[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 263 Agreed to Senate (ATS)]

  2d Session
S. RES. 263

     Expressing the sense of the Senate that the President should 
 communicate to the members of the Organization of Petroleum Exporting 
Countries (``OPEC'') cartel and non-OPEC countries that participate in 
the cartel of crude oil producing countries, before the meeting of the 
OPEC nations in March 2000, the position of the United States in favor 
 of increasing world crude oil supplies so as to achieve stable crude 
                              oil prices.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 28, 2000

Mr. Ashcroft (for himself, Mr. Abraham, Mr. Grassley, Mr. Santorum, Mr. 
 Hutchinson, Mr. Smith of New Hampshire, Mr. Grams, Mr. L. Chafee, Mr. 
Crapo, and Mr. Feingold) submitted the following resolution; which was 
             referred to the Committee on Foreign Relations

                             March 9, 2000

                Reported by Mr. Helms, with an amendment
[Strike out all after the resolving clause and insert the part printed 
                               in italic]

                             March 27, 2000

                   Considered, amended, and agreed to

_______________________________________________________________________

                               RESOLUTION


 
     Expressing the sense of the Senate that the President should 
 communicate to the members of the Organization of Petroleum Exporting 
Countries (``OPEC'') cartel and non-OPEC countries that participate in 
the cartel of crude oil producing countries, before the meeting of the 
OPEC nations in March 2000, the position of the United States in favor 
 of increasing world crude oil supplies so as to achieve stable crude 
                              oil prices.

Whereas the United States currently imports roughly 55 percent of its crude oil;
Whereas ensuring access to and stable prices for imported crude oil for the 
        United States and major allies and trading partners of the United States 
        is a continuing critical objective of United States foreign and economic 
        policy for the foreseeable future;
Whereas the 11 countries that make up the Organization of Petroleum Exporting 
        Countries (``OPEC'') produce 40 percent of the world's crude oil and 
        control 77 percent of proven reserves, including much of the spare 
        production capacity;
Whereas beginning in March 1998, OPEC instituted 3 tiers of production cuts, 
        which reduced production by 4,300,000 barrels per day and have resulted 
        in dramatic increases in crude oil prices;
Whereas in August 1999, crude oil prices had reached $21 per barrel and 
        continued rising, exceeding $25 per barrel by the end of 1999 and $27 
        per barrel during the first week of February 2000;
Whereas crude oil prices in the United States rose $14 per barrel during 1999, 
        the equivalent of 33 cents per gallon;
Whereas the increase has translated into higher prices for gasoline and other 
        refined petroleum products; in the case of gasoline, the increases in 
        crude oil prices have resulted in a penny-for-penny passthrough of 
        increases at the pump;
Whereas increases in the price of crude oil result in increases in prices paid 
        by United States consumers for refined petroleum products, including 
        home heating oil, gasoline, and diesel fuel; and
Whereas increases in the costs of refined petroleum products have a negative 
        effect on many Americans, including the elderly and individuals of low 
        income (whose home heating oil costs have doubled in the last year), 
        families who must pay higher prices at the gas station, farmers (already 
        hurt by low commodity prices, trying to factor increased costs into 
        their budgets in preparation for the growing season), truckers (who face 
        an almost 10-year high in diesel fuel prices), and manufacturers and 
        retailers (who must factor in increased production and transportation 
        costs into the final price of their goods): Now, therefore, be it
    Resolved, That it is the sense of the Senate that--
            (1) the President and Congress should take both a short-
        term and a long-term approach to reducing and stabilizing crude 
        oil prices as well as reducing dependence on foreign sources of 
        energy;
            (2) to address the problem in the short-term, the President 
        should communicate to the members of the Organization of 
        Petroleum Exporting Countries (``OPEC'') cartel and non-OPEC 
        countries that participate in the cartel of crude oil producing 
        countries, prior to their scheduled meeting on March 27, 2000, 
        that--
                    (A) the United States seeks to maintain strong 
                relations with crude oil producers around the world 
                while promoting international efforts to remove 
                barriers to energy trade and investment and increased 
                access for United States energy firms around the world;
                    (B) the United States believes that restricting 
                supply in a market that is in demand of additional 
                crude oil does serious damage to the efforts that OPEC 
                members have made to demonstrate that they represent a 
                reliable source of crude oil supply;
                    (C) the United States believes that stable crude 
                oil prices and supplies are essential for strong 
                economic growth throughout the world; and
                    (D) the United States seeks an immediate increase 
                in the OPEC crude oil production quotas and not simply 
                an agreement at the March 27, 2000, meeting to lift 
                production quotas at a later date;
            (3) the President should be commended for sending Secretary 
        of Energy Richardson to personally communicate with leaders of 
        several members of the Organization of Petroleum Exporting 
        Countries on the need to increase the supply of crude oil;
            (4) to ameliorate the long-term problem of the United 
        States dependence on foreign oil sources, the President 
        should--
                    (A) review all administrative policies, programs, 
                and regulations that put an undue burden on domestic 
                energy producers; and
                    (B) consider lifting unnecessary regulations that 
                interfere with the ability of United States' domestic 
                oil, gas, coal, hydro-electric, biomass, and other 
                alternative energy industries to supply a greater 
                percentage of the energy needs of the United States; 
                and
            (5) to ameliorate the long-term problem of United States 
        dependence on foreign oil sources, the Senate should 
        appropriate sufficient funds for the development of domestic 
        energy sources, including measures to increase the use of 
        biofuels and other renewable resources.
                                 <all>