[Public Papers of the Presidents of the United States: George H. W. Bush (1992-1993, Book II)]
[October 24, 1992]
[Pages 1960-1961]
[From the U.S. Government Publishing Office www.gpo.gov]



Remarks on Signing the Energy Policy Act of 1992 in Maurice, Louisiana
October 24, 1992

    The President. Please be seated. And I want to thank Jack, Jack 
Wilson, for making all this possible. He ain't making any money while 
we're standing here, with that rig waiting for a little more action. But 
it's very, very nice of him to do this. And I'm grateful to him, to the 
superintendent, the tool pushers, all the guys here and those from Arco, 
a company for whom Jack is drilling this rig. And Chip Rimer and Leon 
Smith, particularly, I want to thank. Also I want to single out 
Secretary Jim Watkins, our Secretary of Energy, my mate in the Cabinet. 
He is doing a superb job. And we invited several Members of the United 
States Congress who have been interested in this, and I don't know that 
they're here. But I want to thank the Louisiana delegation who worked 
hard, and all of you have fought hard to strengthen America's energy 
future. And it's an honor to have you here today and to be with you.
    Two years ago our administration proposed a national energy 
strategy. It was a blueprint to promote economic growth and make the 
country more secure. And our strategy was based on the simple premise 
that the greatest single energy resource America possesses is the wisdom 
and enterprise of its citizens. The last 2 years have seen much hard 
work, many hundreds of hours of hard study and negotiation. And we know, 
and I know especially because I used to be in this business, how rough 
it's been on those who have been working the oilfields and the drilling 
business and, yes, in the production business as well. But now our 
efforts have borne fruit, and this afternoon, right here, and it's 
fitting it happens in the shadow of a drilling rig, we're going to sign 
the Energy Policy Act of 1992.
    We're in a political year, but I think it's only fitting to say that 
this bill is a tribute to many, the work of many people. And it's not a 
Republican accomplishment or a Democratic accomplishment; it's an 
accomplishment for all America. And the Senate, to be very fair about 
it--I wish the guy would see the light on the rest of the things, but 
Bennett Johnston deserves great credit because he's been working closely 
with Jim Watkins on this. So give credit where credit is due. And I'll 
talk to him about something else later on, you know what I mean? 
[Laughter] But I salute him. And I salute Senator Malcolm Wallop, the 
Senator from Wyoming, who also was very active in all of this. And in 
the House, the Democratic chairman over there, John Dingell, deserves 
credit and Phil Sharp and then Republican Carlos Moorhead. So I mean it 
when I say it's a team effort. Jim can bring that out and talk to you 
about that. He'll certainly confirm it because he's working with all of 
them, as well as with his colleagues in the Cabinet.
    Another--but this one that I mentioned earlier deserves very special 
praise--and a man of vision and integrity, and that's Jim Watkins. I'll 
tell you, he has stayed in this thing from day one, fought against a lot 
of political odds, changed and worked and given and taken, but we've 
ended up with good, sound national energy. So once again, I want to 
thank Jim Watkins for what he's done. For 3 years he's been fighting 
this battle, working to strengthen America's energy industry through 
more than 90 administrative actions so that we may compete in this new 
world economy. And he's

[[Page 1961]]

already made great progress, but the bill, in our view, will accelerate 
progress. And it's a crowning achievement.
    The Energy Policy Act will increase domestic energy production, and 
in the process we all--you know this better than most Americans--that 
means there will be less reliance on foreign oil, foreign energy. And it 
will promote conservation and efficiency. And it will create American 
jobs. The IPA--what was that figure?
    Secretary Watkins. Forty-five thousand jobs just next year.
    The President. All right, Jim is telling me there's a new estimate 
by IPAA, which is the Independent Petroleum Association, that will 
create 45,000 American jobs next year, 7,000 wells. And we're doing this 
not by resorting to the failed methods of Government control but by 
unleashing the genius of the private sector; guys like Jack, tool 
pushers and roughnecks like these guys standing right here.
    And the act, now, it's got other facets to it that get across the 
broad energy spectrum. The act increases competition in the way that 
electricity is generated and sold. And that will cut prices, reducing 
the strain on family budgets across the country. By the year 2010, and 
most of you look young enough to think you'll be around by then, our 
reforms will save the average household $150 a year in annual 
electricity bills. The act also improves licensing procedures for new 
nuclear power plants, safe use of nuclear power, guaranteeing that this 
safe and clean resource will help meet our needs for the next century. 
It also encourages the development and use of clean-burning alternative 
fuels so that the robust production of energy will go hand in hand with 
a clean environment.
    The act provides much needed tax relief for you, our Nation's 
independents, independent oil and gas producers. By far the most 
important change that we make as it affects the independents is to 
reform the alternative minimum tax to better reflect the risk, the risk 
that it takes to explore for oil. And that will create good jobs, as Jim 
has pointed out to me just now once again, good jobs all across the oil 
States. The reform will allow producers to keep more of your hard-earned 
money to reinvest in the production of some domestic fossil fuels. And 
the facts are simple: We must work to produce more of our energy here at 
home and import less from abroad. And our national security demands it. 
Future generations deserve it. And now we can make sure that it will be 
done.
    I spent much of my life, and Barbara at my side, in the oil 
business, starting out in west Texas in the supply business and then in 
the land drilling business, in the offshore drilling business, as well 
as the production business, doing some wild-catting and producing some 
oil. And I saw firsthand how the Government can sometimes help. But I 
also saw firsthand, particularly when I was in the offshore business, 
how the Government can hinder things with too darn much regulation. And 
so what we're trying to do is cut through the regulation. And I believe 
that I do understand the men and women who are out there trying to meet 
America's energy needs. I believe that this act opens a new era in which 
Government acts not as a master but as a partner and the servant.
    Once again, to the families in south Louisiana and other places who 
have been hurting, we understand that. And I do think that this act, 
with the repeal particularly of the alternative minimum tax, offers a 
much, much brighter future. And I'm proud to be back in this wonderful 
part of the world.
    Thank you all very, very much. Now you're going to see how it works 
when you sign some of this legislation.

                    Note: The President spoke at 5:05 p.m. at Jack-Wade 
                        Drilling, Inc. In his remarks, he referred to 
                        Jack Wilson, president and owner, and Leon 
                        Smith, tool pusher, Jack-Wade Drilling, Inc.; 
                        Charles J. Rimer, drilling engineer, Arco Oil 
                        and Gas Co.; and Senator J. Bennett Johnston. 
                        H.R. 776, approved October 24, was assigned 
                        Public Law No. 102-486.