Congress urged to split energy hoards

Press, 7 April 1978, Page 6

Congress urged to split energy hoards

NZPA-Reuter Washington A United States Government study concludes that Congress should consider forcing some of the nation’s biggest Oil companies to dispose of coal and uranium reserves worth more than SUSIOO,OOOM. The Federal Trade Commission staff conclusion, not endorsed by the commission itself, is based on the theory the energy market may soon be in the hands of a few powerful firms, stifling both competition and the development of alternative energy] sources. Later this month, the staff will present its thoughts to the Senate anti-trust subcommittee headed by Senator Edward Kennedy.

il Congress is considering ' various options for limiting ■(concentration in the energy t field Basically, the study will ! ! recommend that Congress ■]pass a law limiting the ■ amount of coal and uranium • reserves which the larger oil land natural-gas companies -jean own in given geographic -■market areas. • I Oil companies have been '' buying up cbal since the ' 19605, and today two of the '■four largest coal producers •I— Consolidation Coal and ■ Island Creek Coal — are 'owned by Continental Oil .■and Occidental Petroleum re's spectively. Since 1975, 12 Oil 'land gas companies have ..owned more than half of all 'uranium reserves.