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ID-81-07 1 (1980-11-25)

handle is hein.gao/gaobabbjj0001 and id is 1 raw text is: REPORT BY THE Comptroller General OF THE UNITED STATES RESTRICTED - Not to be released outside the General Accounting Office except on the basis of specific approval The pdd l o6rr l % n Oil Imports By Accelerating Worldwide Oil Exploration And Production Diversifying U.S. imported oil sources to re- duce U.S. dependency on unstable countries in the Middle East and North Africa is not a viable short-range solution due to the lack of alternative suppliers with sufficient excess production capacity in the world. Mid-to long- range potential (5 to 15 years from now) isun- certain but more promising, partly because of increasing production from Mexico and partly because of the concentration of current oil company exploration efforts outside the Mid- dle East and North Africa. There is still considerable petroleum potential throughout the world, but realization of this potential depends upon accelerated explora- tion, especially in less developed countries. Governments' actions, such as expropriation and high rates of taxation, have discouraged private investment in oil exploration in many of the more promising areas. RELEASED 114056 ID-81-07 NOVEMBER 25, 1980 -/3 f(<o

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