[Congressional Record Volume 142, Number 110 (Wednesday, July 24, 1996)]
[Senate]
[Page S8633]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




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

  Mr. HELMS. Mr. President, the American Petroleum Institute reports 
that for the week ending July 19, the United States imported 7,800,000 
barrels of oil each day, 1,100,000 barrels more than the 6,700,000 
barrels imported during the same week a year ago.
  Americans relied on foreign oil for 54.9 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? 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 7,800,000 barrels a 
day.

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