84288 CONGRESSIONAL RECORD-SENATE
Mr. MANSFIELD. Mr. Presldent. 1f I
may be heard. what the House bill has
done t.s abollsh the depletion allowance
for the oU and ea.s Industry while It retains
It !or almost every other mineralextractive
lnd~try, !or coal. for sand,
for gravel, !or copper, aluminum clays,
for clams, 108 Items which are covered
by the depletion allowance. We are now
talldng about on~petroleum-whlch Is
the most Important of all enerey items
at this time.
U the depletion allowance has served
a.s an Incentive !or other extractive industries,
why should tt be removed 1n
the urea of petroleum and ea.s internallY,
domestically, independently, where
they are needed the most?
Where do you think your oU l.s comIng
from. Alaska? A part, yes, But we
have comrtdernble ~erves In this country
If we will only give the Independent
producer a brenk. and that l.s what the
Senator !rom Texas OSes a
$5.07 bllllon tax brr11k for other businesses
to the form of lm·estment credit.
I have Indicated that 108 Items nre under
the depletion allowance aspect ,or
the tax schedule, and It is my understanding,
to reiterate, that 80 pnrcent o!
the exploratory drilling In the UnltPd
States ls done by 10,000 speculative Independents.
These are facts, I think, ,. "
ought to think about.
In 25 to 40 years the oU 1s all golt
to be gone, and the ga.s with it. Tht•
senator from Tex.as (Mr. BlUf'l'SEN). is
trytmr to do something to protect some o!
our own people wbo take chances. who
speculate, who lose more often than they
Let us talk about the maJor oU producers
on their own and at a more appraprlate
time. I would hope It would
be possible to vote on the Bentsen
amendment tonight. But lf there 1s going
to be too much talking we will J~t have
t~ think It over or take It up tomorrow
or another day.
March 18, 1975
Mike Mansfield Papers, Series 21, Box 50, Folder 47, Mansfield Library, University of Montana
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