[Congressional Record Volume 144, Number 95 (Thursday, July 16, 1998)]
[Senate]
[Pages S8379-S8380]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING JULY 10TH

  Mr. HELMS. Mr. President, the American Petroleum Institute has 
reported that for the week ending July 10 that the U.S. imported 
9,323,000 barrels of oil each day, 1,645,000 barrels a day more than 
the 7,678,000 imported during the same week a year ago.
  Americans relied on foreign oil for 59.6 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.
  All Americans should ponder the economic calamity certain to occur in 
the U.S. if and when foreign producers shut off our supply--or double 
the already enormous cost of imported oil flowing into the U.S.: now 
9,323,000 barrels a day at a cost of approximately $104,137,910 a day.


                       THE VERY BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, at the close of business yesterday, 
Wednesday, July 15, 1998, the federal debt stood at 
$5,529,722,681,857.67 (Five trillion, five hundred twenty-nine billion, 
seven hundred twenty-two million, six hundred eighty-one thousand, 
eight hundred fifty-seven dollars and sixty-seven cents).
  One year ago, July 15, 1997, the federal debt stood at 
$5,357,143,000,000 (Five trillion, three hundred fifty-seven billion, 
one hundred forty-three million).
  Five years ago, July 15, 1993, the federal debt stood at 
$4,333,088,000,000 (Four trillion, three hundred thirty-three billion, 
eighty-eight million).
  Ten years ago, July 15, 1988, the federal debt stood at 
$2,553,732,000,000 (Two trillion, five hundred fifty-three billion, 
seven hundred thirty-two million).
  Fifteen years ago, July 15, 1983, the federal debt stood at 
$1,329,911,000,000 (One trillion, three hundred twenty-nine billion, 
nine hundred eleven million) which reflects a debt increase of more 
than $4 trillion--$4,199,811,681,857.67 (Four trillion, one hundred 
ninety-nine billion, eight hundred eleven million, six hundred eighty-
one thousand, eight hundred

[[Page S8380]]

fifty-seven dollars and sixty-seven cents) during the past 15 years.

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