Christopher Dodd

Mr. DODD

Mr. DODD. Well, there could be. I can't say that is not going to be the case. But getting a vote, that is certainly a possibility. Let me talk with others and see what the intention would be.

Mr. DODD. Madam President, I have 2 minutes or 3 minutes remaining, and I yield to my colleague, the Senator from Rhode Island.

Mr. DODD. I ask for the yeas and nays.

Mr. DODD. I move to reconsider the vote.

Mr. DODD. Madam President, let me briefly say to my colleagues that this is the second Bond amendment. This amendment would eliminate the HOPE for Homeowners Act, almost the centerpiece of this legislation. This is an idea that was recommended to us by a broad spectrum of people on the economic agenda here dealing with the issue of how we keep people in their homes. This idea has been endorsed by the American Enterprise Institute, the Consumer Federation of America, and many other groups and organizations that have suggested this idea could possibly keep as many as 400,000 to 500,000 people in their homes. Every day in the month of May, 8,427 people filed for foreclosure. Every single day. Every day, over 8,000 people are filing for foreclosure in our country. Every day that goes on and we fail to take a step to do what we can to see that we can keep people in their homes and get our economy back on its feet, a day is lost and it endangers our economy even further. The Bond amendment strips this bill, the HOPE for Homeowners Act, which we passed 19 to 2 out of the Banking Committee. We have had extensive hearings on it. It is a bipartisan proposal that we hope will make a difference in our country. What better step could we take this evening than to reject this amendment and endorse the idea that we are going to do everything we can to keep homeowners in their home? I will make a point of order, Madam President, after Senator Bond has spoken.

Mr. DODD. Madam President, I raise a point of order that the pending amendment violates section 201 of S. Con. Res. 21, the concurrent resolution on the budget for fiscal year 2008. This is the pay-go point of order.

Mr. DODD. Mr. President, my good friend, the Senator from Iowa, Senator Grassley, asked if he could speak for 2 or 3 minutes on an unrelated matter.

Mr. DODD. Mr. President, if I may, I yield 4 minutes to my colleague from Virginia.

Mr. DODD. No objection.

Mr. DODD. Mr. President, I wish to add my voice to one of my dearest friends in this body, Senator John Warner, and to Jim Webb, who did a great job of this. All of us are grateful for the tremendous work they have done. Needless to say, millions of veterans deeply appreciate their commitment to this. I am not surprised that these two Virginians will be leading the charge in this. I thank them.

Mr. DODD. I wish to give my thanks to our colleagues. Well done.

Mr. DODD. Mr. President, I yield time to my colleague from Rhode Island.

Mr. DODD. Mr. President, I suggest the absence of a quorum.

Mr. DODD. Mr. President, I thank the leader. Senator Shelby and I are prepared to be here even for a little longer this evening, for those who might want to talk on the bill, or they can tell us what they may want to offer. So we will be around.

Mr. DODD

Mr. DODD. Mr. President, I rise today to speak on a bill I am introducing with my colleague, Senator Snowe, to amend the Northeast Home Heating Oil Reserve program. I want to thank Senator Snowe for her tremendous leadership on the problem this bill is designed to address, which is a critically important issue for our region that we have worked together on for many years. That issue is the skyrocketing price of heating oil, which millions of families in the Northeast are dependent on to heat their homes through our long, cold winters. According to the Department of Energy's Energy Information Agency, EIA, 6.2 million of the 8 million households in the U.S. that use heating oil to heat their homes are in the Northeast, or approximately 78 percent. As crude oil and gasoline prices have risen higher and higher, the cost of heating oil has risen as well. Currently, heating oil is far and away the costliest method of heating homes, costing families an average of nearly $2000 per year, and much more in the coldest areas. Overall, heating a home with heating oil costs twice the national average of all fuels combined, yet most families in the Northeast have little choice. Even in some of our region's cities, there are no natural gas lines or other sources of home heating available to residents. This dependence on heating oil is stretching many families' budgets to the breaking point. Where once low and moderate income families could struggle through the winter, soaring heating oil prices are forcing people to choose between heating their homes, driving their cars to and from work, and putting food on the table for their families. The EIA estimated that this year, it will cost $1,962 to heat a home with oil, a 33 percent increase from last year and a 117 percent increase since 2004. In just 4 short years, the cost of heating a home with oil has gone up more than $1000 dollars! Many families and seniors living on fixed incomes simply cannot bear this burden. That is why Senator Snowe and I are proposing a price trigger to provide for oil to be released from the Northeast Home Heating Oil Reserve. This is a 2-million barrel reserve I originally worked to create in 2000, along with my colleague from Maine and other Senators from the Northeast, to protect the residents of the region from severe price shocks to the heating oil market. Given the record heating oil prices we are experiencing today, we believe it would be reasonable to use this reserve to try to cushion those dependent on heating oil to get through the winter. From November through March, the Secretary of Energy would conduct a survey to determine the price of a gallon of heating oil on the first of each month. If the price meets or exceeds $4 per gallon, this would trigger an immediate release of 20 percent of the Northeast Home Heating Oil Reserve. This oil would then be sold on the open market to lower the price of heating oil in the region. The revenue raised by the sale would then be devoted to the Weatherization Assistance Program to help low income heating oil customers increase the energy efficiency of their homes. Experience has shown that properly weatherizing homes can increase their energy efficiency by 20-30 percent, reducing energy consumption and lowering monthly utility bills. However, most low and middle income families cannot afford the upfront investment necessary to reap these benefits. The Weatherization Assistance Program is an enormously successful program designed to help families make that initial investment. This bill will not solve our Nation's energy crisis, nor will this alone solve the problem of high heating oil prices in the Northeast. As the Senator from Maine well knows, we need to devote far more money to programs like the Low Income Home Energy Assistance Program, and we need to take a serious look at restructuring our Nation's comprehensive energy policy. But this legislation is a very good first step toward easing the pain so many residents of the Northeast and my State of Connecticut are feeling. I urge my colleagues to support us in this effort.

