[Congressional Record Volume 143, Number 91 (Wednesday, June 25, 1997)]
[Senate]
[Page S6356]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING JUNE 20

  Mr. HELMS. Mr. President, the American Petroleum Institute reports 
that for the week ending June 20, the U.S. imported 7,630,000 barrels 
of oil each day, 301,000 barrels fewer than the 7,931,000 imported each 
day during the same week a year ago.
  While this is one of the very few weeks that Americans imported less 
oil than the same week a year ago, Americans relied on foreign oil for 
54.4 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 U.S.--now 
7,630,000 barrels a day.

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