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And let us again look at our coal exports. You know, one of the things we are trying to do and I tried to do was to cut the subsidies in other nations as we move towards free trade. Let us get in the GATT something that says, let us remove barriers to the free flow of coal because Germany, Britain, and Belgium, they all subsidize their coal. They should be buying American coal.

Nuclear, yes, we need to do something on nuclear, and Senator McClure and others of you know more than I do and know what to do about that. But we have got 100 plants today, and I am sure this committee will finally get something to do with licensing through. It came close before Chernobyl, came very close if I remember, and clearly we need to move toward standardized designs and clearly, the DOE has to finish the job on the waste site and so forth. So that is easy for this committee.

Gas, I cannot say anything more than Jack Gibbons did. It is a clean fuel. We all like it. I would like to say we have a free trade agreement with Canada which would enable us to bring more gas down and what about Alaska? What about Alaska? It sits up there. Maybe we need to look at that. That is 20 percent of our reserves. Conservation, again, others on the committee are more expert on that than me, but let us make it an equal partner with supply. Maybe we need to look at CAFE standards. Maybe we need to look at alternative fuels for transportation as Jack has put out. And indeed, Government can again be a leader in conservation by getting our own house in order.

SPRO, some people have said, billion-barrel SPRO, now is the time that we need it and maybe we can do something innovative with leasing it from producers. Well that is fine, but let us not build a billion-barrel SPRO until we get commitments from the other IEA countries to equal a billion barrels.

We put in a billion, they put in a billion, and then we have 2 billion that we can draw down, but if we do it alone, we will be subsidizing the whole world, the whole world's energy security, not only our own. So let us get the IEA to work on that. Only Germany and Japan and the United States today have stocks, and that is sad.

I have only one innovative proposal today, Senators, because all of this, as Senator Wirth said, is a litany of what we have done in the past and should do in the future, but one idea I would like explored is that we are going to face the problem, if this situation in the Middle East is resolved, is the oil price going to collapse again, back down to $10, $15?

And are people who are going to make investments in alternative fuels or in drilling or in new forms of energy or in conservation, are they going to think, what if it collapses? Will my investment be gone?

And the one concept I bring to the table today which is new is to rethink the IEA's minimum safeguard price. This is a floor price which IEA countries agreed to in 1977 under the direction of Mr. Kissinger and they agreed that the price that was needed to safeguard alternatives was $7.

Let us look at that. Maybe we could have a $25 minimum safeguard price. Maybe we could have a $28 safeguard price. The

reason I like to do this in the IEA is then every country would make that commitment.

If we do a floor price on our own or if we do an import fee on our own we shoot ourselves in the foot, but if it is an IEA-wide agreement, then indeed all countries will turn toward alternatives and conservation and it will be done in an equitable way and none of our countries will be hurt vis-a-vis the others.

Well, Mr. Chairman, I concluded at energy security with a comment that it will not just take conservation, it will not just take supply, we need both. It is not just an oil, it is an energy problem and finally, it is not just a domestic problem, it is an international problem.

And I think this committee has the wisdom and if not the wisdom, certainly the experience of having gone through this three times, and I think you will this time with the help of the administration craft a national energy policy.

Thank you very much.

[The prepared statement of Mr. Martin follows:]

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There have been several threatening situations over the last twenty years
We learned some difficult lessons in the 1970s

The crises of the 1970s and 1980s have left us better prepared

Tough Policy Choices--Maintaining Market Approaches in a Crisis

Today's oil market situation is serious, but containable

Tailoring a short term international energy response to the Gulf Crisis

Even if we resolve the short term crisis successfully, dangers still exist for future oil markets

Developing a Long-Term U.S. Energy Strategy

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Coal has Substantial Potential to limit Dependence on Imported Oil in

an Environmentally sound manner

Nuclear power deserves another look in light of energy security and environmental concerns

Energy efficiency, alternative fuels for transportaiton and renewable energy resources improve energy security and environmental quality

Conclusions

The U.S. cannot "go it alone." All nations must reduce reliance on Gulf oil Conclusion -- finding the balance between energy security, environment

and economic competitiveness

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