"There are some myths that are exploited on your television set several times a day, sometimes several times an hour. The first myth is that the oil and gas industry is controlled by free market forces. All of us believe in the free enterprise system, but there is no free enterprise system in the oil and gas market. The prices are not established by competition. The prices are established arbitrarily when the OPEC nation leaders meet in secret and say, next year this is what we will charge for oil. And, as you well know, immediately that oil price prevails in new oil discoveries in our country. We have a need, at least for our Government, to play a stronger role, as is played in other countries. But we ought to get away from the proposition or the thought that free market forces control oil or natural gas prices. Another myth is that there's an inherent conflict between conservation and production. This is not true. We are making good progress in exploration for oil. There's about an 8-month waiting period right now for new oil drilling rigs. If we triple the price of oil and natural gas, there could be no substantial increase in the rate of exploration. It would be just an enormous windfall of profits. The cheapest oil is what we save, and the cheapest natural gas is what we save. Quite often it costs nothing to save the equivalent of one barrel of oil per day. When we add expensive conservation measures, it costs maybe from zero to $3,500 to provide the saving of one barrel of oil per day. The oil that we are now going to bring down from Alaska costs about $20,000 in capital investment for one barrel of oil per day, used at its final place to heat a home. For the production of electricity, the capital investment required is much greater, maybe $50,000 to $100,000 for the equivalent of one barrel of oil used in your home in electricity. For nuclear powerplants, the investment is $200,000 to $300,000 per barrel of oil per day, when it's actually delivered to your home for use. So, to conserve a barrel of oil is much better than producing that barrel of oil in investment alone. And at the same time it reserves for future use these extremely scarce supplies."