In most states, heavy duty trucks require the acquisition of a special license based on additional training, and, in many cases, trucks are given special speed and other restrictions on roads and highways. While foreign sources of oil are ostensibly more diverse and secure than they were a quarter century ago, we are again sleep-walking into a situation of severe vulnerability with respect to future supplies. EIA projects our reliance on imports to rise to two-thirds early in this century. Recent increases in gasoline and fuel oil prices and their potential inflationary ripples throughout the economy have already caused great concern at the Federal Reserve Board. However, this will feel like a Sunday drive compared to what will result from unchecked oil consumption, which has the real possibility of plunging the U.S. into another period of economic chaos and depression.
Foreign oil makes up more then half of our national trade deficit.
Seven of the last ten years were the warmest on record. Which brings me to my essential question. Ignoring these pressing questions will not make them go away. Mr. Chairman, I am a firm believer that facts help the creation of sound policy. We should have more of them in this case.