Natural Gas Legislation White House Statement.

After nearly 2 years of effort, a Senate-House conference committee reached a natural gas compromise just last week. It does not give anyone everything they demanded—but it is fair, balanced, and workable.

The compromise will not provide massive profits for producers that overnight decontrol would allow nor does it provide unrealistically low gas prices. But what it does do is:

—Makes fresh new supplies of natural gas available for homes and industry in every region of the country at prices below alternate fuels these supplies will replace and ensures adequate supplies in every consuming State;

—Provides stability and increased markets and incentives to producers;

—Costs consumers overall no more than under existing law;

—Substantially reduces oil imports that depress our dollar. The President cannot afford the luxury of exclusive devotion to any single regional or economic interest. Enactment of this compromise is essential to protect the stability of our strong and vital economy, and to protect our dollar and position of economic leadership in the world. The President is convinced that the U.S. Senate and House of Representatives will rise to their responsibilities as the conference committee has already done. The President expects that this matter of critical national importance will not be obscured by other issues. Now is the time for statesmanship and concern for the general welfare, not for endless contention over narrow issues.