Chuck Schumer: “Congress finds that-- (1) crude oil and natural gas account for two-thirds of America's energy consumption; (2) in May…”

“Congress finds that-- (1) crude oil and natural gas account for two-thirds of America's energy consumption; (2) in May 2000, United States natural gas stocks totaled 1,450 billion cubic feet, 36 percent below the normal natural gas inventory of 2,281 billion cubic feet; (3) in July 2000, United States crude oil inventories totaled 298,000,000 barrels, 11 percent below the 24-year average of 334,000,000 barrels; (4) in June 2000, distillate fuel (heating oil and diesel fuel) inventories totaled 103,700,000 barrels, 26 percent below the 24-year average of 140,000,000 barrels; (5) combined shortages in inventories of natural gas, crude oil, and distillate stocks, coupled with steady or increased demand, could cause supply and price shocks that would likely have a severe impact on consumers and the economy; and (6) energy supply is a critical national security issue.”