[Congressional Record Volume 150, Number 53 (Thursday, April 22, 2004)]
[Senate]
[Page S4293]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       IN SUPPORT OF S. RES. 330

  Mr. FEINGOLD. Mr. President, I rise to express my support for S. Res. 
330, which expresses 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 the position of the 
United States in favor of increasing world crude oil supplies so as to 
achieve stable crude oil prices.
  I am proud to again be a cosponsor of this resolution. In the 106th 
Congress, I was a cosponsor of a virtually identical resolution along 
with, among others, the current Secretary of the Department of Energy. 
Unfortunately, the need to stand up to OPEC is even more pressing today 
than it was two Congresses ago.
  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 vital to United States foreign and economic policy. 
Regrettably, the 2004 OPEC production cuts have resulted in outrageous 
increases in oil prices. The eleven countries that make up OPEC produce 
40 percent of the world's crude oil and control three-quarters of 
proven reserves, including much of the spare production capacity. When 
OPEC instituted its production cut in February 2004, it reduced 
production by 2,000,000 barrels per day. From February to March 2004, 
crude oil prices have gone from $28 per barrel and now exceed $38 per 
barrel.
  High gasoline prices are inextricably linked to high crude oil 
prices. And these high oil and gas prices hurt Americans across the 
Nation and from all walks of life. Farmers, teachers and small business 
owners are among those getting hit hard by these skyrocketing costs. 
For gasoline, the increases in crude oil prices have resulted in a 
pass-through of cost increases at the pump to an average national price 
of $1.80 per gallon. These are the highest gas prices we have seen in 
13 years.
  We cannot allow this foreign oil cartel to wreak havoc on our 
economy. The President should use diplomatic pressure to urge OPEC to 
increase production. The actions of this cartel have real consequences 
for Americans. And in an already shaky economy, high oil and gas prices 
can put working families over the financial edge.

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