Clinton administration officials last week defended the United Nations oil-for-aid program for Iraq, claiming it was not deflating the world oil market.
They testified at a joint Senate Energy Committee and Foreign Relations Committee hearing that had been requested by oil-state senators.
The administration currently is supporting an increase in the $5.25 billion worth of oil that Iraq is allowed to sell every 6 months.
Independent U.S. producers have blamed much of the drop in world oil prices on the fact that the U.N. allowed Iraq to increase its output to 2.5 million b/d from 500,000 b/d during the past 2 years under the program.
Energy Sec. Bill ...