*EPF312 03/29/00
Text: Clinton on OPEC Crude Oil Production Decision
(President praises move to expand production) (320)

President Clinton praised the Organization of Petroleum Exporting Countries (OPEC) for deciding to increase crude oil production and thereby lowering the cost of gasoline at the pump.

"These increases will help sustain worldwide economic growth and provide greater balance between oil supply and demand," Clinton said March 28. The United States, he added, will continue to monitor world oil production markets closely.

The OPEC countries agreed March 28 to expand oil production by 1.45 million barrels a day, or about a 7 percent increase, but without the immediate support of Iran, the cartel's second largest producer. However, Iran announced March 29 in Vienna that it was expanding crude oil production to maintain its market share.

Following is the text of Clinton's statement:

(begin text)

THE WHITE HOUSE
Office of the Press Secretary

March 28, 2000

STATEMENT BY THE PRESIDENT

Today's announcement that OPEC members will increase production is a positive development. These increases will help sustain worldwide economic growth and provide greater balance between oil supply and demand. While oil prices are projected to fall this year, we will continue to closely monitor developments in world oil markets in the coming months.

Congress should waste no more time in getting to work on the critical measures to improve America's energy security that I have proposed. Congress has failed to act on energy security measures, including new tax incentives to support domestic oil producers, tax incentives and investments to promote the use of alternative and more efficient energy technologies, the establishment of a regional home heating oil reserve, and reauthorization of the Strategic Petroleum Reserve. These measures should be passed into law without delay.

(end text)

(Distributed by the Office of International Information Programs, U.S. Department of State. Website: usinfo.state.gov)
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