Energy Security Corporation White House Statement on Senate Energy Committee Approval of the Legislation.

The President welcomes the overwhelmingly favorable action by the Senate Energy Committee in establishing an energy security corporation. The legislation embodies the three elements which the President has said are essential to a synthetic fuels program: a long-term commitment to a substantial synthetic fuels effort, an independent entity to carry out this commitment, and the authority and immediate funding for a strong start.

The President is grateful to Chairman Jackson and Senators Johnston and Domenici, as well as to the other committee members, for the dedication and effort that led to the Committee's favorable vote. The President hopes the Senate will promptly follow the Energy Committee's vote so the Nation can soon begin the important task of producing synthetic fuels and reducing our need for foreign oil.