[Congressional Record Volume 142, Number 63 (Wednesday, May 8, 1996)]
[Senate]
[Page S4849]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 FOREIGN OIL CONSUMED BY THE UNITED STATES? HERE'S THE WEEKLY BOX SCORE

  Mr. HELMS. Mr. President, the American Petroleum Institute reports 
that for the week ending May 3, the United States imported 7,301,000 
barrels of oil each day, 1,184,000 barrels more than the 6,117,000 
barrels imported during the same week a year ago.
  Americans now rely on foreign oil for 53 percent of their needs, and 
there are no signs that this upward spriral will abate. Before the 
Persian Gulf war, the United States obtained about 45 percent of its 
oil supply from foreign countries. During the Arab oil embargo in the 
1970's, foreign oil accounted for only 35 percent of America's oil 
supply.
  Anybody else interested in restoring domestic production of oil--by 
U.S. producers using American workers? Politicians had better ponder 
the economic calamity sure to occur in America if and when foreign 
producers shut off our supply--or double the already enormous cost of 
imported oil flowing into the United States--now 7,301,000 barrels a 
day.
  Mr. President, I hope Senators will examine this information in the 
context of rapidly rising gasoline prices. U.S. reliance on foreign oil 
has caused us to forsake the use of alternative domestic fuels and 
allowed for serious declines in domestic crude oil production. In 1970, 
the United States produced 9,600,000 million barrels per day. 
Currently, we are producing only 6,500,000 million barrels per day. 
Thus, more than half of the gasoline consumed in this country comes 
from foreign sources, and the problem is getting worse.
  Where's the leadership from the White House on this critical issue? 
The President ordered a draw down of the strategic oil reserves. The 
American people recognize this for what it is--a cynical joke. Of 
course Congress should cut the Clinton gas tax. We should also cut 
taxes on domestic alternative fuel sources, and on a host of other 
taxes Democrats have heaped on the shoulders of hardworking American 
taxpayers.

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