Oil firms accused

Press, Volume CXIV, Issue 33520, 29 April 1974, Page 13

Oil firms accused

w ashi.xgton. \pril '_'.* Intel national oil tirin' are working with number* of the Otg;mi*;ii am of Petroleum lApoiting Countries (0.P.1’.t .1 *<• that both group* tati achieve high profit*. Senator I rank ( hutch ha* alleged. Senator Church, the cha t man <>i a s-tic foreign re tii'tis sub-c ommitti • invt .■ gating niulti n.n 11 . -:p • turns, said that this was shown bv the targe pern-., tape increases in pi >t-.,s mad-' bv the 1 itl r. ted Si it- * • i lams tn the fust oi.at.i-t i ahi' vc.it. “It is cleat that the panics and UP i C are partners in prut t lor the nil hen;; sold at hijack juice, to tin 'v. statement. He cite d su< h first < profit increase's as 74* p«i cent for Occidental P drum. 123 pet cent for lex aco, 92 per c ent lor St uJ■ .1 ot California. and 9 per c< for Exxon, as proof of his a: legations. Senator ( hutch *.od th t [each increase tn 0.P.l C venues had bet t followed comparative increase* in coinpanv profits. PAXES ( RGEI) He urged acti m bv < ingress to tax more of the pu fit made bv oil companu . i proposal now being consid ered bv the H mse ot IC pre sentatives Ways and Me o’ Committee Mobil oil Company, the third largest oil companv i the United states, mad S('S2s9m in the la t tin months. 7 per tent less the the previous quarter, but per cent more thin the san, period last year.