On the recordSeptember 25, 2002
America and the world must overcome the threat posed by Saddam Hussein's continuing effort to control or disrupt supplies of Arab oil. Successful completion of the House-Senate conference on a national energy bill is imperative to ensure America's national security and economic security. Americans are 5 percent of the world's population, we use 25 percent of the world's oil production, and we produce 30 percent of the world's goods and services. We are the most energy-efficient and productive nation on Earth. However, America has only 2 percent of the world's known reserves of oil. America imports almost 60 percent of our oil, up from 32 percent in 1992 and 34 percent during the last Arab oil embargo. In 2002, Americans have already paid Saddam Hussein $2.3 billion for oil we need to run our economy and our military. Since 1970, oil production in the United States has declined, with only a tiny blip up from Alaska's Prudhoe Bay. Many experts agree that U.S. oil production will continue to decline, no matter what we do in terms of drilling. A comprehensive energy bill with advances in conservation, efficiency and alternative and renewable forms of energy will strengthen America's economy and national security and lessen our dependence upon oil from Saddam Hussein.
Source
govinfo.gov




