[Congressional Record Volume 144, Number 71 (Thursday, June 4, 1998)]
[Senate]
[Page S5631]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING MAY 29TH

  Mr. HELMS. Mr. President, the American Petroleum Institute reported 
for the week ending May 29, that the U.S. imported 8,549,000 barrels of 
oil each day, an increase of 175,000 barrels a day over the 8,374,000 
imported during the same week a year ago.
  Americans relied on foreign oil for 57.2 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 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 8,549,000 barrels a day.

                          ____________________