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    "ocrText": "2\nw/ on ad hoc basis -- possibly thru revision in formula for depletion, \"\nTrib notes. If this is what new team has in mind, sooner it's made\nclear, \"the more effective it'll be. 11\nTo degree Love-Simon change means \"we may not get rationing\nafter all, 11 WS Journal says \"changing of the czars is welcome. 11\nEnergy policy has \"floundered\" because of \"its preoccupation w/\npolitical rather than economic solutions. Too many of RN's advisers,\nincluding Love, have addressed problem in terms of what they con-\nsider to be politically feasible. 11 Further, it notes, reason why so\nmany MCs are \"clamoring for rationing\" is \"transparent\" -- \"disasters\"\nthat followed \"would be blamed on Admin. bungling.\nDoes anyone\ndoubt Proxmire, who now demands rationing, would next year call\ninquiry into its failures 11 Journal asserts that \"what terrifies\nthe Loves and Lairds is that public won't only be furious at higher and\nhigher prices but will also be outraged if classic market solution\ncauses profits to soar. 11 Yet, \"no other measure short of sending\nMarines to Persian Gulf could increase supply to meet short-term\nproblem. 11 Noting FTC reported \"after-tax oil profits in ratio to\nstockholders' equity was 10. 7% in 2nd Q as compared to 14. 0% for\nall manufacturing, 11 Journal points out, \"if it's more profitable for\nbusiness to get into widgets [or] electric toothbrushes than to develop\nshale oil [etc] by '80, US will be self sufficient in widgets [and] electric\ntoothbrushes. 11 Also higher profits wouldn't leave \"oil cos. fat, happy\nand secure. They'd not only be forced to race each other to protect\nlucrative market shares come '80. They'd also inevitably have to\ncontend w/ those industries now grinding out widgets and suddenly\nsee a potential for energy profits that induces them to diversify. 11\nJournal suggests \"obvious political bone to throw Hill\" would be to\n'eliminate oil-depletion allowance. 11\n\"As the dimensions of the shortage come into full view, 11 says\nNew Republic, \"it becomes clearer every day that rationing is the\nanswer. Large price or tax increases won't assure that needed fuel\nwill get to those who must have it. 11\nBrinkley thinks rationing's\nahead despite RN's opposition. David feels Admin. will create\nsmallest possible burocracy. Most likely program will be run thru\nstate motor vehicle depts. He predicts M-E oil will be back, possibly\nin just a few months. The price: complete or near-complete Israeli\nw/drawal from occupied territories. He also thinks M-E settlement\nwill include a new nation for Palestinian refugees.\nJeff Hart asks\nwhy shouldn't Arabs, if they want their land back, be required to\nguarantee Israeli borders. He thinks Faisal would buy that and if"
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