OIL: Quota System Defense

For months, many U.S. oil producers -especially independent Texas producers -have called the Administration's quota on oil imports a failure because it still lets too much foreign oil come into the U.S. To set the record straight, Matthew V. Carson, administrator of the quota plan, told an audience of independent oilmen last week that the program is working just about as well as hoped and "striking a reasonable balance between imports and domestic production." Imports have been cut by 168,900 bbl. per day, a drop of 17.4% from original schedules, are running at 12.5% of domestic production v....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!