Jeff Bingaman: “let me make a few comments with regard to the amendment, and I do not know that I will be in opposition, but I have some…”

“let me make a few comments with regard to the amendment, and I do not know that I will be in opposition, but I have some concerns I wish to express--and perhaps ask a few questions-- I have the amendment in front of me--my understanding of what the amendment is that first of all, it does not in any way prohibit Iraq from exporting oil. I think that is clear. Iraq has made a decision just recently to suspend its exports of oil for 30 days. So that is in place, as I understand it. But this amendment does not prohibit Iraq from exporting oil or does not commit us to any action which would in any way prohibit Iraq from exporting oil. Second, it does not prohibit us from importing oil from other sources. What it basically says is, we can continue to import whatever the percentage is--50 percent, 56 percent--of our oil needs from the world market. We just cannot import from this source. Also, it does not really by its language impose a legal prohibition against importing from Iraq. What it says is, as I read it and this is on page 3 of the amendment. It says: This Act prohibits imports until such time as the President, after consultation with the relevant committees in Congress, certifies to the Congress that resuming the importation of Iraqi-origin petroleum and petroleum products would not be inconsistent with the national security and foreign policy interests of the United States.”