[Congressional Record Volume 142, Number 39 (Wednesday, March 20, 1996)]
[House]
[Page H2473]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   BOOST DOMESTIC PRODUCTION OF FUEL

  (Mr. LARGENT asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. LARGENT. Mr. Speaker, 5 years have passed since American troops 
were sent to the Persian Gulf to fight a war that former Secretary of 
State Lawrence Eagleburger now calls ``a classic example of the danger 
we face because we are so dependent on foreign oil.''
  Last year the United States imported over 50 percent of its crude 
oil--more than ever before--while domestic production fell to a 40-year 
low. Since the 1980's, we've lost one-half million high-skilled, high-
wage oil related jobs.
  According to the Department of Energy's Acting Deputy Assistant 
Secretary--that within a decade the U.S. will import nearly 60 percent 
of its oil. He added that our trade deficit in oil is expected to 
double to nearly $100 billion by that time.
  We need to stimulate domestic oil and gas production by lifting 
Government regulations that provide no benefit to the environment but 
cost jobs and make industries less competitive. U.S. producers, are 
capable of developing untapped resources while protecting the 
environment if given the opportunity. We also need to develop tax 
incentives that stimulate domestic production.
  Boosting domestic production will lead to a win-win situation--job 
creation and increased national security.

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