Steve Largent: “5 years have passed since American troops were sent to the Persian Gulf to fight a war that former Secretary of State…”

“5 years have passed since American troops were sent to the Persian Gulf to fight a war that former Secretary of State Lawrence Eagleburger now calls ``a classic example of the danger we face because we are so dependent on foreign oil.'' Last year the United States imported over 50 percent of its crude oil--more than ever before--while domestic production fell to a 40-year low. Since the 1980's, we've lost one-half million high-skilled, high-wage oil related jobs. According to the Department of Energy's Acting Deputy Assistant Secretary--that within a decade the U.S. will import nearly 60 percent of its oil. He added that our trade deficit in oil is expected to double to nearly $100 billion by that time. We need to stimulate domestic oil and gas production by lifting Government regulations that provide no benefit to the environment but cost jobs and make industries less competitive. U.S. producers, are capable of developing untapped resources while protecting the environment if given the opportunity. We also need to develop tax incentives that stimulate domestic production. Boosting domestic production will lead to a win-win situation--job creation and increased national security.”