[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 330 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
S. RES. 330

     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 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

                             April 2, 2004

Mr. Wyden submitted the following resolution; which was referred to the 
                     Committee on Foreign Relations

_______________________________________________________________________

                               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 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 the majority 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 
        three-quarters of proven reserves, including much of the spare 
        production capacity;
Whereas beginning in February 2004, OPEC instituted production cuts, which 
        reduced production by 2,000,000 barrels per day and have resulted in 
        dramatic increases in crude oil prices;
Whereas in February 2004, crude oil prices were around $28 per barrel and have 
        steadily risen since then, exceeding $38 per barrel in March 2004, the 
        highest prices in 13 years;
Whereas the increase in crude oil prices 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 pass-through of 
        cost increases at the pump to an average national price of $1.75 per 
        gallon;
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 13-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 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;
            (3) the President should be commended for sending Secretary 
        of State Powell 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>