OIL: Assailing the Giants

For about 30 years, the U.S. oil industry had all the friends it needed in Washington and little trouble winning favorable policies: maintenance until early this year of the lucrative oil-depletion allowance, now discarded quotas on oil imports, tax preferences for foreign and domestic drilling operations. Now a wave of hostility unmatched since the breakup of Standard Oil in 1911 has plunged the oil industry into big political trouble. In one of the milder manifestations of anti-industry sentiment, the Federal Trade Commission last week took only hours to overturn a recommendation by...

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