[Congressional Record (Bound Edition), Volume 146 (2000), Part 4]
[Extensions of Remarks]
[Pages 5543-5544]
[From the U.S. Government Publishing Office, www.gpo.gov]



           ENERGY POLICY AND CONSERVATION ACT REAUTHORIZATION

                                 ______
                                 

                               speech of

                          HON. J.C. WATTS, JR.

                              of oklahoma

                    in the house of representatives

                        Tuesday, April 11, 2000

  Mr. WATTS of Oklahoma. Mr. Speaker, I am in strong support of H.R. 
2884, the Strategic Petroleum Reserve Reauthorization. This important 
legislation takes the necessary steps to address the current policy of 
reliance on foreign oil which is threatening our national security.
  I would like to share with you an important quote. It's a quote from 
President Clinton. He said, and I quote directly:
  ``I am today concurring with the Commerce Department's finding that 
the nation's growing reliance on imports of crude oil and refined 
petroleum products threaten the nation's security because they increase 
U.S. vulnerability to oil supply interruptions.''
  That statement was made by the President in 1994 when imported oil 
was less than 51% of American consumption. Here we are today, 6 years 
later, and not only have we not reduced that demand for foreign oil, 
not only have we not stabilized that demand, we have actually increased 
that demand to over 56% of our consumption.
  Dependence on foreign oil is an ever-growing threat to America's 
security. President Clinton stated that fact six years ago, but the 
facts also show the Clinton-Gore Administration has been AWOL when it 
comes to encouraging the development of the domestic energy supply that 
would decrease our reliance on foreign product.

[[Page 5544]]

  The legislation before us is a step in the right direction toward the 
development of our domestic energy supply. This provision gives the 
Energy Secretary discretionary authority to purchase oil from domestic 
sources as opposed to the current practice of only buying foreign oil. 
H.R. 2884 authorizes, at the discretion of the Energy Secretary, the 
purchase of oil from these marginal ``stripper'' wells whenever the 
price of oil dips below $15 dollars per barrel. This is vital to the 
improvement of our energy policy in the United States today. This 
legislation also takes a major step in improving the economic situation 
for the small, independent producers in America, while, at the same 
time, strengthening our national security.
  There are more than 6,000 independent producers nationwide, many 
working out of their homes with few employees. Yet they drill 85% of 
domestic oil and natural gas wells in America, contributing close to 
half of our nation's domestic oil and gas output.
  Mr. Speaker, we must develop a national energy policy that protects 
our security interests while, at the same time, improving the 
production economy in America. The passage of H.R. 2884 will be an 
important step in that direction. I urge my colleagues in the House to 
join me in casting their vote in favor of this very important 
legislation.

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