Oil: Battle Over Special Privilege

In more ways than one, oil is power.

It provides 75% of the U.S.'s energy, serves as the basis of some of its most fa bled personal fortunes and influences its foreign and domestic policy. Now the Nixon Administration and the Congress are conducting some long-over due reappraisals of the Government's policy toward the oil industry itself.

The question increasingly asked in Washington is whether the industry should continue to enjoy its privileged position with regard to income taxes and import controls.

To find answers, President Nixon has appointed a task force that includes prac tically his entire Cabinet and ordered it...

Want the full story?

Subscribe Now


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!