[Congressional Record Volume 146, Number 36 (Tuesday, March 28, 2000)]
[Extensions of Remarks]
[Page E430]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    OIL PRICE REDUCTION ACT OF 2000

                                 ______
                                 

                               speech of

                        HON. SHEILA JACKSON-LEE

                                of texas

                    in the house of representatives

                       Wednesday, March 22, 2000

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 3822) to 
     reduce, suspend, or terminate any assistance under the 
     Foreign Assistance Act of 1961 and the Arms Export Control 
     Act to each country determined by the President to be engaged 
     in oil price fixing to the detriment of the United States 
     economy, and for other purposes.

  Ms. JACKSON-LEE of Texas. Mr. Chairman, today I rise in opposition to 
the Oil Price Reduction Act. This bill does not give the President any 
more authority or require more action than he currently possesses. 
Furthermore, the Republican leadership refused to allow any waivers for 
Democratic amendments that would have significantly improved this 
measure.
  This bill authorizes the President to reduce, suspend, or terminate 
assistance, such as military assistance or foreign aid, to countries 
that fix oil prices to the disadvantage of the American economy. Oil 
price fixing under this measure is defined as participation in any 
agreement, arrangement or understanding with other countries that are 
oil exporters that increase the price of oil or natural gas by means of 
limiting oil or gas production or establishing minimum prices for oil 
or gas. Furthermore, this bill would require the President to report to 
Congress as to whether major oil exporters are engaged in the defined 
oil price fixing to the detriment of the U.S. economy.
  It requires the President to ``undertake a concerted diplomatic 
effort to convince'' countries accused of oil price fixing that their 
production levels are inadequate and have significant negative impacts 
on world economies. Recently, the Organization of Petroleum Exporting 
Countries [OPEC] acted in concert to decrease oil production and hold 
approximately 4 million barrels of oil a day. Since this decision to 
curtail production of 6 percent of the global supply of oil, prices 
have steadily increased from $11 a barrel in December 1998 to $30 a 
barrel just last month. The United States has not seen prices this high 
since the 1991 Persian Gulf war.
  Our Nation's truckers, airlines, railroads, buses, and automobiles 
have been adversely impacted by these drastic oil production cuts. Our 
Nation needs relief; however, we must be careful not to rush 
legislation that may not fully address our energy needs. I support the 
Democratic leadership's effort to include the enforcement provisions of 
this bill that will enable the President to effectively address 
situations where oil price fixing threatens the U.S. economy.

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