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So we are now still dependent on foreign oil, have a problem with global warming, and are losing jobs rapidly to the Japanese in fuel-efficient vehicles as a result of that very shortsighted progress.
Congress did a good thing back in 1995 in passing the Deep Water Royalty Relief Act. That act did a simple thing. It provided automatic royalty relief for new leases for 5 years in the deep waters of the Gulf of Mexico.
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