Show Study blasts oil anti-oil charges The emphasis on punitive measures against the majors not only has has' no basis in fact it is likely to be highly detrimental to the nation While the Congress and the Administration mete out punishment to the major oil companies companies companies com com- O OPEC EC and the Arab producing nations can only chuckle huckle Thus ends a recent report by an independent respected research group the Energy Policy Research Project of George Washington University It is headed by William A. A Johnson former top assistant to Treasury Secret Secretary Secretary Sec Sec- ret ry Willi William m Simon when Simon headed the governments government's energy office The report entitled Competition in inthe inthe inthe the Oil Industry carefully considers major charges against large oil producers producers pro pro- duc rs and proceeds to answer them The reports report's conclusion which is reprinted ted in the May 4 4 CONGRESSIONAL CONGRESSIONAL CONGRESS CONGRESS- IONAL RECORD makes akes the following points 1 There is is' is little reason reason for special regulation of oil companies other than regular antitrust laws applicable to most other industries The oil industry is one of the least concentrated in the United States 2 The major major oil firms have not increased their share of the marketplace marketplace marketplace market market- place at the exp expense nse of independent companies Indeed the evidence if anything suggests the opposite Nor have they engaged in competitive anti-competitive practices SOil industry profits taken in historical historical historical ical perspective have not been excessive excessive excessive ex nor were re recent ent short-lived short increases in profits unconscionable Why then all the talk about breaking up the majors The report gives two major reasons 1 The very size of major oil firms invites unwarranted concern about them and 2 They provide a tempting target for politicians politicians clans seeking easy issues they can identify with and receive maximum publicity from Bigness in itself however is not against the law at least not at the mom moment nt Another thought that comes readily to mind is that the US U.S. incredibly continues to drift further away from its logical goal of energy independence Since the Arab oil embargo embargo embargo em em- bargo and resultant short-lived short panic of 1973 America has become increasingly dependent on oil imports One way to ensure that this nation never will reach energy independence ce ceis is to take such actions as breaking up the majors Hopefully logic will intervene in time to save us from such federal blundering |