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The 1992 United States Senate election in Oregon was held on November 3, 1992. Incumbent Republican U.S. Senator Bob Packwood won re-election to his fifth term.
As the election season got underway, analysts from both major parties predicted that Packwood would have one of the toughest seats to defend in what was anticipated to be a volatile election year. Packwood was regarded as one of the nation's "most powerful elected officials" with "extraordinary political instincts." But the state's largest newspaper, The Oregonian, had described AuCoin (Packwood's presumed main challenger) as having "persistence, imagination and clout [that] have made him the most powerful congressman in Oregon and one of the most influential members from the Northwest."
For AuCoin, however, first came the Democratic primary. He faced Portland attorney Joe Wetzel and Bend businessman Harry Lonsdale in what became a "brutal, bitter" contest. Lonsdale, who had run a close race against incumbent Mark Hatfield for Oregon's other Senate seat in 1990, emerged as AuCoin's principal rival; Wetzel, who criticized Packwood and AuCoin as long-term, ineffective members of Congress, trailed throughout the race, and was not invited to an April debate sponsored by the City Club of Portland. Lonsdale took on "the Les AuCoin-Mark Hatfield-Bob Packwood coalition" as his primary cause, stating "I consider Les AuCoin a good man who has been corrupted by PAC money over the years".
In a race the Seattle Times called "as negative as many voters can remember," Lonsdale attacked AuCoin as "corrupt" and tied to the timber industry. Lonsdale's environmental credentials also came under scrutiny, and AuCoin noted Lonsdale's reversal of support for nuclear power and belated opposition to the re-opening of Trojan Nuclear Power Plant. AuCoin turned accusations of undue influence back on Lonsdale, pointing out that his company (Bend Research) had received millions in federal defense contracts.