[Congressional Record Volume 144, Number 77 (Monday, June 15, 1998)]
[Senate]
[Page S6327]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING JUNE 5TH

  Mr. HELMS. Mr. President, the American Petroleum Institute reported 
for the week ending June 5 that the U.S. imported 9,532,000 barrels of 
oil each day, an increase of 1,103,000 barrels a day over the 8,429,000 
imported during the same week a year ago.
  Americans relied on foreign oil for 59.9 percent of their needs last 
week. There are no signs that the upward spiral will abate. Before the 
Persian Gulf War, the United States imported about 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 should give consideration to the economic calamity 
certain 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 9,532,000 barrels a day.

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