[Congressional Record Volume 140, Number 86 (Thursday, June 30, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: June 30, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                   STOP THE DEPENDENCY ON FOREIGN OIL

                                 ______


                        HON. BLANCHE M. LAMBERT

                              of arkansas

                    in the house of representatives

                        Thursday, June 30, 1994

  Ms. LAMBERT. Mr. Speaker, I rise today to express my continued 
concern over our Nation's dependency on foreign oil imports. I note 
that our dependency on foreign oil is higher than at any time since the 
Arab oil embargo some 20 years ago.
  In March of this year, I cosigned a letter to the President with 
dozens of my colleagues expressing our concern about some of the 
problems which our domestic energy industry is facing. The fact that 49 
percent of the oil consumed in our Nation is imported is a major 
problem.
  If our dependency on foreign oil continues to grow, we will continue 
to witness job losses in our domestic oil industry and our trade 
deficit will continue to grow and hamper economic recovery.
  Of particular concern to me is the need to seek alternative fuel and 
energy sources. These sources will not be adequately researched and 
developed as long as our markets are dominated by foreign oil supplies, 
leaving our economy vulnerable to price spikes on the world market and 
to regional conflicts such as the Iraqi war in 1992.
  Today the Department of Energy is releasing a report which calls for 
a removal of the ban on the exportation of Alaskan oil. This report not 
only shows that the ban would pose no adverse impacts, but that lifting 
the ban would create many jobs in the domestic oil industry and spur 
more oil production in the United States, thereby reducing our 
dependence on foreign sources. In addition, lifting this ban could also 
help to lower our trade deficit.
  I am encouraged by the administration's efforts to help our domestic 
energy industry and I look forward to continuing to work with them to 
create even more jobs and develop alternative sources.

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