Memorandum on the Effect of Imports of Crude Oil on National Security

Memorandum for the Secretary of Commerce

Subject: The Effect of Imports of Crude Oil on National Security

I have reviewed and approved the findings of your investigative report titled "The Effect on the National Security of Imports of Crude Oil and Refined Petroleum Products" under section 232 of the Trade Expansion Act, as amended (19 U.S.C. 1862), that imports of crude oil threaten to impair the national security. Further, I accept your recommendation that trade remedies not be imposed, but that existing policies to enhance conservation and limit the dependence on foreign oil be continued. Indeed, we have already proposed additional tax credits to promote renewable and efficient sources of energy, new tax incentives to support the domestic petroleum industry, and further investments in energy-saving technologies and alternative energy sources, as this report suggested.

WILLIAM J. CLINTON