mr. chairman , i thank the gentleman from texas ( mr. barton ) xz4000180 for yielding me this time . 
the gentleman has done a magnificent job leading the committee on this new bill . 
i would just say , in america we face some great challenges with regard to formulation of our energy policy . 
the oil demand growth keeps rising due to the industrialization of the emerging world . 
china consumes 7 million barrels per day ; and if china 's rise in world prominence is similar to that of korea and japan , china will consume 20 million barrels per day in less than 10 years . 
the last big oil discovery was 30 years ago in the north sea . 
china is trying to buy oil companies in canada ; india is trying to buy oil companies in russia ; the present world production capacity is 83 million barrels a day ; and we are running an estimated 81.5 million today , which means we are in the red zone . 
the 14 largest oil fields in the world are 40 years old . 
once they are taken out to 50 percent , water and fluids need to be pumped to keep production at existing levels . 
we have some significant challenges . 
support this bill . 
