Ralph Hall: “Today I want to address the question of security of our oil supply. The political dynamic that resulted in the crippling…”

“Today I want to address the question of security of our oil supply. The political dynamic that resulted in the crippling Arab oil embargo Americans suffered throughout 1970s is not exactly the same today. Fuel sources today are much more diverse. However, our oil supplies are still vulnerable. Recently, crude oil and refined product shipments in Venezuela were at a virtual standstill due to the off-again and on-again regime of Hugo Chavez. Mexico's oil industry has come on strong in recent years with Mexico establishing itself as the second largest producer in the Western Hemisphere. But the state-owned oil company, Pemex, continues to struggle for lack of investment of capital. Fortunately, the United States can look to Canada for supply. According to EIA, from January through November 2001, the United States imported more oil and refined products from Canada than any other country. Mr. Speaker, we cannot take any foreign oil supply for granted. We must realistically turn to the development of new domestic sources of oil and gas reserves in the offshore, in the Rockies and in Alaska. We have the know-how and the resources to accomplish this. If not now, when?”