Page Two
THE MICHIGAN DAILY
Thursday, January 24, 19714I
Poge Two - THE MICHIGAN DAILY Thursday, January 24, 1974
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FAVORS OFFSHOR E OIL DRILLING
(Continued from Page 1)
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yesterday that it was placing quo-
tas on export of gasoline and other,
key fuel oil products.#
COMMERCE Secretary Freder-I
ick bent said the exports will be
limited to less than four-tenths of
one per cent of daily domestic con-
sumption.
In other energy-related develop-
ments yesterday:
-Sen. Henry Jackson, (D-Wash.)I
said he has received "reliable re-
ports" that some U. S. oil compa-
nies cut off supplies of Arab oil
to U. S. military forces last No-
vember. Business Week magazine
reported Dec. 1 that Saudi Arabia
warned it would fight any flow of
oil by tightening the oil embargo
in effect at the time; and,
spring. .
In his energy message, Nixon
said his proposals to cut the tax
breaks enjoyed by U. S. oil com-
panies on overseas operations
should "encourage greater devel-
opment of U. S. energy resources
rather than foerign resources."
"I am therefore asking the Con-
gress to eliminate these foreign de-
pletion allowances, while retaining
the depletion allowance for domes-
tic oil production." he said.
THUS, COMPANIESwould con-
tinue to take a tax deduction for 22
per cent of their domestic oil pro-
duction - to compensate for deple-
tion of
the resource - but could
I,
,
I
no longer claim that depletion al-
lowance on production of oil
abroad.
dit against their U. S. tax pay-
ments.
Instead, he proposed that part
of the foreign taxes be considered
as business expenses, deductible
when the companies fill out their
U. S. tax returns.
A Treasury Department taxaex-
pert, Fred Hickman, said- at a
news briefing it was not known
how much money the companies
might lose in such a shift on the
tax treatment, but he said the
dropping of the foreign depletion
allowance wo'ild have "more im-
portance symbolically than finan-
cially."
CALLING FOR changes in the
1970 Clean Air Act because of the
energytcrisis, Nixon asked Con-
gress to delay for two years the
Ineror. owIIiUlJiJifinvn Z lim i I n 1471Z aULU-
I--SECRETARY of the Interior atvnio.jmsonyS u-
-SERETARofn the lFrank Ikard, president of the mobiles.
awaited permit for a 789-mile, $5 American Petroleum Institute, cri- He svid" the law should be
billion pipeline to tap the rich oil ticized the timing of the proposal amended also to remove the re-
fields of Alaska's North Slope. Con- to end the foreign depletion allow- quirement of a 90 per cent reduc-
struction is expected to start this ance. tion in nitrogen oxide emissions
"I think it would be a mistake at from 1976 cars.
this point in time to disturb the The deadline for meeting clean
tax treatment of the extra active air standards should be delayed,
SH EY industries," he said. Nixon said, in metropolitan areas
IN ADDITION, Nixon. proposed which otherwise would require
enter, Philadelphia to reduce the amount of foreign "unreasonable transportation con-
taxes that oil companies can cre- trols."
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(Continued from Page 1) I
FOREIGN OBSERVERS saw his
actions as a new type of diplomacy
in Egyptian politics.
One observer commented that:
the Egyptian leader was following
a Kissinger-type diplomacy but
surpassing the secretary of state
in the holding of impromptu press
conferences.
Well informed sources said Sa-
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dat's policy had won the admira-
tion of Arab leaders.
SADAT INDICATED at his Ra-
bat press conference shortly before
his departure for Cairo yesterday
that his tour had been a success.
It "not only confirmed Arab
unity, but also consolidated it
further," he declared.
In Damascus, where Sadat prob-
ably held the toughest of his talks,
he succeeded in dispelling fears
that Egypt would let Syria down
or leave it to face any new con-
frontation with Israel alone.
A XI
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