Carter, jubilant over oil-profits tax, calls for speed on energy

Press, 29 March 1980, Page 9

Carter, jubilant over oil-profits tax, calls for speed on energy

NZPA-Reuter

Washington

President Jimmy Carter, cheered by the final passage of his “windfall” oil-profits tax, has urged the United States Congress to enact quickly other key elements of his energy-conservation programme.

The Senate passed the 5U5227.3M tax on excess oil profits, 66 to 31, sending the bill to the White House for Mr Carter’s signature. The House of Representatives passed the bill, 302 to 107, on March 13. The President introduced the legislation in April, 1979. j “This is good news fori our country and also good' news for the world,” a' beaming Mr Carter told re-; porters after the vote. ' He said Senate leaders had ! promised to continue work, on two other key energy; bills, the creation of a special board to approve energyprojects, and Federal aid for synthetic-fuel production. Both bills have been stalled in Congress for several months. ■ j Mr Carter. frequently, called the Oil Tax Bill the! centrepiece of his pro-l gramme to reduce United! States dependence on oil im-i ports. . ... . | Revenues from the tax,!

■ the largest passed by Con[gress, will be used to develop alternative sources of (energy and mass transit, and to help lower-income families pay their energy bills. The tax will be taken from an estimated SUSIOOOM in so-called I “windfall” profits United l-States oil companies are expected to make in the next 10 years as Federal [price controls in domestic oil are phased out and the prices rise to world levels. Many members of Congress from oil-producing stales opposed the bill, saying it would discourage domestic oil production. "This tax will shut down many oil wells,” an Oklahoma Republican, Henry Bellman, said. But the Senate Democrat leader. Senator Robert Byrd, of West Virginia, said it was only fair for some of the huge profits made by the oil companies to be used for energy conservation.

“This is the price the oil companies ■ have to pay for decontrol,” a Louisiana Democrat. Senator Russell Long, said. Mr Carter said he would sign the bill as soon as possible.