Washington, D.C. - Senate Energy Committee Chairman Pete Domenici today lauded American and allied efforts in Operation Iraqi Freedom to protect the oil fields of Iraq, saying these resources will be needed to help rebuild that nation once it is rid of Saddam Hussein. Chairman Domenici’s statement: “The early success of efforts to protect large portions of Iraq’s oil fields is very good news. Instances where wells have been set on fire by Hussein loyalists are troubling, but not as extensive as we had feared. The sabotage of these wells only serves to destroy the wealth of the Iraqi people. “By saving Iraqi resources, we can better help rebuild Iraq. “Even if more Iraqi wells are destroyed, I am confident that the United States and the world have more than enough oil in reserve here and around the world to avoid any shortages or supply disruptions. “The United States and other International Energy Agency governments have 1.2 billion barrels of oil in reserve. The United States, alone, has 599 million barrels. In addition, Saudi Arabia and other major producing countries have been stepping up production and tanker loading in recent weeks. “Recent declines in the price of oil reflect the market’s confidence in world and U.S. supplies. Today, oil is at $27 a barrel – down from $40 a barrel a few weeks ago. Oil is trading as if the war is already over. ” ###