Chris Smith: “I rise in favor of the Oil Price Reduction Act of 2000. Like most Americans, I am deeply troubled by the sharp increase…”

“I rise in favor of the Oil Price Reduction Act of 2000. Like most Americans, I am deeply troubled by the sharp increase in the price of petroleum products, as well as their impact. Fuel oil is especially crucial in the Northeast, and in my home state of New Jersey, where about one-third of the residents heat their homes with oil. Middle class families and seniors on fixed incomes cannot afford the nearly doubling of their heating oil expenses. It requires the President to send Congress a report explaining our security, economic, and trade relationships with Organization of Petroleum Exporting Countries' (OPEC) members and other key oil exporting countries. And it requires the President to outline the diplomatic efforts that we are taking to convince all oil exporting nations that price fixing is wrong, and that volatile oil prices will have a negative effect on the world economy. Additionally, it requires the Administration to take the steps necessary to dismantle oil price fixing arrangements. I believe that just the threat of action, such as exemplified by the Oil Price Reduction Act, has already encouraged OPEC and other oil exporting nations to change their production quotas. Mexico, Norway, and Venezuela are already on record supporting an increase in crude oil production, and next week OPEC nations will meet to discuss raising their quotas. We need to continue this diplomatic momentum and pass this bill today.”