ENERGY: A Federal Oil Firm

U.S. oilmen find much to fret about these days: congressional pressure to end the depletion allowance and lucrative foreign-tax write-offs, calls for a rollback of domestic oil prices and growing resistance to offshore drilling. Still, nothing bothers them more than the possibility that Government might not only increase its intervention in the oil industry but actually decide to get into the business itself.

This week Illinois Democrat Adlai Stevenson III plans to introduce in the Senate a bill calling for creation of a National Energy Supply Corp. Its purpose: to operate...

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