Domenici files broad bill to help U.S. oil producers

Sen. Pete Domenici (R-N.M.) has filed a comprehensive bill to help U.S. oil producers survive the current oil price depression, which he said is atypical of the industry's historic "boom-and-bust" cycles. Some of the provisions would take effect as of the beginning of this year, while others are triggered by the price of oil. Some would kick in when foreign oil imports exceed 50% of U.S. consumption, and more drastic measures are triggered when they exceed 60%. Domenici, the influential Budget Committee chairman, said, "This bill represents a comprehensive, graduated approach to ensure that the U.S. retains control of its foreign policy and its economic destiny. "The ...

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