Political Quotes

“Friday, the price of oil exceeded $30. It was close to $31.26. That is high--not necessarily an all-time high, but it is pretty close. Back in 1973, when we had the Arab oil embargo, the prices were in that neighborhood. A lot of people don't remember 1973, or the consequences of the Arab oil embargo; but for those who do, it was a day of reckoning. It was at a time when you went to the gas station to fill up and you waited--not just a little while, but in some cases a couple of hours. You stood in line because gasoline was short in this country. There was an indignant response from the American public that never again would we be so dependent on imported oil from other countries. As a consequence, at that time, we formed the Strategic Petroleum Reserve. The important thing to note is that in 1973 we were about 37 percent dependent on imported oil. The idea of the Strategic Petroleum Reserve was to have a supply of oil on hand in case there was an interruption on our imports and we could have that oil available for use to meet that emergency. That was in 1973. Today, in the year 2000, we are approximately 56 percent dependent on imported oil. The Department of Energy has indicated by the year 2015 to 2020, we will probably be dependent to the tune of about 65 percent. Now, the question, of course, from the standpoint of our national energy security interests, is: What are the implications of this?”