Show Tax credit could start shale oil flowing in 5 yrs Tosco Corporations Corporation's Corpora s 's President Morton M M. Winston last t week strongly endorsed the theS S Senate nate Finance Committees Committee's vote to grant a tax credit of 3 per barrel for oil ol extracted from oil shale If U this element of ot energy policy polley survives the legislative process intact It will unquestionably serve as a major Incentive for industry's effort to unlock the vast energy resources contained in the nations nation's oil shale reserves Winston said It should lead rapidly to the commencement of a commercial shale project which In turn could within five years make the first measurable inroad into the escalating problem of Imported oil Referring to data presented by Tosco earlier this year to the Senate Committee on Energy and Natural Resources Winston Winston Winston Win Win- ston said Our latest economic studies indicate that thata a shale project designed to produce barrels per day of sulfur-free sulfur refined product priced to compete directly with source foreign-source product would yield an attractive return on investment However the risk attendant to the pioneer plant when compounded by the present lack of a stable energy policy has been sufficient to deter development The new tax credit now receiving consideration consideration con cons being designed for pioneer projects is thus particularly particularly par pat appropriate Tosco Corporations Corporation's primary activities are oil refining coal production and the development development development develop develop- ment of technologies to refine clean fuels from oil shale coal and other solid materials Tosco holds the exclusive patent rights to the Tosco II Process of surface retorting of oil shale This process which was technologically perfected and demonstrated in a semi- semi works project in Colorado in 1972 1672 has been licensed under varying terms to several major oil companies Additionally the Company owns or controls interests in various patented oil shale properties totalling net acres |