Pete Domenici: “earlier this year, I gave a detailed speech on the Senate floor about the perils of our Nation's growing dependence on…”

“earlier this year, I gave a detailed speech on the Senate floor about the perils of our Nation's growing dependence on foreign oil. At that time, I noted the Nation was ignoring policies that would increase our energy supply while the stranglehold of foreign oil was tightening. I spoke bluntly and warned of dark days ahead for our Nation's economy and foreign policy if we continued to send our money abroad to buy oil from unstable and hostile regions around the globe. I stated that at the current price of oil, we are at a pace to send nearly a half trillion dollars overseas annually to purchase oil--a half trillion. When the driving season ends, and the price at the pump subsides a bit, naturally the volume of constituent letters and phone calls will decrease a bit. When the cameras fade and the focus of the day begins to turn elsewhere, we should stop and reflect on the debate we are having today. Make no mistake, a growing and gathering storm is swirling around this Nation. It is threatening our economic strength, our national security, and our place in the world. That storm comes in the form of dependence upon foreign oil. Last year, Congress passed a strong energy bill, built on advancing cellulosic ethanol and strengthening our fuel efficiency standards. We made great steps in setting up policies that will reduce our gasoline consumption.”