[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 66 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
S. RES. 66

Expressing the opposition of the Senate to the imposition of an import 
            fee on crude oil and refined petroleum products.


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                   IN THE SENATE OF THE UNITED STATES

             February 4 (legislative day, January 5), 1993

    Mr. Akaka (for himself and Mr. Inouye) submitted the following 
       resolution; which was referred to the Comnittee on Finance

_______________________________________________________________________

                               RESOLUTION


 
Expressing the opposition of the Senate to the imposition of an import 
            fee on crude oil and refined petroleum products.

Whereas an import fee on crude oil or refined petroleum products would have an 
        inflationary effect on the United States economy and would have 
        widespread adverse impacts throughout the United States;
Whereas for each dollar the import fee is increased, the cost of petroleum for 
        United States consumers increases approximately $6,200,000,000;
Whereas an oil import fee could potentially stall our country's economic 
        recovery and harm the ability of United States companies to compete in 
        foreign markets;
Whereas such a fee, even though applied only to imports, would increase the 
        price of all oil consumed in the United States, because the price of 
        domestically produced crude oil and domestically refined products would 
        increase to the same level as imported oil;
Whereas such a fee would have widespread indirect inflationary costs by raising 
        the cost of all consumer goods;
Whereas the additional costs resulting from an oil import fee would be 
        disproportionately greater in areas of the country that rely on imported 
        oil and petroleum products; and
Whereas the adverse inflationary effects of such a fee would far outweigh the 
        marginal increase in Federal revenues: Now, therefore, be it
    Resolved, That it is the sense of the Senate that neither the 
President nor the Congress should impose any import fee on the 
importation of crude oil or refined petroleum products.

                                 <all>