HALT OF IRAQI OIL EXPORTS FOLLOWING ATTACKS UNDERSCORES NEED TO PROMPTLY PASS ENERGY BILL

Bill boosts U.S. oil production where politically possible

June 16, 2004
12:00 AM
Washington, D.C. – Senate Energy & Natural Resources Chairman Pete V. Domenici today expressed grave concern over Iraq’s announcement today that it will temporarily halt exports of 1.6 million barrels of oil a day after saboteurs hit pipelines feeding the Basra and Khor al-Amaya terminals. Terrorist attacks had already stopped exports via a northern pipeline to Turkey. Chairman Domenici’s statement: “Yesterday, at a full committee hearing, oil and gas experts warned that we are one supply-disrupting event away from a renewed tightening of the global oil supply and another climb in gas prices here at home. “The past two years have been a parade of one terrible event after another in the global oil market. Political unrest, war and terrorism continue to threaten global supply. Iraq’s latest announcement drives that point home. “Congress must act. The energy bill does everything that is politically possible to increase oil production here at home and reduce our reliance on foreign oil. Personally, I would like to do more, but right now, we don’t have the votes in the Senate. But for goodness sake, let’s do what we can do and let’s do it now. I urge Democrats to stop politicking energy and pass this bill.” ###