Official report to the House of Representatives of the 58th Legislature of Texas Page: 9 of 94
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Likewise, the Committee recognizes the tremendous national
and international significance of what we do here. Our state
long has been the number one producer of oil and gas, the
dominant leader of the industry, the pioneer of conservation.
We cannot take the ostrich approach when the shadow of VWashington
reaches out towards us.
Look for the moment what the next 30 days holds for the industry
on these legislative points; first, crude oil import controls.
A White House report is likely to be released in September.
Foreign oil continues to grab a bigger and bigger share of
our domestic market. Although demands remain static, import
quotas for the last six. moths of 1962. have
eo3tinued to go up
by about 8 per cent.
Second, residual oil controls. The Office of Emergency Planning
has completed its study to determine whether controls on imports
of residual fuels are needed as a national defense measure.
Third, the national fuel policy. This Senate report is due for
completion shortly after Labor Day.
Fourth, oil purchasing abroad. The Defense Department has
been seeking to restrict foreign purchases. This would include
purchases of foreign oil.
Fifth, Soviet oil. The Soviets have been dumping their crude
around the world, disrupting prices, supply and demand. They
at least understand the importance of oil to the world and are
effectively using it as a cold war weapon. The communists
know that a capitalist's economy is strong only so long as it
has good profits. So they are trying to bankrupt the private
oil industry with low oil prices.
Sixth, Marketing. The Federal Trade Commission and Congress
have a raft of bills and legislation which will affect the petroleum
And seventh, and I suppose last, but by no means least, are
taxes. The front page of the Dallas News this morning predicted
things to come. Right alongside the story of this Committee
meeting appeared this headline: "Senator attacks tax
depletion rates. " The story pointed out that Senator Williams
of Delaware, a member of the Senate Finance Committee, says
he will seek to reduce income taxes and tie that measure onto a
reduction of depletion allowance.
Here’s what’s next.
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Texas Legislature. House of Representatives. General Investigating Committee. Official report to the House of Representatives of the 58th Legislature of Texas, book, 1963; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth5869/m1/9/: accessed October 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .