[Congressional Record Volume 144, Number 79 (Wednesday, June 17, 1998)]
[Senate]
[Page S6485]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING JUNE 12TH

  Mr. HELMS. Mr. President, the American Petroleum Institute reported 
for the week ending June 12 that the U.S. imported 8,862,000 barrels of 
oil each day, 529,000 barrels a day less than the 9,391,000 imported 
during the same week a year ago.
  While this is one of the rare weeks when Americans imported slightly 
less foreign oil than the same week a year ago, Americans still relied 
on foreign oil for 58.4 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 at a cost of approximately 
$99,431,640 a day.

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