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7343385
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Remarks of the President upon Signing the Naval Petroleum Reserves Production Act [Ford Speech or Statement]
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7343385
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document
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Remarks of the President upon Signing the Naval Petroleum Reserves Production Act [Ford Speech or Statement]
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White House Press Releases (Ford Administration)
Press Releases
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1976-04-05
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4
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1976
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Digitized from Box 24 of the White House Press Releases at the Gerald R. Ford Presidential Library
FOR IMMEDIATE RELEASE
APRIL 5, 1976
OFFICE OF THE WHITE HOUSE PRESS SECRETARY
THE WHITE HOUSE
REMARKS OF THE PRESIDENT
UPON SIGNING THE
NAVAL PETROLEUM RESERVES
PRODUCTION ACT
THE ROSE GARDEN
2:23 P.M. EST
Secretary Rumsfeld, Secretary Kleppe, Secretary
Middendorf, Administrator Zarb, distinguished Members of the
House and Senate:
Just over two years ago the Arab oil embargo
taught the United States a lesson, that we should not be too
dependent on other nations for our oil supplies. We learned
all too well the high price of energy dependence, both in the
terms of inflation and lost jobs.
Over a year ago, in my First State of the Union
Message, I set forth goals for regaining our energy indepen-
dence and a comprehensive program for achieving those goals.
Shortly thereafter I submitted to the Congress my comprehensive
energy independence plan, which contained specific programs
to encourage conservation and increase domestic production.
One of my proposals called for development and
production of our Naval Petroleum Reserve. This step is
especially important because it is one action we can take to
get an immediate increase in domestic oil production, thereby
lessening our dependence on foreign oil.
Accordingly, today I sign into law the Naval
Petroleum Reserves Production Act of 1976. This act directs
the Secretary of the Navy to begin full-scale production from
the two petroleum reserves in California, including Elk Hills,
and one from Wyoming.
When in full production, these three reserves will
provide more than 300,000 barrels of oil per day, which
represents about 4 percent of what we now import daily from
foreign suppliers.
The new act also makes it possible for production
from the Naval reserves to contribute directly to the creation
of strategic petroleum reserve authorized in the Energy
Policy and Conservation Act, which I signed into law
December 22, 1975.
MORE
Page 2
Once established, the strategic reserve will
provide both a deterrent to future embargoes and a significant
means to offset the effects of any future supply interruption.
The strategic reserve will permit us to have needed petroleum
much more readily available in case of emergency for our Armed
Forces and other critical national needs.
The act also redesignates the Naval Reserve in
Alaska as a Naval Petroleum Reserve to be managed by the
Department of the Interior.
This act is a very important step toward reversing
our declining domestic oil production, but other steps
obviously must be taken.
Eighteen major energy proposals still await
Congressional approval on Capitol Hill. I strongly urge the
Congress to move ahead on these additional initiatives so
that as we celebrate our 200th year of independence, we take
an affirmative action toward achieving energy independence
as well.
END
(AT 2:26 P.M. EST)