Mr. Speaker. ever since quota restrictions were placed on the importation of residual oil by President Eisenhower in March 1959. the price of this gummy substance. left behind after byproducts have been refined off. has risen to a point where it is now estimated to be costing the New England consumer $30 million per year more for residual oil than it was before quotas were imposed. The New England delegation in Congress has been fighting to have these quotas eased. because New England is a large buyer of residual oil from Latin America. particularly Venezuela. The Latin American residual oil can be shipped to New England at a cheaper price than domestic residual oil is sold in this country. Besides. the refining process of domestic petroleum is so efficient that there is very little residual oil left over to satisfy all of the domestic consumption requirements. So. New Englanders are forced to buy the foreign residual oil to fulfill the needs of our region. but we are paying a higher price per barrel because of the harsh quota restrictions. I think my colleagues will be interested in reading an editorial from the Boston Herald of October 3 on this subject. and I include it with my remarks in the Appendix of the RECORD:
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quota restrictions