[Congressional Record Volume 142, Number 46 (Friday, March 29, 1996)]
[House]
[Page H3176]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




URGING TREASURY DEPARTMENT TO UPDATE REGULATIONS TO TAKE FULL ADVANTAGE 
                        OF DOMESTIC OIL RESERVES

  (Mr. McCRERY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. McCRERY. Mr. Speaker, no single component of our national economy 
is more important than energy. Yet, today we find ourselves more 
dependent on foreign sources of petroleum than at any time since 1977. 
Right now, imported oil accounts for over 50 percent of domestic 
consumption. By the year 2015, the Department of Energy forecasts that 
America will only supply one-third of its domestic needs. That means 
our Nation will rely heavily on other countries to fuel our cars, heat 
our homes, and drive our economy.
  I am concerned that we are not being sufficiently aggressive in our 
efforts to reverse this trend. In the United States, we have vast 
proven reserves in existing fields that can be accessed, but only with 
advanced oil recovery technologies. Since 1990, we have recognized that 
to reduce our dependence on foreign energy sources, certain new 
recovery technologies should be encouraged through the enhanced oil 
recovery credit. Unfortunately, the eligible technologies identified do 
not reflect the latest developments in this field.
  To take full advantage of our domestic oil reserves, I urge the 
Treasury Department to use the specific authority Congress provided, to 
update the regulations to include new recovery technologies. Doing so 
will reopen access to much needed domestic oil and provide new skilled 
job opportunities in the domestic economy.

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