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EMD-80-B2 1 (1980-03-03)

handle is hein.gao/gaobaauzd0001 and id is 1 raw text is: IO ~~ jj. Bjj . 092368 19AR 3 79p The Honorable Harley 0. Staggers Chairman j Comuittee on Interstate and Foreign Conmrnerce House of Representatives Dear Mr. Chairman: This is in response to your letter of January 11, 1980, requesting ourfcomaents on H.R. 6174_1 which would establish a Federal Oil import Corporation. -6dr comuents will, of necessity, be preliminary since we are just now beginning a review of the issue surrounding the establishment Of a national oil c pany. Our study will cover issues concerning government trading companies such as proposed in H.R. 6174 and also those concerning government exploration, production and refining companies. The Energy Company of America bill (S. 580) includes setting up a company with these, and other, responsibilities. We are also studying the role of the petroleum spot market and the influence that market has on the U.S. The study should be published this coming June, and may be relevant to the debate on a Federal Oil Import corporation. Because we are at the stage of determining areas for examination in our study, we would like to limit ourselves to suggesting issues which the Committee may wish to consider concerning the purposes of the Corporation as embodied in Section 2 of H.R. 6174. Specifically, 'with regard to leverage, would a government trading company be able to insure more stable and eoonomical supplies of crude than can pri~ate companies? The Federal Oil Import Corporation would be just one more company among the dozens which import oil into this country. Under these circumstances, could the Federal Oil Corporation make a difference? While a company which is an arm of the U.S. Govern- ment could possibly bring greater leverage to bear on negotia- tions with exporting countries' national companies, if a dispute developed between an exporting Nation and the U.S., the exporter might be more likely to take actions against a government than a private company. (,/ V

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