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Politics : Impeach George W. Bush -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (46002)	10/28/2005 9:58:00 AM
From: tonto	Read Replies (2) \| Respond to of 93284

Clinton Administration Won't Tap Strategic Oil Reserve, at Least for Now Aired March 18, 2000 - 5:01 p.m. ET THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. BRIAN NELSON, CNN ANCHOR: Faced with a booming economy that may be threatened by skyrocketing oil prices, President Clinton today plotted a course to insulate the U.S. from the wrenching fluctuations of global crude oil markets. But Mr. Clinton's plans still hinge on the pricing decisions that will be made at next week's meeting of the OPEC oil ministers. CNN White House correspondent Major Garrett has our report. (BEGIN VIDEOTAPE) MAJOR GARRETT, CNN WHITE HOUSE CORRESPONDENT (voice-over): Despite soaring gasoline prices, the Clinton administration will not fight back by tapping the strategic petroleum reserve, at least for now. Instead, the White House is betting on quiet diplomacy from Mr. Clinton and Energy Secretary Richardson, who leaves Sunday to meet with overseas oil producers, part up a continuing administration effort to entice them to open the spigot and bail the U.S. out of its current energy crunch. GENE SPERLING, NATIONAL ECONOMIC COUNCIL CHAIRMAN: The single most important thing, overwhelmingly, is the production of oil and the decisions that will be made on March 27. GARRETT: That's when the world's leading oil producers will decide whether to boost production. If they do, gas prices will eventually drop. If they don't, energy analysts predict summer vacationers could pay as much as $2 for a gallon of gas. Critics say Mr. Clinton has increased America's dependence on imported oil. REP. BUD SHUSTER (R-PA), TRANSPORTATION COMMITTEE CHAIRMAN: When President Clinton became president, 43 percent of our oil was coming from the rest of the world. Today it's up to 56 percent, and the Energy Department says it's going to be 65 percent imports in the next 10 to 15 years. GARRETT: As a long-term solution, Republicans want the Clinton administration to increase domestic oil production by allowing more drilling off-shore and in Alaska. The White House has resisted calls from lawmakers for quicker fixes, such as tapping the nearly 600 million-barrel strategic petroleum reserve. In his weekly radio address, Mr. Clinton called for greater energy efficiency and warned America there were no easy answers. WILLIAM J. CLINTON, PRESIDENT OF THE UNITED STATES: We have to be clear: There's no overnight solution to this problem. GARRETT: The president did announce a plan to set aside two million barrels of home heating oil in the Northeast to help cushion future price increases or shortages, but that was cold comfort to air travelers, independent truckers and farmers. They're all paying higher fuel prices and passing those cost on to consumers. (on camera): White House officials hear the clamor for lower gas prices, but they don't want to change an energy policy that emphasizes environmental preservation over domestic oil production. That's been a popular course of action up until now. But if oil prices don't drop soon, the White House may have to reconsider. Major Garrett, CNN, the White House.