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“IN SUPPORT OF S. RES. 330” mentioning the U.S. Dept. of Energy was published in the Senate section on pages S4293 on April 22, 2004.
The publication is reproduced in full below:
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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