Natural Gas Legislation Statement by the President on the Tentative Agreement of the Energy Conference Committee.

I am pleased and gratified that members of the energy conference have reached tentative agreement on natural gas legislation.. This agreement represents a long-overdue step toward the creation of a truly national market for natural gas, as well as a crucial breakthrough toward enactment of the Nation's first and long delayed national energy plan.

This agreement could not have been reached without the tireless efforts of both Democrats and Republicans working in the national interest to overcome the years of conflict and strongly held positions that have characterized this issue.

A solution to the natural gas issue has eluded Presidents and Congresses for over a quarter of a century. If, as I hope, this agreement is approved by the conference, it will be the first conference report on natural gas in 22 years.

I am particularly pleased that this hard fought compromise, according to best available estimates, will cost American consumers no more than they would pay if today's inadequate regulatory system were to be retained. If this compromise is accepted by the Congress, new supplies of natural gas formerly available only in the intrastate market will flow to the gas-starved interstate system at reasonable prices. These new supplies will replace far more expensive alternative fuels, including imported oil.

I want to give special recognition to conference chairman Harley Staggers of West Virginia, and energy committee chairman Henry Jackson of Washington, as well as energy committee chairmen John Dingell of Michigan and Lud Ashley of Ohio.

In addition, this accord could not have been achieved without the special efforts of Senators Dale Bumpers of Arkansas, Pete Domenici of New Mexico, Jim McClure of Idaho, Mark Hatfield of Oregon, Bennett Johnston of Louisiana, and Wendell Ford of Kentucky, and Congressmen Bob Eckhardt of Texas, Paul Rogers of Florida, Philip Sharp of Indiana, and Charles Wilson of Texas.