[Congressional Record Volume 144, Number 61 (Thursday, May 14, 1998)]
[Senate]
[Page S4902]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING MAY 8TH

  Mr. HELMS. Mr. President, the American Petroleum Institute's report 
for the week ending May 8, disclosed that the U.S. imported 8,772,000 
barrels of oil each day, an increase of 1,206,000 barrels over the 
7,566,000 imported every day during the same week a year ago.
  Americans relied on foreign oil for 57.9 percent of their needs last 
week. 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.
  Politicians had better give consideration to the 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 8,772,000 barrels a day.

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