A US natural gas reserve, faster curbs letup asked
Washington — An Energy Department study on US vulnerability to a cutoff in imported energy recommended establishing a natural gas reserve and accelerating the removal of price controls on the fuel. The study also suggests that the windfall-profits tax be removed on newly discovered domestic oil and on oil produced from old wells using new techniques. It said the tax reduced incentives to tap additional sources of domestic oil. Price controls on natural gas will expire in 1985, but the study said because of the deteriorating world energy situation and the uncertainty of Middle East oil, they should be taken off within 12 or 18 months.