[Public Papers of the Presidents of the United States: George H. W. Bush (1992, Book I)]
[July 29, 1992]
[Page 1199]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on Senate Action on the Alternative Minimum Tax

July 29, 1992
    My national energy strategy was designed to increase domestic energy 
production, reduce our dependence on imports, promote conservation and 
efficiency, and create American jobs. Today, the Senate took a major 
step towards these important goals.
    I am pleased the Senate overwhelmingly rejected an attempt to kill 
alternative minimum tax (AMT) relief for independent oil and gas 
producers. AMT relief removes a disincentive to the production of 
American oil and gas at a time when we desperately need more 
domestically produced energy. It will free up more than $1 billion of 
capital over the next 5 years, capital that will enable us to make 
needed investments in America's future.