mr. chairman , i rise in support of this amendment to make this junk food energy bill just a little bit healthier . 
members , help me with this quote : `` i tell you , with $ 50 oil , we do not need incentives to oil and gas companies . 
there are plenty of incentives. '' no , this was not some liberal , left-wing environmental activist . 
you are right , it was the president of the united states , who comes from the oil industry , that recognizes that the oil companies are awash with profits . 
during president bush 's 2000 presidential campaign , he railed against the so-called royalty holiday saying that it was , and i quote , `` giving major oil companies a huge tax break. '' agree with the president of the united states , agree with us , accept this amendment . 
section 2005 waives federal royalty collections from offshore oil and gas production on the outer continental shelf . 
added to the rest of title 20 , this will put $ 483 million of taxpayer money into the already deep pockets of big oil during a time in which they are reaping record profits . 
in fact , an april 8 , 2005 wall street journal article relates the news that exxon mobile recently reported a fourth-quarter profit that amounted to the fattest quarterly take for a publicly traded u.s. company ever : $ 8.4 billion . 
do big oil companies like exxon really need taxpayer-provided `` incentives '' to explore and drill ? 
president bush does n't think so . 
in addition , the oil royalties the federal government does not collect from big oil will starve the land and water conservation fund of critical financial resources . 
the land and water conservation fund provides special protection for some of our most precious wildlands and has been a valuable tool for nearly 40 years . 
a portion of revenues from oil royalties is dedicated to this special fund for acquisition and conservation of natural places and habitat . 
without these oil royalty revenues , state environmental protection efforts will suffer . 
in a time of serious budget deficits , immense war costs and a sluggish economy , we can not afford to grant such outlandish subsidies to some of our nation 's largest corporations . 
i urge my colleagues support the grijalva amendment . 
