Less than a week ago, in the early morning hours of August 2d, Iraqi Armed Forces, without provocation or warning, invaded a peaceful Kuwait. Facing negligible resistance from its much smaller neighbor, Iraq's tanks stormed in blitzkrieg fashion through Kuwait in a few short hours. With more than 100,000 troops, along with tanks, artillery, and surface-to-surface missiles, Iraq now occupies Kuwait. This aggression came just hours after Saddam Hussein specifically assured numerous countries in the area that there would be no invasion. There is no justification whatsoever for this outrageous and brutal act of aggression.
A puppet regime imposed from the outside is unacceptable. The acquisition of territory by force is unacceptable. No one, friend or foe, should doubt our desire for peace; and no one should underestimate our determination to confront aggression.
Four simple principles guide our policy. First, we seek the immediate, unconditional, and complete withdrawal of all Iraqi forces from Kuwait. Second, Kuwait's legitimate government must be restored to replace the puppet regime. And third, my administration, as has been the case with every President from President Roosevelt to President Reagan, is committed to the security and stability of the Persian Gulf. And fourth, I am determined to protect the lives of American citizens abroad.
Immediately after the Iraqi invasion, I ordered an embargo of all trade with Iraq and, together with many other nations, announced sanctions that both freeze all Iraqi assets in this country and protected Kuwait's assets. The stakes are high. Iraq is already a rich and powerful country that possesses the world's second largest reserves of oil and over a million men under arms. It's the fourth largest military in the world. Our country now imports nearly half the oil it consumes and could face a major threat to its economic independence. Much of the world is even more dependent upon imported oil and is even more vulnerable to Iraqi threats.
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I will ask oil-producing nations to do what they can to increase production in order to minimize any impact that oil flow reductions will have on the world economy. And I will explore whether we and our allies should draw down our strategic petroleum reserves. Conservation measures can also help; Americans everywhere must do their part. And one more thing: I'm asking the oil companies to do their fair share. They should show restraint and not abuse today's uncertainties to raise prices.
