If the U.S. is to reduce its dependence on imported petroleum, more than conservation or even development of alternate sources of energy will be needed. The nation must also find new pools of oil at home and drain every possible drop from already known domestic reserves. That has not been happening, and some critics, including former Federal Power Commission Head Lee White and Ralph Nader, charge that the oil industry has had an incentive to drag its feet in order to reduce the supply and force prices still higher. The evidence scarcely supports that accusation: petroleum producers lately have been sinking...
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