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“STAY THE COURSE--DON'T TAP OUR STRATEGIC OIL RESERVES” mentioning the U.S. Dept. of Energy was published in the Extensions of Remarks section on pages E55 on Feb. 2, 2000.
The publication is reproduced in full below:
STAY THE COURSE--DON'T TAP OUR STRATEGIC OIL RESERVES
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HON. MAX SANDLIN
of texas
in the house of representatives
Wednesday, February 2, 2000
Mr. SANDLIN. Mr. Speaker, I welcome an apparent change in direction by Energy Secretary Bill Richardson away from draining millions of barrels of oil from the strategic Petroleum Reserve (SPR) in the coming weeks.
Draining the Strategic Petroleum Reserve and dumping foreign oil on our market is a dangerous precedent, both from an economic standpoint and as a national security issue. I am glad that Secretary Richardson backed down.
The Administration's strategy on dealing with rising oil prices has been unclear. Last month, Secretary Richardson indicated that the Energy Department might move to open the SPR and encourage foreign countries to dump oil on the U.S. market in an effort to reduce prices. The New York Times reported Sunday that Secretary Richardson is reluctant to open the reserves, but Time reports this week that
``Richardson is quietly but vigorously pushing a proposal that would pour millions of barrels of oil from America's Strategic Petroleum Reserve onto the market in the coming weeks.''
Mr. Speaker, I have been a vocal critic of plans to use oil from the SPR in response to the rising price of oil. Doing so would be extremely dangerous to our economy and our national security. The reserve was created to fill any gaps in oil supply during war or other emergencies. Using it to manage price is improper and contrary to long-standing practices.
It now appears that the White House has decided to stay the course. I have told the Administration that releasing oil from the reserves would not only threaten oil producers, but sets a dangerous precedent. Our Strategic Petroleum Reserve must be closely guarded in order to maintain our national security.
Large-scale government intervention in the oil market would hurt domestic oil producers. I know that high heating oil prices are a serious problem for working families in the Northeast, but Texas oil producers are not to blame. If we open our reserves every time the price of oil moves, we invite even more harassment from OPEC and the threat of an actual supply disruption.
Mr. Speaker, this entire episode highlights the fact that we need a national energy policy. Right now, all we do is respond to the emergency of the moment. We have no plan, no policy.
Secretary Richardson has wandered all over the map on this issue. I'm glad that good policy and reason prevailed.
President Clinton needs to take the long view of America's energy issues. I am hopeful that the White House will focus its energy on developing a long-term energy policy that will protect American consumers and producers and while ensuring our national security.
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