Page:United States Statutes at Large Volume 113 Part 1.djvu/279

 PUBLIC LAW 106-51—AUG. 17, 1999 113 STAT. 255 (1) IN GENERAL.— Subject to the requirements of this subsection, an iron ore company incorporated under the laws of any State shall be treated as a qualified steel company for purposes of the Program. (2) TOTAL GUARANTEE LIMIT FOR IRON ORE COMPANY. — Of the aggregate amount of loans authorized to be guaranteed and outstanding at any one time under subsection (f)(2), an amount not to exceed $30,000,000 shall be loans with respect to iron ore companies. FEDERAL ADMINISTRATIVE AND TRAVEL EXPENSES (RESCISSIONS) SEC. 102. (a) Of the funds available in the nondefense category to the agencies of the Federal Government, $145,000,000 are hereby rescinded: Provided, That rescissions pursuant to this subsection shall be taken only from administrative and travel accounts: Provided further. That rescissions shall be taken on a pro rata basis from funds available to every Federal agency, department, and office in the executive branch, including the Office of the President. (b) Within 30 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit to the Committees on Appropriations of the House of Representatives and the Senate a listing of the amounts by account of the reductions made pursuant to the provisions of subsection (a) of this section. 15 USC 1841 note. Deadline. Reports. CHAPTER 2 SEC. 201. PETROLEUM DEVELOPMENT MANAGEMENT, (a) SHORT TITLE. —This chapter may be cited as the "Emergency Oil and Gas Guaranteed Loan Program Act". (b) FINDINGS. —Congress finds that— (1) consumption of foreign oil in the United States is estimated to equal 56 percent of all oil consumed, and that percentage could reach 68 percent by 2010 if current prices prevail; (2) the number of oil and gas rigs operating in the United States is at its lowest since 1944, when records of this tally began; (3) if prices do not increase soon, the United States could lose at least half its marginal wells, which in aggregate produce as much oil as the United States imports from Saudi Arabia; (4) oil and gas prices are unlikely to increase for at least several years; (5) declining production, well abandonment, and greatly reduced exploration and development are shrinking the domestic oil and gas industry; (6) the world's richest oil producing regions in the Middle East are experiencing increasingly greater political instability; (7) United Nations policy may make Iraq the swing oil producing nation, thereby granting Saddam Hussein tremendous power; (8) reliance on foreign oil for more than 60 percent of our daily oil and gas consumption is a national security threat; Emergency Oil and Gas Guaranteed Loan Program Act. 15 USC 1841 note.

