[Congressional Record Volume 144, Number 139 (Wednesday, October 7, 1998)]
[Senate]
[Page S11694]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         U.S. FOREIGN OIL CONSUMPTION FOR WEEK ENDING OCTOBER 2

  Mr. Helms. Mr. President, the American Petroleum Institute reports 
that for the week ending October 2 the U.S. imported 7,925,000 barrels 
of oil each day, 1,567,000 barrels a day less than the 9,492,000 
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 55.7 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 
7,925,000 barrels a day at a cost of approximately $110,870,750 a day.

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