http://craig.senate.gov/press/

For Immediate Release:
April 26, 2006

Craig Offers New Solution to Increase Oil Supply

"Red China should not be drilling for oil within spitting distance of our shores."

WASHINGTON, D.C. - Idaho Senator Larry Craig rolled out a new proposal to increase domestic supply of oil, helping to decrease gas prices by increasing supply.

Because of current U.S. policy, U.S. companies are prohibited from developing oil fields that lie in Cuban waters and come within 50 miles of Florida.

However, Cuba is exploring and potentially developing these oil fields, estimated by the U.S. Geological Survey to possess more oil than the Alaska National Wildlife Refuge, and Cuba is partnering with China and other countries, such as Spain, France, and Canada.

Craig took the opportunity to raise this issue during a speech on the floor of the United States Senate. Craig stated, "I must point out that it is certainly ironic that the same people blocking the American public from obtaining resources in our own country, and in the region, are the same people not offering solutions to our growing demand.

"Red China should not be left to drill for oil within spitting distance of our shores without competition from U.S. industries. Not only is this a supply and energy security issue for us, it is an environmental issue. China has a dismal environmental record fraught with cover-up and blatant disregard for its own people.

"We have a great potential to access a major resource that creates more variety and, therefore, more stability, security, and more money in the pocket-books of American citizens.

"I will be introducing legislation to allow U.S. companies to operate in these waters and anywhere else we have a similar situation. We can't let China conspire to lock up a potentially lucrative oil supply."

Legislation is being developed and is expected within the coming weeks. Craig's full remarks are available here. An audio file of the floor speech (10.75 MB, 18 min.) is available here, you can watch it here (streaming), and the floor chart used by Senator Craig is available here (PDF, 148 KB).

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