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“ENERGY POLICY AND CONSERVATION ACT REAUTHORIZATION” mentioning the U.S. Dept. of Commerce was published in the Extensions of Remarks section on pages E547 on April 12, 2000.
The publication is reproduced in full below:
ENERGY POLICY AND CONSERVATION ACT REAUTHORIZATION
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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.
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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