[Congressional Record Volume 146, Number 120 (Monday, October 2, 2000)]
[House]
[Pages H8595-H8596]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  AMERICA DEMANDS STRONG ENERGY POLICY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Florida (Mr. Stearns) is recognized for 5 minutes.
  Mr. STEARNS. Mr. Speaker, recently Governor Bush proposed a 
comprehensive energy policy which I believe will go a long way towards 
increasing our Nation's energy self-sufficiency and strikes the proper 
balance between energy production and protecting the environment.
  Last week, the Subcommittee on Energy and Power, on which I serve, 
held a hearing to examine the United States' energy concerns. Most of 
the hearing focused on the President's decision to release 30 million 
barrels of oil from the Strategic Petroleum Reserve to supposedly help 
Americans in the Northeast who may face a dwindling supply of home 
heating oil for the upcoming winter.
  While no one would argue that we must ensure that Americans' heating 
needs are met, I seriously question the motivation and the reason for 
releasing this oil.
  First, the key word here is ``strategic.'' The reserve was created in 
the wake of the 1973 oil embargo, and Presidential authority to draw 
down the reserve is contingent only upon the finding of a severe energy 
supply disruption. In fact, the Energy Information Administration, in a 
letter to the chairman of the Committee on Commerce, the gentleman from 
Virginia (Mr. Bliley), in February, stated: ``The SPR is intended for 
release only in the event of a major oil supply disruption, not for 
trying to manage the world market of nearly 74 million barrels per 
day.''
  Last month, Treasury Secretary Summers and the Federal Reserve 
Chairman Alan Greenspan sent a memo to the President opposing the 
release of oil from the reserve based in part ``it would be seen as a 
radical departure from past practice and as an attempt to manipulate 
prices.''
  Furthermore, Vice President Gore himself opposed the release of oil 
from the SPR earlier this year but suddenly had a change of heart with 
both winter and the elections looming ahead.
  Upon announcing the release of 30 million barrels from the SPR, the 
President also announced the release of $400 million of taxpayers' 
money in low-income home energy assistance program funding. However, 
these funds will have to be replaced by Congress, most likely through 
emergency supplemental appropriations, and the oil will have to be 
replaced, hopefully, when oil is at a lower price per barrel.
  Mr. Speaker, this action is indicative of the administration's lack 
of leadership, I believe, on energy policy. This 30-million-barrel 
release amounts to only about a 36-hour supply. Instead of tackling our 
energy problems head-on with a coherent policy, the administration 
chooses to run in a circle throwing money at the problem or proposing 
politically expedient policies which fail to address the long-term 
solution.
  Since the Clinton-Gore administration took office, America's oil 
consumption has increased by 14 percent, while domestic production has 
decreased by 18 percent. America is the world's only superpower, and we 
are 56

[[Page H8596]]

 percent dependent on foreign countries for our main energy needs.
  In contrast, during the crippling 1973 oil embargo, the United States 
was only 36 percent dependent on foreign oil. And to add insult to 
injury, Iraq has now become the fastest growing oil supplier to the 
United States.
  Another fact that I found troubling is that the Strategic Petroleum 
Reserve is made up of predominantly foreign oil. For crude oil received 
up to 1995 for the SPR, only 8 percent came from domestic producers.
  I find it ironic that we developed the SPR so as to never again be at 
the whim of foreign nations in terms of oil supply and yet we fill our 
reserve with foreign oil.
  I would also like to point out that Americans also use a large amount 
of natural gas for home heating. However, I have heard of no cry from 
the Clinton-Gore administration to help these Americans.
  The demand in price of natural gas is skyrocketing, while natural gas 
production has been virtually flat over the past few years, primarily 
because domestic exploration has been hindered by this administration's 
severe environmental policies.
  At last week's hearings, witnesses testified that we do in fact have 
a type of natural gas reserve, but because of the lengthy permit 
process and access restrictions enforced by this administration, we are 
unable to adequately tap these reserves.
  Mr. Speaker, our country's demand for both oil and natural gas will 
increase dramatically over the next 10 to 20 years. It is time for a 
real energy policy and not a Band-Aid policy.

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