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Today, Congressman Bob Latta (R-Bowling Green) delivered the following opening statement during the House Energy and Commerce Oversight and Investigation Subcommittee hearing titled “The Role of BP in the Deepwater Horizon Explosion and Oil Spill,” with BP CEO Tony Hayward testifying.  Video of Congressman Latta’s opening statement can be found on his YouTube Channel.  

(Remarks as delivered and for the record)

“MR. CHAIRMAN; RANKING MEMBER BURGESS: Thank you for holding this subcommittee hearing on the role of BP in the Deepwater Horizon oil rig explosion and the ongoing oil spill in the Gulf of Mexico.  First and foremost, I want to extend my heartfelt condolences to the families of those who have lost loved ones, and to those who have been injured.   The unprecedented scale of the spill, and its increasingly harmful impact on the Gulf economy and environment, demand a thorough examination of BP’s actions and inactions as well as BP’s current and future plans.  

The flow of oil must be stopped.  Each day anywhere from 35,000 to 60,000 barrels are spilling into the Gulf, and only 15,000 barrels a day are being captured.  The environmental effects of the oil spill are harming shorelines and coastal wetlands, fisheries and fisheries habitat, as well as marine mammals and sea turtles.  What is worse, we will not fully know the ecological ramifications of the oil spill until years down the road.     

Furthermore, local businesses are suffering great losses, including jobs and revenues that depend on tourism that are being threatened.  NOAA announced a revised commercial and recreation fishing closure in the oil-affected portions of the Gulf of Mexico amounting to 33% of the Gulf of Mexico exclusive economic zone.  As oil continues to flow, this area is sure to enlarge, further exacerbating the economic damage.  

A recent economic impact study by the American Sportfishing Association indicated that if the entire Gulf were closed to recreational fishing from May through August, the region would lose $1.1 billion in revenue, which supports $2.5 billion in total sales, $1.3 billion in value added, $811.1 million in income and 18,785 jobs.  This potential economic damage is devastating to an area that has already suffered greatly from the aftermath of natural disasters.    

Americans continue to be frustrated with the lack of management and solutions from all parties involved, and I am interested to hear more about the coordinated efforts between BP and the Administration.  The economic and environmental magnitude of this disaster necessitates a clear understanding of what went wrong and, and BP needs to be held accountable for the disaster.

I also look forward to having MMS and the Department of Interior  appear before this subcommittee to also answer tough questioning.  

I look forward to hearing Mr. Hayward’s testimony and I yield back the remainder of my time.”

NOTE: This morning, Congressman Latta appeared on CNBC’s “Squawk Box” to preview today’s hearing.  Video of the interview can be found here.