[Congressional Record Volume 146, Number 35 (Monday, March 27, 2000)]
[Senate]
[Pages S1752-S1753]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 EXPRESSING SENSE OF THE SENATE REGARDING U.S. POSITION OF INCREASING 
                        WORLD CRUDE OIL SUPPLIES

  Mr. SESSIONS. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 444, S. Res. 
263.
  The PRESIDING OFFICER. The clerk will report the resolution by title.
  The legislative clerk read as follows:

       A resolution (S. Res. 263) expressing the sense of the 
     Senate that the President should communicate to the members 
     of the Organization of Petroleum Exporting Countries 
     (``OPEC'') cartel and non-OPEC countries that participate in 
     the cartel of crude oil producing countries, before the 
     meeting of the OPEC nations in March 2000, the position of 
     the United States in favor of increasing world crude oil 
     supplies so as to achieve stable crude oil prices.

  There being no objection, the Senate proceeded to consider the 
resolution, which was reported by the Committee on Foreign Relations, 
with an amendment to strike out all after the resolving clause and 
insert the part printed in italic, as follows:

                              S. Res. 263

       Whereas the United States currently imports roughly 55 
     percent of its crude oil;
       Whereas ensuring access to and stable prices for imported 
     crude oil for the United States and major allies and trading 
     partners of the United States is a continuing critical 
     objective of United States foreign and economic policy for 
     the foreseeable future;
       Whereas the 11 countries that make up the Organization of 
     Petroleum Exporting Countries (``OPEC'') produce 40 percent 
     of the world's crude oil and control 77 percent of proven 
     reserves, including much of the spare production capacity;
       Whereas beginning in March 1998, OPEC instituted 3 tiers of 
     production cuts, which reduced production by 4,300,000 
     barrels per day and have resulted in dramatic increases in 
     crude oil prices;
       Whereas in August 1999, crude oil prices had reached $21 
     per barrel and continued rising, exceeding $25 per barrel by 
     the end of 1999 and $27 per barrel during the first week of 
     February 2000;
       Whereas crude oil prices in the United States rose $14 per 
     barrel during 1999, the equivalent of 33 cents per gallon;
       Whereas the increase has translated into higher prices for 
     gasoline and other refined petroleum products; in the case of 
     gasoline, the increases in crude oil prices have resulted in 
     a penny-for-penny passthrough of increases at the pump;
       Whereas increases in the price of crude oil result in 
     increases in prices paid by United States consumers for 
     refined petroleum products, including home heating oil, 
     gasoline, and diesel fuel; and
       Whereas increases in the costs of refined petroleum 
     products have a negative effect on many Americans, including 
     the elderly and individuals of low income (whose home heating 
     oil costs have doubled in the last year), families who must 
     pay higher prices at the gas station, farmers (already hurt 
     by low commodity prices, trying to factor increased costs 
     into their budgets in preparation for the growing season), 
     truckers (who face an almost 10-year high in diesel fuel 
     prices), and manufacturers and retailers (who must factor in 
     increased production and transportation costs into the final 
     price of their goods): Now, therefore, be it
       Resolved, That it is the sense of the Senate that--
       (1) the President and Congress should take both a short-
     term and a long-term approach to reducing and stabilizing 
     crude oil prices as well as reducing dependence on foreign 
     sources of energy;
       (2) to address the problem in the short-term, the President 
     should communicate to the members of the Organization of 
     Petroleum Exporting Countries (``OPEC'') cartel and non-OPEC 
     countries that participate in the cartel of crude oil 
     producing countries, prior to their scheduled meeting on 
     March 27, 2000, that--
       (A) the United States seeks to maintain strong relations 
     with crude oil producers around the world while promoting 
     international efforts to

[[Page S1753]]

     remove barriers to energy trade and investment and increased 
     access for United States energy firms around the world;
       (B) the United States believes that restricting supply in a 
     market that is in demand of additional crude oil does serious 
     damage to the efforts that OPEC members have made to 
     demonstrate that they represent a reliable source of crude 
     oil supply;
       (C) the United States believes that stable crude oil prices 
     and supplies are essential for strong economic growth 
     throughout the world; and
       (D) the United States seeks an immediate increase in the 
     OPEC crude oil production quotas and not simply an agreement 
     at the March 27, 2000, meeting to lift production quotas at a 
     later date;
       (3) the President should be commended for sending Secretary 
     of Energy Richardson to personally communicate with leaders 
     of several members of the Organization of Petroleum Exporting 
     Countries on the need to increase the supply of crude oil;
       (4) to ameliorate the long-term problem of the United 
     States dependence on foreign oil sources, the President 
     should--
       (A) review all administrative policies, programs, and 
     regulations that put an undue burden on domestic energy 
     producers; and
       (B) consider lifting unnecessary regulations that interfere 
     with the ability of United States' domestic oil, gas, coal, 
     hydro-electric, biomass, and other alternative energy 
     industries to supply a greater percentage of the energy needs 
     of the United States; and
       (5) to ameliorate the long-term problem of United States 
     dependence on foreign oil sources, the Senate should 
     appropriate sufficient funds for the development of domestic 
     energy sources, including measures to increase the use of 
     biofuels and other renewable resources.

  Mr. SESSIONS. Mr. President, I ask unanimous consent that the 
committee amendment be agreed to.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The committee amendment was agreed to.
  Mr. SESSIONS. Mr. President, I ask unanimous consent that the 
resolution, as amended, be agreed to, the preamble be agreed to, the 
motion to reconsider be laid upon the table, and any statements 
relating to this resolution be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The resolution (S. Res. 263), as amended, was agreed to.
  The preamble was agreed to.

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