Mr. DODD

Mr. DODD. Mr. President, I rise today to speak on a bill I am introducing with my colleague, Senator Snowe, to amend the Northeast Home Heating Oil Reserve program. I want to thank Senator Snowe for her tremendous leadership on the problem this bill is designed to address, which is a critically important issue for our region that we have worked together on for many years. That issue is the skyrocketing price of heating oil, which millions of families in the Northeast are dependent on to heat their homes through our long, cold winters. According to the Department of Energy's Energy Information Agency, EIA, 6.2 million of the 8 million households in the U.S. that use heating oil to heat their homes are in the Northeast, or approximately 78 percent. As crude oil and gasoline prices have risen higher and higher, the cost of heating oil has risen as well. Currently, heating oil is far and away the costliest method of heating homes, costing families an average of nearly $2000 per year, and much more in the coldest areas. Overall, heating a home with heating oil costs twice the national average of all fuels combined, yet most families in the Northeast have little choice. Even in some of our region's cities, there are no natural gas lines or other sources of home heating available to residents. This dependence on heating oil is stretching many families' budgets to the breaking point. Where once low and moderate income families could struggle through the winter, soaring heating oil prices are forcing people to choose between heating their homes, driving their cars to and from work, and putting food on the table for their families. The EIA estimated that this year, it will cost $1,962 to heat a home with oil, a 33 percent increase from last year and a 117 percent increase since 2004. In just 4 short years, the cost of heating a home with oil has gone up more than $1000 dollars! Many families and seniors living on fixed incomes simply cannot bear this burden. That is why Senator Snowe and I are proposing a price trigger to provide for oil to be released from the Northeast Home Heating Oil Reserve. This is a 2-million barrel reserve I originally worked to create in 2000, along with my colleague from Maine and other Senators from the Northeast, to protect the residents of the region from severe price shocks to the heating oil market. Given the record heating oil prices we are experiencing today, we believe it would be reasonable to use this reserve to try to cushion those dependent on heating oil to get through the winter. From November through March, the Secretary of Energy would conduct a survey to determine the price of a gallon of heating oil on the first of each month. If the price meets or exceeds $4 per gallon, this would trigger an immediate release of 20 percent of the Northeast Home Heating Oil Reserve. This oil would then be sold on the open market to lower the price of heating oil in the region. The revenue raised by the sale would then be devoted to the Weatherization Assistance Program to help low income heating oil customers increase the energy efficiency of their homes. Experience has shown that properly weatherizing homes can increase their energy efficiency by 20-30 percent, reducing energy consumption and lowering monthly utility bills. However, most low and middle income families cannot afford the upfront investment necessary to reap these benefits. The Weatherization Assistance Program is an enormously successful program designed to help families make that initial investment. This bill will not solve our Nation's energy crisis, nor will this alone solve the problem of high heating oil prices in the Northeast. As the Senator from Maine well knows, we need to devote far more money to programs like the Low Income Home Energy Assistance Program, and we need to take a serious look at restructuring our Nation's comprehensive energy policy. But this legislation is a very good first step toward easing the pain so many residents of the Northeast and my State of Connecticut are feeling. I urge my colleagues to support us in this effort.

Mr. DODD

Mr. DODD. Mr. President, I ask unanimous consent that the Committee on Commerce, Science, and Transportation be authorized to meet during the session of the Senate on Thursday, June 19, 2008, at 10 a.m., in room 253 of the Russell Senate Office Building.

Mr. DODD. Mr. President, I ask unanimous consent that the Committee on Health, Education, Labor, and Pensions be authorized to meet, during the session of the Senate, to conduct a hearing entitled ``Two Years after the MINER Act: How Safe is Mining Today?'' on Thursday, June 19, 2008, at l0 a.m. in room 430 of the Dirksen Senate Office Building.

Mr. DODD. Mr. President, I ask unanimous consent that the Committee on Indian Affairs be authorized to meet during the session of the Senate on Thursday, June 19, at 9:30 a.m. in room 562 of the Dirksen Senate Office Building.

Mr. DODD

Mr. DODD. Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 774, S. 2607.

Mr. DODD. I ask unanimous consent that an Inouye substitute amendment which is at the desk be agreed to, the bill as amended be read a third time and passed, the motions to reconsider be laid upon the table, with no intervening action or debate, and that any statements relating to the bill be printed in the Record.

Mr. DODD

Mr. DODD. Mr. President, I ask unanimous consent that the Banking Committee be discharged from further consideration of S. 2159 and the Senate proceed to its immediate consideration.

Mr. DODD. I ask unanimous consent that a Dodd-Shelby amendment which is at the desk be agreed to, the bill, as amended, be read a third time, passed, the motion to reconsider be laid upon the table, and any statements relating to the bill be printed in the Record. THE PRESIDING OFFICER. Without objection, it is so ordered.

Mr. DODD. Mr. President, I note this is a coin bill that was authored by Senator Nelson of Florida commemorating the 50th anniversary of the establishment of NASA, a historic moment. I commend Senator Nelson for his efforts.

Mr. DODD

Mr. DODD. Mr. President, I ask unanimous consent that three members of my staff, Seth Olson, Charles von Althann, and Eitan Goldstein, be granted the privilege of the floor during today's session.