This year I propose one major step back toward old fashioned competition, a step that might bring us some of the new energy we need. Let me put it into focus. In this time of difficulty, the American people get one great break for a change. I've introduced a bill that might bring some competition to the energy industry by limiting the leasing of those lands to those companies that are non-integrated, independent concerns. We wouldn't be forcing anyone to divest, but we would encourage new companies to enter the field and that's the point.
Competition breeds innovation and efficiency.
So, my bill says that by 1980, if you want to lease the federal energy reserves, you better be an independent oil company or an independent coal company. We'll give the little guy a chance. If Exxon wants to get in on the act, let them try a spin-off, let them create a producing division that will be eligible for oil and gas, because it is not vertically integrated or owning assets in uranium and coal. There are some social responsibilities that are part of doing business in our world, but they are being lost in some industries, notably in the newspaper industry, and perhaps in the book publishing industry. First, a whack at the newspapers, if I can, and then I'll get back to you.