Two-Way Dollars

Standard Oil Co. of NJ. this week added its name to the growing list of U.S. companies urging lower tariffs. In a statement to the Clarence Randall Commission, Jersey Standard said: "Deterrents to international trade or investment . . . in U.S. laws or regulations should be reduced to the fullest possible extent consistent with national security, and . . . any further restrictions . . . should be avoided as injurious to our country and its citizens."

For the oil industry, said the company, "large-scale American participation" in developing overseas supplies is second in importance only to "a vigorous and expanding" domestic business. As an example of the mutual benefits of free trade, Standard cited Venezuela, which last year exported $330 million in oil to the U.S., and in turn imported more than $500 million in goods from the U.S. Said Jersey Standard: "When we trade our products for those we do not have, or for those which other people can make more advantageously, we benefit by having a wider variety of things to enjoy or by getting them at lower prices . . ."

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