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109886 1 (1979-07-16)

handle is hein.gao/gaobadygz0001 and id is 1 raw text is: Ioq$86 UNITED STATES GENERAL ACCOUNTING OFFICE ENERGY AND MINERALS DIVISION FOR RELEASE ON DELIVERY 9:30 AM, MONDAY, JULY 16,1979 109886 TESTIMONY OF J. DEXTER PEACH, DIRECTOR ONE ENERGY AND MINERALS DIVISION ON OPEC FINANCIAL HOLDINGS IN THE UNITED STATES L BEFORE THE Az SUBCOMMITTEE ON COMMERCE, CONSUMER D AND MONETARY AFFAIRS 0Mr. Chairman, I welcome this opportunity to testify on OPEC financial holdings in the United States. The sub- ject is an important one. We, like yourselves, have been concerned that these investments might give the OPEC nations a money weapon to accompany their near monopoly control of the supply of oil. On the other hand, these same in- vestments may work to our benefit by giving OPEC nations a stake in our economic well being, providing needed in- vestment capital for the United States, and providing additional strengths in our relations with the oil producing nations. It is difficult to calculate precisely total OPEC invest- ment because existing Federal data collection and reporting systems are limited and inconsistent. Therefore, any figure for total OPEC investment must be regarded as highly tenta- tive. Our best estimate, which includes $19.8 billion de- posits in U.S. banks abroad, is about $52.1 billion as of December 31, 1978. This $52.1 billion can be further broken down as follows: 6) O0frM

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