[Congressional Record Volume 144, Number 126 (Monday, September 21, 1998)]
[Senate]
[Page S10654]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING SEPTEMBER 11

  Mr. HELMS. Mr. President, the American Petroleum Institute has 
reported that for the week ending September 11 that the U.S. imported 
8,694,000 barrels of oil each day, 667,000 barrels a day less than the 
9,371,000 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 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 1970's, foreign 
oil accounted for only 35 percent of America's oil supply.
  All Americans should ponder the economic calamity certain to occur in 
the United States, if and when, foreign producers shut off our supply--
or double the already enormous cost of imported oil flowing into the 
United States: now 8,694,000 barrels a day at a cost of approximately 
$104,154,120 a day.

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