Windfall Profits Tax Legislation Statement on Approval of the Legislation by the House and Senate Conference.

I congratulate the House and Senate conferees for completing work last night on a tough, energy-sound windfall profits tax. This action is a major victory for the Nation, and I look forward to signing this legislation as soon as possible so that we can move forward with the vital task of achieving true energy security.

The conferees are to be commended for their hard work and diligence over the past several months. I particularly want to thank Senator Russell Long and Congressman Al Ullman for their exceptional efforts in leading the conference.

When I proposed the windfall profits tax last year, predictions of certain defeat were numerous. Instead of a defeat, however, the Nation will shortly begin to tax the windfall profits of the oil industry. Those tax funds will provide for a decade the revenues needed for increased energy research and development, mass transportation, low-income energy assistance, and will be available for other uses. Additionally, the legislation allows the flexibility needed to meet both anticipated and unforeseen needs in these areas.

We will also be ensuring that the production benefits from my phased decontrol of oil prices will occur. The tax will provide sufficient revenues to encourage private industry to expand its exploration and development of domestic oil.

I urge the House and Senate to promptly pass the windfall profits tax conference report. With that action, the Congress will have taken the most difficult step toward energy security. But more needs to be done. The Nation can no longer tolerate the interminable delays occurring in the conferences on the energy mobilization board and the energy security corporation. Those conferees must complete their work soon. There is no excuse for continued inaction.