[Congressional Record Volume 143, Number 76 (Thursday, June 5, 1997)]
[Senate]
[Page S5305]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING MAY 30TH

  Mr. HELMS. Mr. President, the American Petroleum Institute reports 
that for the week ending May 30, the United States imported 8,374,000 
barrels of oil each day, 327,000 barrels less than the 8,701,000 
imported each day during the same week 1 year ago.
  While this is one of the few weeks that Americans imported less oil 
than the same period 1 year ago, Americans still relied on foreign oil 
for 56.5 percent of their needs last week, and there are no signs that 
the upward spiral will abate. Before the Persian Gulf war, the United 
States obtained approximately 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 8,374,000 barrels a day.

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