Statement of Administration Policy: H.R. 4847 - Requiring U.S. Companies to Cease Their Participation in the Production, Marketing, or Distribution of Libyan Oil

(House)
(Rep. Levine (D) California arid 45 others)

The Administration opposes enactment of H.R. 4847. The bill is objectionable because it:

— is unnecessary and would duplicate action already announced by President Reagan and implemented by the Treasury Department; and

— would limit the flexibility of the President to make appropriate changes in our Libyan policy should the domestic situation in Libya change in a way beneficial to U.S. interests.

On May 29, 1986, Treasury announced that it had amended the licenses issued to the five U.S. oil companies operating in Libya to require them to terminate by June 30, 1986, their (1) sales of Libyan crude oil, (2) payments to the Government of Libya, and (3) participation in the operation and management of their oil concessions.