[Congressional Record Volume 144, Number 22 (Friday, March 6, 1998)]
[Senate]
[Page S1505]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING FEBRUARY 27TH

  Mr. HELMS. Mr. President, the American Petroleum Institute reports 
that for the week ending February 27, the U.S. imported 7,649,000 
barrels of oil each day, 544,000 barrels more than the 7,105,000 
imported each day during the same week a year ago.
  Americans relied on foreign oil for 54.7 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 1970s, 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 
7,649,000 barrels a day.

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