[Congressional Record Volume 142, Number 101 (Wednesday, July 10, 1996)]
[Senate]
[Page S7646]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            MORNING BUSINESS

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       FOREIGN OIL CONSUMED BY THE U.S.? HERE'S WEEKLY BOX SCORE

  Mr. HELMS. Mr. President, the American Petroleum Institute reports 
that for the week ending July 5, the U.S. imported 8,000,000 barrels of 
oil each day, 1,500,000 barrels more than the 6,500,000 barrels 
imported during the same week a year ago.
  Americans relied on foreign oil for 55 percent of their needs last 
week, and there are no signs that this upward spiral 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? Shouldn't more attention be paid 
to this perilous situation in light of the June 25 bombing which killed 
19 American servicemen in Saudi Arabia? American troops are in Saudi 
Arabia to protect United States petroleum interests.
  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 U.S.--now 
8,000,000 barrels a day.

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