[Congressional Record (Bound Edition), Volume 145 (1999), Part 3]
[House]
[Page 3248]
[From the U.S. Government Publishing Office, www.gpo.gov]




              AMERICA'S OIL INDUSTRY ON VERGE OF COLLAPSE

  (Mr. WATKINS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. WATKINS. Mr. Speaker, what is wrong with this picture? Today in 
America there is a total collapse, a crisis of survival for the oil 
industry. The small independent producers are going bankrupt every day 
bringing pain and hurt in oil patch.
  What is wrong with this picture? American family farms are being 
destroyed. The families are having to leave because of low pricing and 
farm bankruptcies. Wheat just dropped to $2.20 a bushel.
  What is wrong with this picture? Today we are bombing Iraq but, at 
the same time, they are increasing by over 2 million barrels a day 
their oil sales which is helping destroy our domestic oil industry. Our 
small independent producers are dying in this country. They have also 
threatened and said they will not buy America's wheat with those funds 
from selling oil, again contributing to the collapse of the American 
farm.
  I agree with my colleague from Ohio (Mr. Traficant) when he says, 
``Beam me up, Mr. President.'' What is wrong with this picture is Iraq 
is benefitting and our American farmers and independent producers are 
dying under the policy.

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