA, BUT... |
| 02:10:45 |
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IT DOES MEAN THAT THE COST OF ENERGY IS GOING TO BE HIGHER. WE HAVE TO BITE THE BULLET AS FAR AS THAT... |
| 02:10:59 |
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COULD YOU -- AND I THINK THAT PEOPLE HAVE GONE BEYOND JIMMY CARTER WITH THE SWEATER SAYING THAT CONSERVATION... |
| 02:11:45 |
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I THINK THAT IT WON'T BE QUITE AS EASY WITH WHAT MR. GREENBERGER SAID TO REGULATE THE UNREGULATED... |
| 02:12:45 |
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THANK YOU. |
| 02:12:47 |
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SENATOR, ONE OBSERVATION. |
| 02:12:48 |
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DOCTOR. |
| 02:12:50 |
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WOULD IT BE EASIER FOR THE AMERICAN PEOPLE TO SPEND $40 A BRL TO ADDRESS THE ENVIRONMENTAL AND SOCIAL... |
| 02:13:05 |
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RIGHT. |
| 02:13:07 |
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I AGREE ENTIRELY THAT ENERGY, WE HAVE TO RECOGNIZE THE SOCIAL COST, BUT THAT DOESN'T MEAN WE SHOULD... |
| 02:13:21 |
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SENATOR NELSON, LAST QUESTION. |
| 02:13:28 |
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I AGREE WITH THE RANSOM WE ARE PAYING. YOU HAVE MADE IT CLEAR TO MAKE IT CLEAR ABOUT THIS SPECULATION,... |
| 02:14:37 |
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I THINK YES. IF YOU LOOK AT THE COST OF THE CLIMATE CHANGE LEGISLATION BEFORE BEING CONSIDERED BY... |
| 02:15:33 |
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I'LL END ON A GOOD NOTE, MADAM CHAIR. YOU KNOW, FOR EACH OF THE EIGHT YEARS THAT YOU AND I HAVE BEEN... |
| 02:16:30 |
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I THANK ALL THE MEMBERS ATTENDING THIS HEARING. I THANK THE PANEL FOR THEIR TESTIMONY. THANK YOU... |
| 02:17:48 |
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AND RELATED PROGRAMMING INFORMATION, THE SENATE CONTINUES CLIMATE CHANGE DEBATE TODAY. THE ASSOCIATED... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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