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...