On the recordOctober 25, 1992
The new bill we signed yesterday, the day before yesterday-- maybe it was just yesterday--these things blend into each other. I'll tell you, like today we were in Detroit, South Dakota, and here. Yesterday, don't give me a quiz, but I believe I was in Louisiana. And if I was, I signed the energy bill. It's a brandnew national energy strategy. You've got some independents, independent oil and gas producers here. One of the things that's been like a wet blanket over the domestic search for oil and gas has been the alternative minimum tax. And that has been changed now-- see, there's two oilmen up there--that has been changed now. And that will free up a lot more domestic drilling. The IPAA estimates 45,000 new jobs in the domestic oil and gas business. Also, our energy strategy goes for alternative sources. We free up as best we can the use of corn for ethanol. I believe that you can safely use nuclear power. We're trying to cut down in some of the endless ways of holding that up. I believe in that. So it's a good new energy strategy that goes for alternate sources and freeing up domestic oil and gas so we will not be as dependent on foreign oil. We count our blessings that we have good relationships with Saudi Arabia and other countries today. But we must not become more dependent for our energy needs as a country on foreign sources. And that's what this bill helps do. Foreign Affairs and Domestic Policy
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